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Organization of Petroleum Exporting Countries

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009-December 2015; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership from December 1992-October 2007; Angola (2007) and Gabon (1975–1994). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965. OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

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    • July 2017
      Source: Organization of Petroleum Exporting Countries
      Uploaded by: Knoema
      Accessed On: 17 July, 2017
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      Balance=OPEC crude oil production-Difference (a-b)   1. Global oil demand, supply, oil market balance and required amounts of OPEC crude.2. World oil DemandWorld oil demand growth in 2016 is expected to average 1.22 mb/d. For 2017, world oil demand is forecast to grow by 1.15 mb/d. While the OECD will contribute positively to oil demand growth adding some 0.10 mb/d, the bulk of the growth in 2017 will originate from the non-OECD with 1.05 mb/d.World Oil SupplyWorld Oil Supply Non-OPEC oil supply is expected to contract by 0.79 mb/d in 2016 driven by higher-than-expected output in 2Q16 in the US and UK. In 2017, non-OPEC supply is expected to decline by 0.15 mb/d, following a downward revision of 40 tb/d. OPEC NGL production is forecast to grow by 0.16 mb/d and 0.15 mb/d in 2016 and 2017, respectively. In July, OPEC production increased by 46 tb/d to average 33.11 mb/d, according to secondary sources.
    • November 2016
      Source: Organization of Petroleum Exporting Countries
      Uploaded by: Knoema
      Accessed On: 23 December, 2016
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      The OPEC Annual Statistical Bulletin (ASB) provides detailed and comprehensive time-series data on many different aspects of the global petroleum industry, including production, demand, imports and exports, as well as exploration, production and transportation activities. The publication contains, in particular, key statistical data on oil and natural gas activities in each of OPEC’s 12 Member Countries: Algeria, Angola, Ecuador, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Additionally, it provides valuable industry data for various countries with detailed classifications mainly by geographical region, and covers the major economic areas around the world. This year’s 2015 ASB, which comprises data up to the end of 2015, includes the following important highlights:In 2015, world crude oil production increased by 1.75 million barrels/day (b/d), or 2.4 per cent, as compared to 2014, marking the second highest increase within the last ten years. Among non-OPEC Countries, the biggest yearly increase was for the United States, which grew by 0.72m b/d, or 8.3 per cent, leading to the highest production level since the early 1970s. Crude production during 2015 also increased in the United Kingdom, which saw growth of 0.10m b/d, or 13.4 per cent, for the first time since 1999. Similarly, Norway, which had already reversed its downward trend in 2014, continued to increase in 2015 by 0.06m b/d, or 3.7 per cent. OPEC crude oil production averaged 32.32m b/d during 2015, increasing by 0.93m b/d, or 3.0 per cent, over 2014, the first surge in production after two years of decline. In 2015, the top three crude oil producing countries were Saudi Arabia (10.19m b/d), Russia (10.11m b/d) and the United States (9.43m b/d). Saudi Arabia displaced Russia from first place for the first time since 2005.In 2015, OPEC petroleum export revenues fell by 45.8 per cent from 2014 to $518.2 billion, marking the lowest level seen since 2005. Total OPEC posted a current account deficit of $99.6bn in 2015 compared with a surplus of $238.1bn in 2014. Notably, the last time OPEC recorded a current account deficit was in 1998. In value, total OPEC exports declined by 29.1 per cent year-on-year (y-o-y) while total imports fell 8.7 per cent y-o-y.World oil demand averaged 93.0m b/d in 2015, up by 1.7 per cent y-o-y, with the largest increases taking place in Asia Pacific, particularly India and China, North America, Western Europe, the Middle East and Africa. Total OECD oil demand grew soundly during 2015, while it declined in Latin America for the first time since 2003. OPEC oil demand remained robust during 2015 in the Middle East, Africa and Asia Pacific, while it declined in Latin America — gasoline, kerosene and distillates accounted for the bulk of growth. Distillates and gasoline account for around 56 per cent of total world oil demand and were on increasing trends, while residual fuel oil requirements declined for another year. Gasoline dominated 2015 oil demand growth in Asia Pacific and North