Houston, Oct. 8 2014 (TSR) – Italy’s Eni SPA has published its thirteenth edition of the World Oil & Gas Review, the annual statistics review of world oil and gas production, reserves, and consumption, with a particular focus on refining industry and crude quality.
According to the recently released review, 2013 world oil and gas reserves increased respectively of 0.4% and 1.7% mainly thanks to the US’s tight oil new plays and to the gas discoveries in East Africa.
The US holds its leadership in the crude oil production growth, with an increase of 12.2% compared with year 2012 by virtue of the contribution of tight oil. US production counterbalances the drop of Iran and Libya (–9.8% and –35.5%, respectively).
Eni’s data show that world’s oil and gas consumption increased 1.4% and 1%, respectively, in 2013, with US’s demand prominent.
Although there remains consumption weakness in Europe, countries in the Organization for Economic Cooperation & Development recorded an upswing in oil demand in 2013—the first since the economic crisis. As for non-OECD countries, China retained its top spot, reaching second in terms of worldwide oil consumption.
The European refining sector is facing a deep rationalization process, with about 2 million b/d of capacity reductions in the last years. But European refining overcapacity endures, amplified even more by a general decrease of demand.
The availability of low-cost crude is boosting refinery competitiveness in the US. Asia-Pacific and the Middle East are the areas with lately largest investments in new refining capacity to support a growing demand, confirming an ongoing trend.
In 2013, worldwide growth in gas consumption was modest, about 1% compared with an annual average of 2.5% recorded during 2000-13. The large availability of US gas production sustained the growth in consumption, confirming the US’s position as the world’s top gas consumer.
First published in Oil & Gas Journal