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

Obama’s proposed fiscal 2016 budget recycles oil tax increases

02/02/2015 US President Barack Obama has proposed his federal budget for fiscal 2016 that he said was designed to help a beleaguered middle class take advanta...

MOL absorbs Eni’s Romanian retail assets

02/02/2015

MOL Group, Budapest, has completed the acquisition of Eni Romania, including 42 service stations to be rebranded under the MOL name.

CNOOC subsidiary inks deal for grassroots refinery

02/02/2015 Hebei Zhongjie Petrochemical Group Co. Ltd., a subsidiary of China National Offshore Oil Corp. (CNOOC), has entered into a $700 million agreement w...

Pessimism mounts over UK offshore industry

02/02/2015

Pessimism about the UK offshore oil and gas industry is gaining momentum.

EnLink agrees to purchase Coronado Midstream for $600 million

02/02/2015 EnLink Midstream has agreed to acquire Coronado Midstream Holdings LLC, which owns natural gas gathering and processing facilities in the Permian b...

Antero trimming, delaying Marcellus drilling

02/02/2015 Antero Resources Corp., Denver, has announced a $1.8 billion budget for 2015, which is down 41% from 2014. The independent said it plans to defer c...

Woodside gets NEB approval for British Columbia LNG exports

02/02/2015 Woodside Energy Holdings Pty. Ltd. has received approval from Canada’s National Energy Board on its application for a 25-year natural gas export li...

Syncrude sees additional $260-400 million in possible budget cuts

02/02/2015 The estimate for capital expenditures has also been reduced to $451 million net to COS, which includes $104 million of remaining expenditures on ma...

Kerry expects to receive other agencies’ Keystone XL reports soon

02/02/2015 US Sec. of State John F. Kerry said he expects to receive other federal agencies and departments’ reports soon on the proposed Keystone XL crude oi...
White Papers

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

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
Available Webcasts


OGJ's Midyear Forecast 2015

When Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

When Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST



On Demand

Cognitive Solutions for Upstream Oil and Gas

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

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


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