Eni presents the thirteenth edition of the World Oil and Gas Review
– 2013 world oil & gas reserves are increasing respectively of +0.4% and +1.7% mainly thanks to the US’ tight oil new plays and to the gas discoveries in East Africa
– World’s gas growth (+1.2%) is double compared to that of oil (+0.5% vs 2012)
– World’s oil & gas consumption is increasing (+1.4% the former and +1% the latter). The growth of US’s demand is prominent
– The weakness of European’s consumption as well as the competition with other Countries result in the resistance of refining capacity excess in Europe
Eni presents the thirteenth edition of the World Oil and Gas Review, the statistical review of Global Oil & Gas Market and Refinery Industry with a particular focus on crudes quality.
In the year 2013 a slight growth in oil reserves was registered thanks to the contribution of the non-OPEC countries, with the United States leading the way (+9.8% compared with the previous year), followed by Norway (+8.6%). OPEC countries’ reserves remain substantially stable. The United States, in recent years, has become leader in the oil and gas production growth, at the same time consolidating its position as leading world consumer.
The United States holds its leadership in the crude oil production growth, with an increase of +12.2% compared to year 2012 by virtue of the contribution of tight oil. US production counterbalances the drop of Iran and Libya (-9.8% and -35.5% respectively).
In 2013 for the first time after the economic crisis, the OECD countries also recorded a positive trend of oil demand, although European consumption crisis (-0,7% vs 2012) remains. Among the non-OECD countries, China’s continuous predominance place it as the second largest country in the world for consumption.
The European refining sector is committed to a deep rationalization process (about 2 million barrels per day of capacity was closed in the last years). Despite the shut-down of several plants, European refining overcapacity endures, amplified even more by a general decrease of demand.
The availability of low cost crude enhances US’ refineries competitiveness. Asia-Pacific and the Middle East are confirmed as the areas in which investments have been lately concentrating to support a growing demand.
In 2013, worldwide growth in gas consumption was modest (about 1% compared with 2.5% average per annum recorded between 2000 and 2013). The large availability of domestic gas production endorses the growth in consumption in the United States (+2% vs 2012) confirming to be the first world consumer of gas.
The World Oil and Gas Review is also available online on eni.com.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.