The OPEC Annual Statistical Bulletin notes that in 2015, oil production grew by 1.75 million barrels per day, or 2.4%, compared to the 2014 year. This is the most significant growth in production over the past decade.
However, the increase in production did not help oil exporters offset the price reductions. Revenues from oil exports of OPEC member countries totaled $ 518.2 billion, which is 45.8% less than in 2014, and is the lowest level since 2005. Moreover, OPEC has recorded current account deficit of $ 99.6 billion, while a year the organization had a surplus of $ 238 billion. OPEC says that deficit was last recorded in 1998.
Demand for oil also increased in 2015 and reached 93 million barrels a day, or 1.7%. The highest rise was noted in Asia, especially in China and India. The growth in demand for oil and petroleum products was also recorded in North America, Western Europe, Middle East and Africa.
At the end of 2015, the largest oil producers were Saudi Arabia (10.19 million barrels per day), Russia (10.11 million barrels per day) and the US (9.43 million barrels per day). The report noted that for the first time since 2005, Saudi Arabia has overtaken Russia in production, coming in first place in the world. Production growth was registered in a number of countries outside of OPEC. In addition to the United States, there was the United Kingdom, which increased oil production for the first time since 1999 - by 13.4%, or 0.1 million barrels a day. In Norway, production last year grew by 3.7%, or 0.06 million barrels per day. Total exports of OPEC countries in 2015 rose slightly, from 23.2 million barrels to 23.6 million barrels a day in 2015.
Earlier, the International Energy Agency (IEA) issued a report which stated that Iran is stepping up oil deliveries faster than expected. The agency noted that it does not prevent the market from getting back into balance. According to the IEA projections, production in countries outside OPEC this year will fall to 56.8 million barrels a day. At the same time despite of growth in demand for oil from China, India and, to the surprise of the IEA, Russia, stocks in OECD storage tanks are being replenished at record low pace since the final quarter of 2014.
In his report, GS raised its forecast for the price of WTI crude oil from $ 38.4 to $ 44.6. Bank experts have noted that in the second half of the year, the oil reserves will be reduced faster than previously expected. However, in the first quarter of 2017, the market can return to oversupply as it will be flooded by oil from low-cost deposits. In this regard, GS analysts urged not to wait for a significant rise in prices in 2017. According to their forecasts, the price will be $ 45 per barrel in the first quarter, while oil will reach only $ 60 in the fourth quarter of 2017.
source: cnn.com
However, the increase in production did not help oil exporters offset the price reductions. Revenues from oil exports of OPEC member countries totaled $ 518.2 billion, which is 45.8% less than in 2014, and is the lowest level since 2005. Moreover, OPEC has recorded current account deficit of $ 99.6 billion, while a year the organization had a surplus of $ 238 billion. OPEC says that deficit was last recorded in 1998.
Demand for oil also increased in 2015 and reached 93 million barrels a day, or 1.7%. The highest rise was noted in Asia, especially in China and India. The growth in demand for oil and petroleum products was also recorded in North America, Western Europe, Middle East and Africa.
At the end of 2015, the largest oil producers were Saudi Arabia (10.19 million barrels per day), Russia (10.11 million barrels per day) and the US (9.43 million barrels per day). The report noted that for the first time since 2005, Saudi Arabia has overtaken Russia in production, coming in first place in the world. Production growth was registered in a number of countries outside of OPEC. In addition to the United States, there was the United Kingdom, which increased oil production for the first time since 1999 - by 13.4%, or 0.1 million barrels a day. In Norway, production last year grew by 3.7%, or 0.06 million barrels per day. Total exports of OPEC countries in 2015 rose slightly, from 23.2 million barrels to 23.6 million barrels a day in 2015.
Earlier, the International Energy Agency (IEA) issued a report which stated that Iran is stepping up oil deliveries faster than expected. The agency noted that it does not prevent the market from getting back into balance. According to the IEA projections, production in countries outside OPEC this year will fall to 56.8 million barrels a day. At the same time despite of growth in demand for oil from China, India and, to the surprise of the IEA, Russia, stocks in OECD storage tanks are being replenished at record low pace since the final quarter of 2014.
In his report, GS raised its forecast for the price of WTI crude oil from $ 38.4 to $ 44.6. Bank experts have noted that in the second half of the year, the oil reserves will be reduced faster than previously expected. However, in the first quarter of 2017, the market can return to oversupply as it will be flooded by oil from low-cost deposits. In this regard, GS analysts urged not to wait for a significant rise in prices in 2017. According to their forecasts, the price will be $ 45 per barrel in the first quarter, while oil will reach only $ 60 in the fourth quarter of 2017.
source: cnn.com
