OPEC 2025 Annual Statistical Bulletin (60th Edition)
Publisher: Organization of the Petroleum Exporting Countries (OPEC)
Edition: 60th (2025)
Data coverage: Through end of 2024
ISSN: 0475-0608
Secretary General: HE Haitham Al Ghais
Online access: publications.opec.org/asb
OPEC Member Countries (12)
Algeria, Congo, Equatorial Guinea, Gabon, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Venezuela.
1. Key Messages (2024 Highlights)
| Metric |
2024 Value |
Y-o-Y Change |
| World crude oil production |
72.58 mb/d |
-0.77 mb/d (-1.0%) |
| World oil demand |
103.84 mb/d |
+1.49 mb/d (+1.5%) |
| World refining capacity |
103.80 mb/d |
+1.04 mb/d |
| World refinery throughput |
85.97 mb/d |
+0.52 mb/d (+0.6%) |
| OPEC crude oil exports |
19.01 mb/d |
-0.70 mb/d (-3.5%) |
| OPEC exports to Asia |
13.67 mb/d (71.9% of total) |
-- |
| OPEC exports to Europe |
3.34 mb/d |
from 3.62 mb/d in 2023 |
| OPEC exports to OECD Americas |
1.06 mb/d |
-- |
| World proven crude oil reserves |
1,567 bn barrels |
+2 bn b (+0.1%) |
| OPEC proven crude oil reserves |
1,241 bn barrels |
flat |
| OPEC petroleum product exports |
5.07 mb/d |
+0.29 mb/d (+6.1%) |
| OPEC petroleum product imports |
1.53 mb/d |
+0.05 mb/d (+3.5%) |
- OPEC + non-OPEC DoC crude production declined 0.57 mb/d (-2.1%) and 0.78 mb/d (-5.2%) respectively.
- Non-DoC countries rose 0.58 mb/d (+1.8%).
- Oil demand growth driven by Non-OECD Asia, China, India, Middle East, Africa, Latin America, and OECD Europe.
- OPEC Member Country oil demand grew 0.12 mb/d (+1.3%).
- Non-OECD region led refining capacity additions (China, India, Middle East).
- OECD refinery capacity increased for first year since 2019 (+0.16 mb/d).
2. Macro-Economics
2.1 Population (2024)
| Country |
Population (million) |
Change 24/23 |
| Algeria |
46.70 |
+0.356 |
| Congo |
6.31 |
+0.171 |
| Equatorial Guinea |
1.59 |
+0.046 |
| Gabon |
2.26 |
+0.049 |
| IR Iran |
86.63 |
+0.865 |
| Iraq |
46.12 |
+2.795 |
| Kuwait |
4.99 |
+0.128 |
| Libya |
6.91 |
+0.068 |
| Nigeria |
227.82 |
+5.642 |
| Saudi Arabia |
35.30 |
+1.597 |
| UAE |
11.03 |
+0.385 |
| Venezuela |
33.24 |
-0.487 |
| OPEC Total |
508.89 |
+11.615 |
2.2 Nominal GDP (million $, 2024)
| Country |
2023 |
2024 |
Change |
| Algeria |
247,613 |
266,979 |
+19,366 |
| Congo |
14,169 |
14,893 |
+724 |
| Equatorial Guinea |
12,339 |
12,544 |
+205 |
| Gabon |
20,059 |
20,774 |
+715 |
| IR Iran |
372,820 |
401,357 |
+28,537 |
| Iraq |
272,139 |
279,641 |
+7,502 |
| Kuwait |
165,378 |
160,238 |
-5,140 |
| Libya |
43,958 |
42,159 |
-1,799 |
| Nigeria |
430,119 |
187,627 |
-242,492 |
| Saudi Arabia |
1,218,585 |
1,237,530 |
+18,945 |
| UAE |
522,622 |
552,325 |
+29,703 |
| Venezuela |
102,377 |
119,808 |
+17,431 |
| OPEC Total |
3,422,178 |
3,295,875 |
-126,303 |
Note: Nigeria's large GDP drop likely reflects a currency revaluation/devaluation adjustment.
