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Global proved oil reserves were 1732 billion barrels at the end of 2020, down 2 billion barrels versus 2019. The global R/P ratio shows that oil reserves in 2020 accounted for over 50 years of current production. OPEC holds 70.2% of global reserves.
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The economic recovery in 2021 has tightened commodity markets and put upward pressure on prices across the board. Crude oil prices whipsawed from USD 20/barrel in the immediate aftermath of the pandemic in mid-2020 to around USD 70/barrel in mid-2021. Spot natural gas prices have been on a relentless upward march around the world, and they ...
the end of World War II. Oil he oil price (Dated Brent) averaged $41.84/bbl in 2020 – the lowest T since 2004. il consumption fell by a record 9.1 million barrels per day (b/d), O or 9.3%, to its lowest level since 2011. il demand fell most in the US (-2.3 million b/d), the EU (-1.5 million b/d) O and India (-480,000 b/d).
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Dec 14, 2021 · Benchmark crude oil prices plunged by $15-17/bbl over the course of November, as concerns over Covid-19, inflation and economic growth weighed on the market. North Sea Dated prices were down $2.17/bbl for the month on average to $81.37, but hit a low of $68.87/bbl on 1 December before recovering to around $75/bbl at the time of writing.
Oil • Brent crude oil prices averaged $101/bbl in 2022, its highest level since 2013. • Oil consumption continued to increase, rising by 2.9 million barrels per day (b/d) to 97.3 million barrels per day (b/d), a smaller increase than was seen between 2020 and 2021. Consumption remained 0.7% below 2019 levels.
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Published November 2021.
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Mar 17, 2021 · About this report. World oil markets are rebalancing after the Covid 19 crisis spurred an unprecedented collapse in demand in 2020, but they may never return to “normal”. Oil 2021, the IEA’s latest medium-term outlook, explains why. Rapid changes in behaviour from the pandemic and a stronger drive by governments towards a low-carbon ...
