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OPEC finds global proven crude oil reserves fell 0.4% to 1.483 trillion barrels in 2017

Global proven crude oil reserves declined 0.4% in 2017 from the 2016 level to 1.483 trillion barrels, while gas reserves rose 0.2% to 199.4 trillion cubic meters, OPEC said Thursday in its Annual Statistics Bulletin.

OPEC’s 14 members had proven crude reserves of 1.214 trillion barrels as of the end of 2017, the report estimated, a 0.3% decline from 2016. But the bloc’s share of total world crude reserves rose to 81.9% in 2017 from 81.8% in 2016.

Total OPEC crude exports averaged 24.86 million b/d in 2017, down 406,000 b/d, or 1.6%, from 2016, according to the report. About 15.56 million b/d of the exports went to the Asia and Pacific region, largely steady from previous years, while Europe increased its OPEC imports to 4.64 million b/d in 2017, up 240,000 b/d from 2016. North America imported 3.21 million b/d of OPEC crude in 2017, down 82,000 b/d from 2016.

Global refinery capacity expanded by 104,000 b/d to hit 96.93 million b/d in 2017, “mainly supported by additions in the Asia and Pacific region, particularly in China and India,” the report stated.

Total world refinery throughput increased 1.6% to reach 83.7 million b/d in 2017, with Asia and North America seeing the largest gains, OPEC said.

Source: Platts

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