Oil consumption also dropped for the first time since 2009 by a massive 9.1 million b/d. The decline was in both the OECD (-5.8 million b/d) and the non- OECD (-3.3 million b/d). The US (-2.3 million b/d), the European Union (-1.5 million b/d) and India (-480,000 b/d) reported the largest declines.
China was one of the few countries where demand increased in 2020 (220,000 b/d).
World oil production fell for the first time since 2009, by 6.6 million b/d in 2020 driven by both OPEC (-4.3 million b/d) and non-OPEC (-2.3 million b/d). Libya (-920,000 b/d) and Saudi Arabia (-790,000 b/d) saw the largest OPEC declines, while Russia (-1.0 million b/d) and the US (-600,000 b/d) led non-OPEC reductions.
Production increased in only a few countries, mainly Norway (260,000 b/d) and Brazil (150,000 b/d).
Global proved oil reserves were 1732 billion barrels at the end of 2020, down 2 billion barrels versus 2019. The global R/P ratio shows that oil reserves in 2020 accounted for over 50 years of current production. OPEC holds 70.2% of global reserves.
The top countries in terms of reserves are Venezuela (17.5% of global reserves), closely followed by Saudi Arabia (17.2%) and Canada (9.7%).
In 2020, oil trade fell by 5.3 million b/d (7.6%).
The majority of this decline was in crude oil trade (3.3 million b/d) and was concentrated in Europe (1.6 million b/d) and the US (920,000 b/d). China, driven by a rapid economic recovery from the pandemic, saw its crude oil imports increase by 970,000 b/d.
Lockdowns and other coronavirus restrictions saw trade in oil products fall by 2.1 million b/d. This was concentrated in Europe (620,000 b/d), the US (360,000 b/d) (reflecting reduced air and road transportation) and key trading hub Singapore (325,000 b/d).
Global refinery throughput dropped by 7.4 million b/d (-9.0%) in 2020 reflecting the weakness in demand for oil products. This is the largest fall in crude runs on record, surpassing the previous record -5.4% fall in 1981. Reduced runs were seen in all regions and were greatest in North America (-2.6 million b/d, -13.6%), and Europe (-1.5 million b/d, -11.8%). Refining capacity rose by just 0.2 million b/d, with additions in Asia being offset by closures in the US and Europe.
As a result, global refinery utilization also fell dramatically by 8.0 percentage points to 74.1%, the largest annual decline on record and the lowest level since 1985. Utilization in South and Central America and Africa fell to new all-time lows of 53.3% and 54.6% respectively.