OPEC Annual Statistical Bulletin 2024 -- Key Data
Report Context
- 59th edition of OPEC's flagship statistical publication, covering data through end-2023.
- 12 OPEC Member Countries: Algeria, Congo, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, Venezuela.
- Covers upstream, downstream, trade, pricing, transportation, natural gas, and macroeconomics.
Global Oil Fundamentals (2023 Actuals)
World Oil Demand
| Metric |
Value |
| World oil demand (2023) |
102.21 mb/d |
| Year-on-year growth |
+2.56 mb/d (+2.6%) |
| Pre-pandemic comparison |
Exceeded pre-pandemic annual averages |
| OPEC Member Countries demand |
Growth of +0.39 mb/d (+4.5% y-o-y) |
| Key growth regions |
China, India, Middle East, Latin America, OECD Americas |
World Crude Oil Production
| Metric |
Value |
| World crude oil production (2023) |
73.24 mb/d |
| Year-on-year change |
+0.42 mb/d (+0.6%) |
| Consecutive annual increase |
3rd (since 2020 trough) |
| OPEC DoC production change |
-0.96 mb/d (-3.5%) |
| Non-OPEC DoC change |
-0.16 mb/d (-1.0%) |
| Non-DoC countries change |
+1.54 mb/d (+5.1%) |
World Proven Crude Oil Reserves (end-2023)
| Metric |
Value |
| World total |
1,570 billion barrels |
| Change from 2022 |
+6 bn b (+0.4%) |
| OPEC share |
1,241 billion barrels (79% of world) |
| World natural gas reserves |
206.43 trillion s cu m |
| OPEC natural gas reserves |
75.12 tr s cu m |
OPEC Member Country Summary (2023)
Crude Oil Production (1,000 b/d)
| Country |
Production |
| Algeria |
973 |
| Congo |
249 |
| Equatorial Guinea |
55 |
| Gabon |
223 |
| IR Iran |
2,859 |
| Iraq |
4,118 |
| Kuwait |
2,590 |
| Libya |
1,189 |
| Nigeria |
1,187 |
| Saudi Arabia |
9,606 |
| UAE |
2,944 |
| Venezuela |
783 |
| OPEC Total |
26,799 |
Crude Oil Exports (1,000 b/d)
| Country |
Exports |
| Algeria |
677 |
| Iraq |
3,714 |
| Kuwait |
1,784 |
| Saudi Arabia |
9,651 |
| UAE |
8,210 |
| OPEC Total |
19,707 (excl. some smaller members partial data) |
OPEC Crude Oil Exports by Destination (2023)
| Destination |
Volume (mb/d) |
Share |
| Asia |
14.10 |
71.6% |
| Europe |
3.62 |
~18.4% |
| OECD Americas |
1.03 |
~5.2% |
- OPEC crude exports fell 0.60 mb/d (-2.9%) vs 2022, remaining below pre-pandemic levels.
Refining Data (2023)
| Metric |
Value |
| World refining capacity |
102.92 mb/d |
| Y-o-y expansion |
~1.5 mb/d |
| Capacity additions |
Non-OECD (Middle East, Africa) |
| OECD capacity |
Unchanged (Americas up, Europe/Asia-Pac down) |
| Global refinery throughput |
85.59 mb/d |
| Throughput growth |
+1.63 mb/d (+1.9%) |
| Growth drivers |
China, India, Middle East |
OPEC Refining Capacity (1,000 b/cd)
| Country |
Capacity |
| IR Iran |
2,237 |
| Iraq |
1,266 |
| Saudi Arabia |
3,291 |
| UAE |
1,227 |
| OPEC Total |
~14,190 |
Trade & Transportation
- OPEC petroleum product exports: 4.81 mb/d (+0.37 mb/d, +8.4% vs 2022).
- OPEC petroleum product imports: 1.43 mb/d (-0.18 mb/d, -11.0%).
- Asia absorbs 71.6% of OPEC crude exports -- continued eastward shift.
Key Macro Data (OPEC Members, 2023)
| Metric |
Value |
| OPEC total petroleum exports |
$679.7 billion |
| OPEC total exports (goods & services) |
$1,212.96 billion |
| OPEC total imports |
$1,461.96 billion |
| OPEC population |
496.46 million |
| OPEC GDP growth (real, PPP) |
1.9% |
Selected Country GDP & Exports
| Country |
GDP (mn $) |
Petroleum Exports (mn $) |
| Saudi Arabia |
1,067,583 |
248,376 |
| UAE |
504,173 |
78,161 |
| Iraq |
253,882 |
102,574 |
| IR Iran |
403,526 |
41,129 |
| Nigeria |
500,149 |
46,298 |
| Kuwait |
159,337 |
78,061 |
Historical Production Allocation Context
- The ASB includes detailed historical tables of OPEC production allocations from 1982 onwards.
- These allocations document the evolution of OPEC's market management strategy across multiple price cycles.
Analytical Significance for Investment Decisions
- Reserve adequacy: OPEC holds 79% of global proven crude reserves (1,241 bn bbl) -- long-term supply security.
- Production discipline: OPEC DoC cut production by 0.96 mb/d in 2023 while non-DoC grew 1.54 mb/d -- highlights OPEC's swing producer role.
- Trade flow concentration: 71.6% of OPEC exports go to Asia, making Asian demand the critical variable for OPEC revenue.
- Refining migration: Capacity additions concentrated in non-OECD; OECD refining is stagnant or declining.
- Demand exceeded pre-pandemic levels: 102.21 mb/d confirms robust recovery narrative used by OPEC in the WOO.
Source File
/teamspace/studios/this_studio/files/extracted/产业链框架数据(更迭/文本数据/研究报告/OPEC-ASB年度报告/OPEC_2024_ASB_report.pdf