The Organization of the Petroleum Exporting Countries’ (OPEC) annual statistical report found that total world oil production declined in 2019 by 0.7%, or 0.56 million barrels per day (mmbbl/d), compared to 2018, according to a press release.
The 0.7% decrease meant that average oil production came to 75.26 mmbbl/d. This can be broken down into two groups: OPEC crude oil production declined sharply YoY by 1.86 mmbbl/d, or 6%, while crude production by non-OPEC countries grew by 1.30 mmbbl/d, or 2.9%.
Despite the overall production decline, world oil demand grew by 0.9% YoY, or 99.67 mmbbl/d. The regions that recorded the highest growth in demand were the Asia and Pacific region (particularly China and India), Africa, and the Middle East.
With regards to exporting oil, there too was a steep decline of 7.4%, or 1.8 mmbbl/d, down to 22.48 mmbbl/d.
World proven crude oil reserves stood at 1.5 trillion barrels at the end of 2019, increasing by 3.6% from the level of 1.4 trillion barrels recorded at the end of 2018. Proven crude oil reserves in OPEC Member Countries increased by 3.7% to 1.2 trillion barrels.