2015 BP Statistical Review of World Energy: Oil
- Dated Brent averaged US$98.95/bbl last year, a decline of US$9.71/bbl from the 2013 level and the first annual average below US$100 since 2010.
- Crude oil prices stayed firm early last year in the face of continued large supply disruptions. However, they fell sharply later in the year.
- The average WTI/Brent differential narrowed to US$5.66/bbl despite continued robust US production growth, but remained elevated relative to past levels.
Consumption and production
- Global oil consumption grew by 0.8 million bpd, or 0.8%. This is a little below its recent historical average and significantly weaker than the increase of 1.4 million bpd in 2013.
- Countries outside the OECD accounted for all of the net growth in global consumption. Chinese consumption growth was below average but still recorded the largest increment to global oil consumption.
- OECD consumption fell 1.2%, the eighth decrease in the past nine years. Light distillates were the fastest growing refined product category for a second consecutive year.
- Global oil production growth was over double that of global consumption, increasing by 2.1 million bpd or 2.3%.
- Production outside of OPEC increased by 2.1 million bpd.
- The US recorded the largest growth in the world, becoming the first every country to increase production by at least 1 million bpd for three consecutive years.
- Production in Canada and Brazil also reached record levels last year.
- OPEC output was flat, and the group’s share of global production dropped to 41%, its lowest since 2003.
Refining and trade
- Global crude runs increased by 1.1 million bpd last year, the highest growth since 2010 and more than double the 10 year average.
- Refinery runs in the US increased by 530 000 bpd, the largest increase since 1986.
- Global refining capacity expanded by an above average 1.3 million bpd, led by additions in China and the Middle East, with Middle Eastern capacity expanding by a record 740 000 bpd.
- Global refinery utilisation remained at 79.6%, its lowest rate since 1987.
- Global trade of crude oil and refined products in 2014 grew by a below average of 0.9%.
- Import growth was driven by China and other emerging economies, while US net imports declined. China replaced the US as the world’s largest net oil importer in 2013.
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