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The Annual Statistical Bulletin (ASB), one of the flagship publications of the Organization of the Petroleum Exporting Countries (OPEC), provides detailed and comprehensive time series data covering all chains of the oil industry, ranging from the exploration to the transportation segments.

The ASB is distinctive in providing comprehensive statistical data on oil and gas activities in each of the 13 OPEC Member Countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. In addition, it provides valuable data for many other countries grouped by geographical region, and covers the major economic zones all over the world.

The current version of the ASB (ASB 2023) comprises data up to the end of 2022, with the following highlights:

  • World crude oil production increased in 2022 by 3.46 million barrels/day (mb/d) or 5.0%, y-o-y, marking the second consecutive annual increase since 2020, to average of 72.80 mb/d. OPEC crude oil production rose by 2.53 mb/d, y-o-y, or 9.6%, while crude production by non-OPEC countries rose by 0.92 mb/d, or 2.1%.

  • World oil demand grew by 2.49 mb/d y-o-y, or by 2.6% to reach 99.56 mb/d in 2022. Oil demand grew, y-o-y, in almost every region and the largest gains were recorded for OECD Americas, OECD Europe, India, Other Asia, the Middle East and Africa. Oil demand in OPEC Member Countries was bullish in 2022, gaining 0.57 mb/d or 6.9%, y-o-y. Distillates and gasoline accounted for around 54.9% of 2022 world oil demand with an upward trend during the years 2021 and 2022. Residual fuel oil requirements were about 6.7% of total oil demand in 2022.

  • World refinery capacity increased in 2022 by an additional 0.50 mb/d to stand at 101.77 mb/d. The Non-OECD region, particularly the Middle East and China recorded refining capacity additions, while the OECD declined for the fourth consecutive year in 2022. Globally, refinery throughput increased by 2.19 mb/d or 2.7% to reach 83.84 mb/d in 2022, amid robust oil demand.

  • OPEC Member Countries exported an average of 21.39 mb/d of crude oil in 2022, a strong increase of about 1.73 mb/d, or 8.8%, remaining slightly below pre-pandemic levels. Following the pattern seen in previous years, the bulk of crude oil from OPEC Member Countries — 15.20 mb/d or 71.1% — was exported to Asia. Considerable volumes of crude oil — about 3.86 mb/d — were also exported to OECD Europe in 2022, compared with 3.27 mb/d recorded in 2021. OECD Americas imported 1.07 mb/d of crude oil from OPEC Member Countries, which was about 0.13 mb/d, or 13.9% above the 2021 volumes. Exports of petroleum products from OPEC Member Countries averaged 4.46 mb/d during 2022, up by around 0.43 mb/d, or 10.6%, compared to 2021. Imports of petroleum products by OPEC Member Countries averaged at 1.67 mb/d in 2022, roughly 0.17 mb/d, or 11.1%, higher than in 2021.

  • World proven crude oil reserves stood at 1,564 billion barrels (bn b) at the end of 2022, higher by 17 bn b, or 1.1% from the 2021 levels. Proven crude oil reserves in OPEC Member Countries increased marginally to 1,244 bn b at the end of 2022, following a decline during 2021. At the end of 2022, world proven natural gas reserves increased by 2.4% to approximately 210.06 trillion standard cubic metres (tr s cu m). Proven natural gas reserves in OPEC Member Countries stood at 75.12 tr s cu m at the end of 2022, up 1.2% from the level at the end of 2021.

  • The OPEC Reference Basket averaged $100.08/b in nominal terms during 2022, up from $69.89/b in 2021, an increase of $30.19/b, or 43.2%. The average volatility was $12.33/b, or 12.3%, relative to the yearly average.