OPEC releases annual flagship publication in Vienna – Vindobona.org

This week, the Organization of the Petroleum Exporting Countries (OPEC) presented its Annual Statistical Bulletin (ASB) 2022. This report, on the evolution of the oil market in recent years, is the most important publication of the organization with the World Oil Outlook.

The event, at which the ASB was presented, took place in a hybrid format and was moderated by speeches by Dr. Ayed Al-Qahtani, Director of the Research Department of the OPEC Secretariat, and the Dr Jakob Müllner, Associate Professor and Academic Director at WU Executive Academy.

A wide range of industry stakeholders attended the event, which was streamed live via the organization’s website and YouTube account.

In its 57th edition, the ASB offers a comprehensive range of statistical data on nearly every aspect of the oil and gas industry, from exploration and production to refining and transportation.

The publication is considered a reliable source of statistics on oil and gas activities of the 13 member countries of OPEC, Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq , Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates. and Venezuela.

The report also includes data for other producers by geographic region and covers major global economies.

“OPEC is committed to increasing data transparency through the widespread dissemination of accurate and up-to-date oil and gas data, not only through the ASB, but through all of our publications. transparency in everything we do underpins our key goal of creating stability in the oil market,” said Dr Al-Qahtani.

The keynote was followed by a panel discussion with key OPEC experts to discuss highlights from this year’s ASB. Among the topics discussed were the historic drop in oil production due to the Covid-19 virus in 2020, and the rapid rebound in production in 2021 to an average of 69.64 mb/d.

OPEC crude oil production increased by 0.70 mb/d or 2.7% year-on-year, while non-OPEC crude oil production fell slightly by 0.18 mb/d or 0.4 %.

On a positive note from OPEC’s perspective, global oil demand has recovered from the pandemic and is up 6.3% year-on-year. In particular, the OECD countries of America, Europe and China recorded the highest increase in oil demand.

Oil demand in OPEC member countries developed positively in 2021, increasing by 5.3% year-on-year. Distillates and gasoline accounted for more than half of demand and showed an upward trend.

On the other hand, no significant change could be observed in crude oil reserves. At just over 1.5 trillion barrels, they are roughly at 2020 levels.

OPEC member countries’ proven crude oil reserves fell slightly to 1,242 billion barrels at the end of 2021, after increasing in 2020. Global proven natural gas reserves fell 0.5% to reach about 205.9 trillion standard cubic meters (tr s cu m) by the end of 2021.

Proven reserves of natural gas in OPEC member countries stood at 74.24 trillion cubic meters at the end of 2021, up 0.8% from the end of 2020.

The average nominal price of the OPEC reference basket was $69.89/bbl in 2021 compared to $41.47/bbl in 2020, an increase of $28.42/bbl or 68.5%.

The discussion was followed by a question-and-answer session with journalists and analysts in attendance. A special video was also screened at the event, showcasing the main findings of the publication.

OPEC Organization of Petroleum Exporting Countries

Jacob L. Thornton