Oil intake also dropped for the primary time for the reason that 2009 through a huge 9.1 million b/d. The decline was in each the OECD (-five.8 million b/d) and the non- OECD (-3.3 million b/d). The US (-2.three million b/d), the European Union (-1.5 million b/d) and India (-480,000 b/d) stated the biggest declines.
China became one of the few international locations where call for improved in 2020 (220,000 b/d).Oil intake per capita 2020 (GJ per capita)
World oil production fell for the primary time when you consider that 2009, by 6.6 million b/d in 2020 driven through both OPEC (-4.three million b/d) and non-OPEC (-2.three million b/d). Libya (-920,000 b/d) and Saudi Arabia (-790,000 b/d) noticed the largest OPEC declines, whilst Russia (-1.zero million b/d) and the US (-600,000 b/d) led non-OPEC reductions.
Production extended in handiest a few international locations, mainly Norway (260,000 b/d) and Brazil (one hundred fifty,000 b/d).Oil manufacturing by way of area (million barrels daily)
Oil consumption via region (million barrels every day)
Global proved oil reserves have been 1732 billion barrels at the stop of 2020, down 2 billion barrels as opposed to 2019. The global R/P ratio suggests that oil reserves in 2020 accounted for over 50 years of contemporary production. OPEC holds 70.2% of global reserves.
The top international locations in phrases of reserves are Venezuela (17.five% of worldwide reserves), intently observed by means of Saudi Arabia (17.2%) and Canada (nine.7%).Reserves-to-manufacturing (R/P) ratios 2020 by way of vicinity (years)
Reserves-to-manufacturing (R/P) ratios records (years)
Distribution of proved reserves in 2000, 2010 and 2020 (%)
The oil fee (Dated Brent) averaged $41.84/bbl in 2020 – the bottom because 2004.Crude oil costs 1861-2020 ($ in keeping with barrel)
In 2020, oil change fell via five.3 million b/d (7.6%).
The majority of this decline became in crude oil alternate (3.three million b/d) and become concentrated in Europe (1.6 million b/d) and the US (920,000 b/d). China, pushed by means of a rapid economic restoration from the pandemic, noticed its crude oil imports increase by using 970,000 b/d.
Lockdowns and different coronavirus regulations saw alternate in oil products fall by means of 2.1 million b/d. This become concentrated in Europe (620,000 b/d), the USA (360,000 b/d) (reflecting decreased air and avenue transportation) and key buying and selling hub Singapore (325,000 b/d).Oil production fees – Rotterdam ($ in keeping with barrel)
Source: S&P Global Platts, © 2021, S&P Global Inc.Product differentials to crude – Rotterdam merchandise minus Dated Brent ($ in step with barrel)
Source: S&P Global Platts, © 2021, S&P Global Inc.Major change movements 2020 (million tonnes)
Global refinery throughput dropped by using 7.4 million b/d (-9.0%) in 2020 reflecting the weak point in call for for oil products. This is the biggest fall in crude runs on report, surpassing the preceding record -five.4% fall in 1981. Reduced runs were seen in all areas and have been best in North America (-2.6 million b/d, -13.6%), and Europe (-1.5 million b/d, -11.eight%). Refining potential rose by just 0.2 million b/d, with additions in Asia being offset with the aid of closures within the US and Europe.
As a result, global refinery utilization also fell dramatically with the aid of 8.zero percent points to 74.1%, the biggest annual decline on report and the bottom degree since 1985. Utilization in South and Central America and Africa fell to new all-time lows of 53.3% and fifty four.6% respectively.Regional refining margins ($ per barrel)
Note: The refining margins supplied are benchmark margins for 3 predominant worldwide refining centres. US Gulf Coast (USGC), North West Europe (NWE – Rotterdam)and Singapore. In each case they're based on a single crude oil suitable for that region and have optimized product yields based totally on a general refinery configuration(cracking, hydrocracking or coking), again suitable for that region. The margins are on a semi-variable basis, i.e. the margin in any case variable prices and glued strength costs.Refinery utilization (%, based on common annual ability)
Subscribe by Email
Follow Updates Articles from This Blog via Email
No Comments