Eni: Global oil demand up 3.4% in 2010; Russia leads producers

By OGJ editors

Oil demand during 2010 rose to 87.9 million b/d, up 3.4% from 2009, driven by developing countries' population and per capita income growth and by government subsidies to oil product prices, Eni SPA said in the tenth edition of its World Oil and Gas Review. WOGR is a statistical review of oil and gas consumption, production, reserves, imports, and exports.

Russia regained its position as the world’s leading gas producer with production of 624.61 billion cu m (bcm)/year, after having been surpassed by the US in 2009. Still, the US reached a new historical production peak of 600.15 bcm/year, driven by shale gas output. Total US gas production increased by 19.4% between 2005 and 2010, the report said.

Qatar confirmed its position as the fastest growing gas producer, Eni said, with output growth exceeding 150% between 2005 and 2010 due to the rapid development of the world's largest capacity for LNG.

In 2010, global gas consumption grew sharply, up 7.5%. The report found that gas use climbed by 9% outside the Organization for Economic Cooperation and Development and by 5.8% in OECD countries.

Oil market

With average demand of 19.5 million b/d last year, the US remains the world’s primary oil consumer, followed by China. In 2010, Chinese oil demand averaged 9.4 million b/d, a historical peak and a 12% jump from a year earlier, according to Eni.

Worldwide oil production recovered in 2010, up 2.3% from a year earlier, although output in Europe continued to fall, down by 8.1%, due to field depletion.

The Organization of Petroleum Exporting Countries accounts for 40% of total oil production, stable since 1995. OPEC reported the largest production growth in the last year, up 3% vs. growth of 1.8% for non-OPEC producers, according to the report.

Russia was the leading oil producer last year, with output averaging 10.45 million b/d, followed by Saudi Arabia, the US, Iran, and China.

Oil reserves continued growing, Eni said, confirming the trend recorded over the last decade. Middle East reserves account for more than 50% of worldwide oil reserves, while OPEC accounts for about 72%. Oil reserves grew in the Americas due to unconventional oil reserves additions.

This edition of WOGR also features an analysis of world crude quality, ranking about 90% of global crude supply by density (API grade) and sulfur content. Eni reported that 2010 once again saw medium-sour crude as the main source of world oil production, followed by light and low-sulfur crude.

Refining analysis

The review also includes a description of the refining industry. By analyzing recent trends, the review shows how an increase in conversion capacity triggered new tension in refining, since medium-sour crude supply did not increase at the same rate as demand.

Moreover, the opening of new capacity in a weak economic context has meant a relative decrease in utilization rates for refineries. During 2005-10, average global refinery utilization rates decreased to 80% from 85%, in particular in the industrialized countries, while in India, for example, the new megarefineries work at almost full capacity, the report said.

Related Articles

Shell cuts $15 billion in spending for 2015-17

01/30/2015 Royal Dutch Shell PLC has curtailed more than $15 billion in potential spending over the next 3 years, but is not “not overreacting to current low ...

Victoria extends drilling, fracing ban

01/30/2015 The new Victorian Labor government of premier Daniel Andrews has extended the coal seam gas (CSG) exploration and hydraulic fracturing ban in the s...

Chevron’s $35 billion capital budget down 13% from last year

01/30/2015 Chevron Corp. will allocate $35 billion in its capital and exploratory investment program for 2015, including $4 billion of planned expenditures by...

US Senate passes bill approving Keystone XL pipeline project

01/30/2015 The US Senate has passed a bill approving construction of the proposed Keystone XL crude oil pipeline by a 62-36 vote after 3 weeks of debate. Nine...

Oxy cuts capital budget by a third

01/30/2015 In the midst of falling oil prices, Occidental Petroleum Corp., Houston, expects to reduce its total capital spending for 2015 to $5.8 billion from...

MARKET WATCH: NYMEX natural gas prices drop after storage report

01/30/2015 US natural gas closed at its lowest price in more than 2 years on the New York market Jan. 29 following the government’s weekly gas storage report,...

Pennsylvania governor reinstates state forest drilling moratorium

01/29/2015 Pennsylvania Gov. Tom Wolf (D) signed an executive order fully reinstating a 2010 moratorium on new oil and gas leases in state forests and parks. ...

PwC: Low oil prices might drive surge in restructuring in 2015

01/29/2015 Mergers and acquisitions (M&A) in the oil and gas industry hit 10-year highs in terms of deal value and volume in 2014, according to a report f...

DOE could meet 45-day LNG export decision deadline, Senate panel told

01/29/2015 The US Department of Energy would have no trouble meeting a 45-day deadline to reach a national interest determination for proposed LNG export faci...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Cognitive Solutions for Upstream Oil and Gas

When Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected