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Organization of Petroleum Exporting Countries

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009-December 2015; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership from December 1992-October 2007; Angola (2007) and Gabon (1975–1994). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965. OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

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    • मई 2018
      Source: Organization of Petroleum Exporting Countries
      Uploaded by: Knoema
      Accessed On: 14 जून, 2018
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      The OPEC Annual Statistical Bulletin (ASB) provides detailed and comprehensive time-series data on many different aspects of the global petroleum industry, including production, demand, imports and exports, as well as exploration and transportation activities. The publication contains key statistical data on oil and natural gas activities in each of OPEC's 14 Member Countries: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Additionally, it provides valuable industry data for various countries with detailed classifications, mainly by geographical region, and covers the major economic areas around the world. This year’s 2018 ASB, which comprises data up to the end of 2017, includes the following important highlights: In 2017, world crude oil production declined by 701,000 b/d, or 0.9 per cent, as compared to 2016, to reach 74.69m b/d marking the first yearly decline since 2009. OPEC crude oil production fell year-on-year by 926,000 b/d, or 2.8 per cent, while crude production in non-OPEC countries registered gains. The biggest increases were for the United States with 498,000 b/d, or 5.6 per cent, and Libya with 427,000 b/d or 109.5 per cent, while the largest declines for Saudi Arabia with 501,000 b/d, or 4.8 per cent, and Venezuela with 338,000 b/d or 14.2 per cent. In 2017, the top three crude oil producing countries were Russia (10.35m b/d ), Saudi Arabia (9.96m b/d) and the United States (9.36m b/d). World oil demand averaged 97.20m b/d in 2017, up by 1.7 per cent y-o-y, with the largest increases taking place in Asia and Pacific region (particularly China and India), Europe and North America. The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row. Total OECD oil demand grew solidly for the third consecutive year in 2017, while oil demand in OPEC Member Countries returned to modest growth after declining during 2016. Distillates and gasoline account for around 55.6 per cent of 2017 total world oil demand and are on increasing trends. The share of residual fuel oil requirements out of total oil demand in 2017 amounts roughly to 7.2 per cent. Total exports of crude oil from OPEC Member Countries averaged 24.86m b/d in 2017 declining by 406,000 b/d, or 1.6 per cent, as compared to 2016. As in previous years, the bulk of crude oil from Member Countries was exported to the Asia and Pacific region, in the amount of 15.56m b/d or 62.6 per cent. Significant volumes of crude oil were also exported to Europe, which increased its imports from OPEC Member Countries from 4.40m b/d in 2016 to 4.64m b/d in 2017. North America imported 3.21m b/d of crude oil from Member Countries, which was 82,000 b/d, or 2.5 per cent, less compared to 2016 volumes. OPEC Member Country exports of petroleum products averaged 5.07m b/d during 2017, down by 216,000 b/d, or 4.1 per cent, compared to 2016. Their imports of petroleum products stood at 1.98m b/d in 2017, roughly 105,000 b/d, or 5.1 per cent, lower than in 2016. Total world proven crude oil reserves stood at 1,483bn b at the end of 2017, decreasing slightly by 0.4 per cent from the level of 1,489bn b reached at the end of the previous year. Total proven crude oil reserves in Member Countries decreased by 0.3 per cent to 1,214bn b at the end of 2017 but slightly increased their share of total world crude oil reserves, from 81.8 per cent in 2016 to 81.9 per cent in 2017. In 2017, total world proven natural gas reserves rose by 0.2 per cent to approximately 199.4 trillion standard cu m. This increase in natural gas reserves came mainly on the back of new discoveries in the Asia and Pacific region. Proven natural gas reserves in Member Countries stood at 95.95tr standard cu m, unchanged from the level of the previous year. World refinery capacity expanded by 104,000 b/cd to stand at 96.93m b/cd during 2017, mainly supported by additions in the Asia and Pacific region, particularly China and India. 2017 refinery capacity in the OECD declined by 171,000 b/cd, mainly due to closures in Europe and Japan. Global refinery throughput ramped up by 1.6 per cent to reach 83.7m b/d in 2017, with the largest gains in the Asia and Pacific region and North America. The OPEC Reference Basket averaged $52.43/b in 2017, up from $40.76/b in 2016. The yearly increase valued at $11.67/b, or 28.6 per cent, compared to 2016. The 2017 volatility stood at $5.00/b, or 9.5 per cent, relative to the yearly average.