2015 BP Statistical Review of World Energy: Oil

Oil prices

  • 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.

Edited from press release by Claira Lloyd

Published on 11/06/2015


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