America, while distillates appeared robust in Western and Eastern Europe.Total OPEC crude oil exports stood at 23.6m b/d in 2015, up slightly from 23.2m b/d in 2014. This increase represents 1.7 per cent growth y-o-y. The bulk of OPEC crude oil was exported to the Asia Pacific region at a volume of 14.5m b/d or 61.5 per cent. Significant volumes were also exported to Europe, which increased its imports from OPEC MCs to 4.2m b/d in 2015, from 4.0m b/d in 2014. North America imported 2.8m b/d of crude oil from OPEC MCs, 10.6 per cent less than during 2014.Total world proven crude oil reserves stood at 1,493 billion barrels in 2015, increasing slightly by 0.1 per cent from the previous year’s level of 1,490bn b. The largest additions came from Angola, Venezuela and IR Iran, while declines were seen in Norway, the UK and Colombia. OPEC increased its proven crude oil reserves by 0.1 per cent to 1,211bn b in 2015, maintaining their share of 81.2 per cent of total world crude oil reserves.In 2015, proven natural gas reserves declined by 0.3 per cent to approximately 202.0 trillion standard cu m. This decrease came on the back of high natural gas production and lower expenditures on exploration and development, mainly as a result of lower gas prices. Total world natural gas marketed production increased by 1.9 per cent in 2015 to reach 3.6 trillion standard cu m; increases occurred mainly in North America and the Middle East.World refinery capacity expanded by 0.8m b/cd to stand at 96.6m b/cd during 2015, mainly supported by additions in the Middle East and Asia Pacific regions. In the Middle East, expansions came largely from OPEC MCs, while in the Asia Pacific region growth came predominantly from India and China. Refinery capacity in the OECD region continued to decline despite small gains seen in the United States. Global refinery throughput ramped up by 2.4 per cent to reach 80.5m b/d in 2015, with the largest gains seen in the Middle East and Asia Pacific regions. In the Middle East, gains in refinery throughput originated in OPEC MCs, while India and China dominated the increases seen in the Asia and Pacific region.The OPEC Reference Basket averaged $49.49/b in 2015, down from $96.29/b in 2014 and dropping to the lowest yearly average observed since 2004. The yearly decline was valued at $46.80/b, or 48.6 per cent, as compared to 2014. Volatility in 2015 stood at $8.50/b, or 17.2 per cent, relative to the yearly average. The oil market has remained in contango since 2H14 and throughout 2015.
    • April 2016
      Source: Organization of Petroleum Exporting Countries
      Uploaded by: Knoema
      Accessed On: 29 April, 2016
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      Notes: 1. Residual fuel: Includes refinery fuel oil 2. Other products: Includes bitumen, lubricants, petroleum coke, waxes, still gas, sulphur, direct use of crude oil, etc 3.  For Indicators, -Global demand and refinery distillation capacity additions by period, the date has been considered the highest number although it has a range, as follows, 2014- 2020 for 2020, 2020-2025 for 2025, 2025-2030 for 2030, 2030-2035 for 2035, 2035-2040 for 2040. - Global capacity requirement by process, in the additional requirements section the range are, 2020- 2030 has been taken as 2030 and 2030-2040 has be taken 2040
    • April 2016
      Source: Organization of Petroleum Exporting Countries
      Uploaded by: Knoema
      Accessed On: 28 April, 2016
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      Notes: 1. Stock change assumptions reflect the development of Strategic Petroleum Reserves (SPR) in some non-OECD countries, and the rising need for stocks as refinery capacity expands. These rates of rise in stocks will eventually slow, as growth in SPR slows as does refinery expansion. The medium-term pattern eventually reverts, in the long-term, to historical average behavior. 2. For Indicators, like Long term real GP growth rates  the date has been considered the highest number although it has a range which are as. 2014- 2020 for 2020, 2020-2030 for 2030, 2030-2040 for 2040
  • W
    • August 2017
      Source: Organization of Petroleum Exporting Countries
      Uploaded by: Knoema
      Accessed On: 11 August, 2017
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      Monthly counts of rotary rigs drilling for oil and gas worldwide, in the OPEC and non-OPEC countries. Baker Hughes Inc. and OPEC Secretariat's estimates.
    • June 2016
      Source: Organization of Petroleum Exporting Countries
      Uploaded by: Knoema
      Accessed On: 18 July, 2016
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      Note : -   Data Cited at - https://kapsarc.opendatasoft.com/explore/dataset/inter-country-variation-of-taxes-on-oil-2005-2014/table/