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Oil

In 2020, oil consumption dropped for the first time since 2009 by a massive 9.1 million b/d. World oil production also fell for the first time since 2009, by 6.6 million b/d

Oil consumption

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).‎

Oil consumption per capita 2020 (GJ per capita)
Oil consumption per capita 2020 (GJ per capita)

Oil production

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).‎

Oil production by region (million barrels daily)
Oil production by region (million barrels daily)
Oil consumption by region (million barrels daily)
Oil consumption by region (million barrels daily)

Oil reserves

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%).‎

Reserves-to-production (R/P) ratios 2020 by region (years)
Reserves-to-production (R/P) ratios 2020 by region (years)
Reserves-to-production (R/P) ratios history (years)
Reserves-to-production (R/P) ratios history (years)
Distribution of proved reserves in 2000, 2010 and 2020 (%)
Distribution of proved reserves in 2000, 2010 and 2020 (%)

Oil prices

The oil price (Dated Brent) averaged $41.84/bbl in 2020 – the lowest since 2004.‎

Crude oil prices 1861-2020 ($ per barrel)
Crude oil prices 1861-2020 ($ per barrel)

Oil trade movements

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).‎

Oil production prices ‎–‎ Rotterdam ($ per barrel)                                                          
Oil production prices ‎–‎ Rotterdam ($ per barrel)
Source: S&P Global Platts, © 2021, S&P Global Inc.
Product differentials to crude ‎–‎ Rotterdam products minus Dated Brent ($ per barrel)
Product differentials to crude ‎–‎ Rotterdam products minus Dated Brent ($ per barrel)
Source: S&P Global Platts, © 2021, S&P Global Inc.
Major trade movements 2020 (million tonnes)
Major trade movements 2020 (million tonnes)

Refining

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.‎

Regional refining margins ($ per barrel)
Regional refining margins ($ per barrel)
Note: The refining margins presented are benchmark margins for three major global refining centres. US Gulf Coast (USGC), North West Europe (NWE – Rotterdam)and Singapore. In each case they are based on a single crude oil appropriate for that region and have optimized product yields based on a generic refinery configuration(cracking, hydrocracking or coking), again appropriate for that region. The margins are on a semi-variable basis, i.e. the margin after all variable costs and fixed energy costs.
Refinery utilization (%,‎ based on average annual capacity)
Refinery utilization (%,‎ based on average annual capacity)