- World oil demand rose + 0.7 million b/d in 2006, entirely driven by non-OECD countries
- Worldwide oil reserves grew +1.9%; worldwide gas reserves held steady (+0.6%)
- Oil consumption in industrialised countries fell by more than 400,000 b/d
- Worldwide oil production rose + 0.7 million b/d - lowest rate of growth since 2002
- US natural gas production increased +2.3%
- Qatar took over as world’s leading exporter of LNG
- Russia confirmed its leading position in natural gas with 26.3% of global reserves
The seventh edition of Eni’s World Oil and Gas Review showed that world oil demand rose by 0.7 million b/d in 2006, driven exclusively by the increase of non-OECD countries (+1.1 million b/d).
Oil consumption in industrialised countries fell by more than 400,000 b/d due to high crude oil prices and very mild weather in the last months of the year.
Worldwide oil production showed the lowest growth rate since 2002 (+0.7 million b/d), while output in the OECD countries continued to fall from 2005 minimum level, reaching 20 million b/d.
Production in non-OPEC areas did not increase as expected, mostly because of technical-geological and environmental factors: an unexpected acceleration in the depletion rates of producing fields (North Sea), the extended shutdowns following natural disasters in 2005 (Gulf of Mexico), delays in the start-up of new projects (deepwater in the Gulf of Mexico, Brasil and the North Sea) and the failure to reach peak production on schedule (Caspian Sea, Sakhalin Island).
OPEC’s production in 2006 increased to 34.4 million b/d, due to the growth in the production of natural gas liquids. OPEC’s crude oil production was unchanged.
The production of natural gas grew slightly in the OECD region due to the influence of North America and the Pacific area, while in Europe production declined.
US natural gas production increased by 2.3% over the year, mainly because of the gradual recovery of the capacity destroyed by hurricanes in 2005. Upstream activity declined in some European countries, confirming a trend started few years ago and creating an increasing dependence of the EU 25 area on natural gas imports, especially from the usual suppliers
Natural gas consumption in many OECD countries slowed down in 2006, mainly due to the particularly mild weather conditions in the last months of the year and to high crude oil prices. In most non-OECD countries (2005 data) economic growth resulted in increased gas demand and, in many cases, imports. This trend is likely to be confirmed in 2006.
The international natural gas trade consolidated its important role, with volumes of liquefied natural gas (LNG) traded increasing substantially, confirming the expansion trend already outlined over the last few years. In this edition, this phenomenon has been highlighted with the support of a map, also available in electronic version, which shows the extension and the capacity of re-gassification and liquefaction terminals worldwide.
Qatar has become the world’s leading exporter of LNG in 2006, overtaking Malaysia and Indonesia, with a 15% share of global exports. Qatar is investing heavily in LNG and its global market share is set to increase further.
The World Oil and Gas Review shows that global natural gas reserves have remained substantially stable (+0.6%) in 2006, while oil reserves have increased slightly (+1.9%). The geographical distribution of oil and gas reserves remained unchanged. Proven oil and gas reserves in the OECD area represent less than 10% of global reserves, while Middle East reserves constitute more than 64% of oil and 40% of gas reserves.
The useful life of reserves is highest in the Middle East. The top four slots in the world’s reserve life index are occupied by countries in the Middle East.
Russia confirms its world leading position in natural gas, with 26.3% of global reserves.
The World Oil and Gas Review is the worldwide statistical review issued by Eni on production, reserves, consumption, exports and imports of oil and natural gas.
The World Oil & Gas Review is available in print as well as electronically, with the World Energy and Economic Atlas providing historic energy and economic data on most countries in the world. Users can consult and aggregate statistics, according to their needs, with the interactive index. The World Oil and Gas Review is available on www.eni.it
