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ASB is one of OPEC’s flagship publications, along with the World Oil Outlook. First released back in 1965, this yearly publication has earned its status over the years as a reputable and trustworthy source
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.
World oil statistics (Edition 2022) This table contains data on world oil statistics while focusing on trade flows amongst countries, oil demand and output. Data are expressed in kilotonnes or kilobarrels per day.
- World oil demand is set to contract by 110 kb/d y-o-y in 4Q22, reaching 100.8 mb/d, up by 130 kb/d compared with last month’s Report. Strong gasoil use in key consuming countries outweighs weak European and Asian petrochemical deliveries.
- World oil supply fell 190 kb/d in November to 101.7 mb/d, breaking a five-month uptrend, after Saudi Arabia and other Gulf countries curbed supply in line with lower OPEC+ output targets.
- Global refinery throughputs surged 2.2 mb/d in November to the highest since January 2020, resulting in sharply lower diesel and gasoline cracks and refinery margins.
- Russian oil exports increased by 270 kb/d to 8.1 mb/d, the highest since April as diesel exports rose by 300 kb/d to 1.1 mb/d. Crude oil loadings were largely unchanged m-o-m, even as shipments to the EU fell by 430 kb/d to 1.1 mb/d.
World energy prices database, which covers 147 countries in the world with weekly, monthly, quarterly and yearly data for end-use prices. Regular frequency of update: yearly for full database (April). Partial transport data updated monthly.
Crude prices were supported by strong global oil market fundamentals amid dissipating fears about the impact of the COVID-19 Omicron variant and geopolitical risks, which raised concerns about near -term oil supply.
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World Oil Demand World oil demand growth in 2022 is revised downwards from t he previous month’s assessment but still shows healthy growth of 3.1 mb/d, including the recently observed trend of burning more crude in power generation. Oil demand in the OECD is estimated to grow by 1.6 mb/d, while the non-OECD is expected to grow by 1.5 mb/d.
