Eni presents the 14th edition of the World Oil and Gas Review

Eni is to present the 14th edition of the World Oil and Gas Review, the annual statistics report on world reserves, production and consumption of oil and gas. A special focus will be devoted to crude oil quality and the refinery industry.

2014 recorded a slight increase in oil and gas reserves. The US saw the main improvement due to tight oil play reservoirs. The country enters for the first time in the top ten of oil reserves holders and keeps moving up the gas reserves holders ranking.

World oil production is characterised by the most significant increase in the last 10 years (+2.2%), concentrated in non-OPEC countries. The United States surpassed Saudi Arabia and Russia and became the first oil producer in the world, with record growth (+15.4%) due to tight oil. Canada ranked as the fourth oil producer whilst China dropped to fifth place. Iraq succeeded in achieving good results (+8.1%) and Iran returned to growth (+4.7%). In Libya oil output plummeted back to the level of 2011 at 0.5 million bpd.

In 2014, global oil demand growth slowed to 0.7%. OECD countries returned to their structural decline pace (-1%) but with different paths on either side of the Atlantic Basin: the USA continued to grow (+0.4%) whilst European countries lost ground with another year of contraction (-1.4%). Non-OECD countries led the growth (+2.5%) and overtook OECD countries in terms of oil consumption. China remained the driving force albeit at a slower rate (+3.0% in 2014 vs the +5.9% average per year from 2000 to 2014).

Global gas production remained pretty flat led by the USA, which confirmed its position as the top producer for the third year in a row thanks to its shale gas resources. In Russia, the world’s second gas producer, output fell by 6.1%, reflecting both declining domestic demand and contracting exports. The economic downturn, low oil prices and international sanctions affected the energy sector, despite the State’s anti-crisis programme.

World gas consumption registered a modest decrease in 2014 (-0.4% vs the +2.4% average per year from 2000 to 2014). Mild weather and economic weakness drove gas demand reductions in Europe and Russia. In the Middle East and Asia Pacific, gas consumption increased driven by economic growth, especially in Iran and China. The vast availability of domestic gas production and low prices supported US consumption growth, confirming the country’s position as the biggest gas consumer in the world.

Global refining capacity has grown by 4 million bpd over the last 4 years: Asia, in particular China, has been the main contributor to growth adding more than 3 million bpd whilst OECD expansion has focused on North America in response to rising liquids supplies. Middle Eastern refining capacity has increased and there is an expectation of a more sustained growth before the end of the decade as the region establishes itself as a major downstream player. In Europe, falling domestic demand and increasing foreign competition resulted in further reductions to refining capacity.

Edited from press release by Angharad Lock

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