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The quantities of crude oil shipped from OPEC member countries to North America have dropped on average to 2.813 million barrels per day in 2018, a decrease of 406,000 barrels per day, or a drop of 12.6% compared to 2017, according to the agreement 2019 of the agreement. Annual statistical bulletin published on Monday.
OPEC crude oil exports to Europe also declined from 4.654 million barrels to 4.577 million barrels per day.
Overall OPEC exports, however, have increased overall, albeit modestly. OPEC's crude oil exports for 2018 averaged 24.67 million barrels per day, an increase of only 14,000 barrels per day, an increase of 0.1 percent. Most of OPEC's crude oil exports – 64.3% – are moving into the Asia-Pacific region.
OPEC's proven crude oil reserves fell 0.2% to 1.188 billion barrels at the end of 2018, according to the latest OPEC figures. At the same time, US crude oil reserves have gone from 39 billion barrels to 47 billion barrels. Latin America, Eastern Europe and Eurasia, Africa and the Middle East have all experienced a slight decline in their crude oil reserves.
Saudi Arabia's crude oil reserves were set at 267 billion barrels, a slight increase from the 266 billion barrels expected for 2017.
Overall, total world production of crude oil in 2018 has "strongly increased", according to the cartel, to 75.78 million barrels per day, an increase of 1.213 million barrels per day compared to the previous year. 2017, representing the strongest annual growth since 2015. OPEC agreement on production reduction for 2018. The leading producer club includes the United States with an average of 10.53 million barrels a day, Russia with an average of 10.53 million barrels a day and Saudi Arabia with an average of 10.32 million barrels a day.
By Julianne Geiger for Oilprice.com
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