2.3 GDP Per Capita (2024, $)
| Country |
GDP/capita |
| UAE |
50,088 |
| Saudi Arabia |
35,058 |
| Kuwait |
32,126 |
| Gabon |
9,200 |
| Equatorial Guinea |
7,889 |
| Algeria |
5,717 |
| Iraq |
6,063 |
| IR Iran |
4,633 |
| Libya |
6,099 |
| Venezuela |
3,604 |
| Congo |
2,361 |
| Nigeria |
824 |
| OPEC Average |
6,477 |
2.4 Real GDP Growth (PPP-based, %, 2024)
| Country |
2024 |
| Venezuela |
5.3 |
| UAE |
3.8 |
| Algeria |
3.5 |
| IR Iran |
3.5 |
| Nigeria |
3.4 |
| Gabon |
3.1 |
| Congo |
2.6 |
| Equatorial Guinea |
1.9 |
| Saudi Arabia |
1.3 |
| Iraq |
0.3 |
| Libya |
-0.6 |
| Kuwait |
-2.8 |
| OPEC |
2.5 |
2.5 Value of Petroleum Exports (million $, 2024)
| Country |
2023 |
2024 |
Change |
| Saudi Arabia |
247,386 |
223,372 |
-24,014 |
| Iraq |
102,574 |
100,972 |
-1,602 |
| UAE |
78,161 |
77,655 |
-506 |
| Kuwait |
78,061 |
68,886 |
-9,175 |
| Nigeria |
46,298 |
47,322 |
+1,025 |
| IR Iran |
41,129 |
46,776 |
+5,647 |
| Libya |
30,689 |
28,697 |
-1,992 |
| Algeria |
26,101 |
25,815 |
-286 |
| Venezuela |
13,088 |
18,372 |
+5,284 |
| Congo |
6,811 |
6,338 |
-473 |
| Gabon |
6,107 |
6,000 |
-106 |
| Equatorial Guinea |
1,745 |
1,784 |
+39 |
| OPEC Total |
678,149 |
651,990 |
-26,159 |
2.6 Total Exports of Goods & Services (million $, 2024)
| Country |
2024 |
| UAE |
618,902 |
| Saudi Arabia |
360,897 |
| Iraq |
111,342 |
| Kuwait |
89,719 |
| IR Iran |
106,604 |
| Nigeria |
56,961 |
| Algeria |
55,232 |
| Libya |
32,262 |
| Venezuela |
21,117 |
| Gabon |
12,536 |
| Congo |
8,600 |
| Equatorial Guinea |
4,500 |
| OPEC |
1,478,672 |
2.7 Current Account Balances (million $, 2024)
| Country |
2024 |
Change 24/23 |
| UAE |
53,019 |
+3,333 |
| Kuwait |
46,704 |
-4,700 |
| Nigeria |
17,215 |
+10,792 |
| IR Iran |
9,439 |
-2,880 |
| Iraq |
8,768 |
-19,607 |
| Venezuela |
4,821 |
+1,843 |
| Libya |
2,928 |
+131 |
| Congo |
1,041 |
-191 |
| Gabon |
942 |
-150 |
| Equatorial Guinea |
711 |
-124 |
| Algeria |
-3,660 |
-9,639 |
| Saudi Arabia |
-5,685 |
-40,818 |
| OPEC |
136,244 |
-62,010 |
3. Oil Data: Upstream
3.1 World Proven Crude Oil Reserves (end-2024, million barrels)
| Region/Country |
2024 (mb) |
Change 24/23 |
| Total World |
1,566,869 |
+2,340 |
| OPEC |
1,241,294 |
-37 |
| OPEC % of world |
79.2% |
|
| Non-OPEC DoC |
136,077 |
-91 |
| DoC total |
1,377,371 |
-128 |
| Non-DoC |
189,498 |
+2,468 |
Top 10 Reserve Holders (2024):
| Rank |
Country |
Reserves (mb) |
| 1 |
Venezuela |
303,221 |
| 2 |
Saudi Arabia |
267,200 |
| 3 |
IR Iran |
208,600 |
| 4 |
Iraq |
145,019 |
| 5 |
UAE |
113,000 |
| 6 |
Kuwait |
101,500 |
| 7 |
Russia |
80,000 |
| 8 |
Libya |
48,363 |
| 9 |
United States |
45,014 |
| 10 |
Nigeria |
37,280 |
Other notable:
- China: 28,182 mb (+293)
- Kazakhstan: 30,000 mb
- Brazil: 15,894 mb (+1,038)
- Algeria: 12,200 mb
- Norway: 6,912 mb (-730)
- India: 4,981 mb (+132)
- Canada (excl. oil sands): 4,344 mb
3.2 Crude Oil Production (1,000 b/d, 2024)
OPEC Members:
| Country |
2023 |
2024 |
Change |
| Saudi Arabia |
9,606 |
8,955 |
-651 |
| Iraq |
4,118 |
3,862 |
-256 |
| IR Iran |
2,884 |
3,257 |
+374 |
| UAE |
2,944 |
2,916 |
-28 |
| Kuwait |
2,590 |
2,411 |
-179 |
| Nigeria |
1,187 |
1,345 |
+158 |
| Libya |
1,189 |
1,136 |
-53 |
| Venezuela |
783 |
921 |
+138 |
| Algeria |
973 |
907 |
-66 |
| Congo |
271 |
260 |
-11 |
| Gabon |
223 |
224 |
+0 |
| Equatorial Guinea |
55 |
57 |
+2 |
| OPEC Total |
26,823 |
26,251 |
-572 |
Major Non-OPEC Producers:
| Country |
2023 |
2024 |
Change |
| United States |
12,935 |
13,208 |
+274 |
| Russia |
9,597 |
9,193 |
-404 |
| China |
4,181 |
4,244 |
+62 |
| Brazil |
3,402 |
3,356 |
-45 |
| Canada |
1,227 |
1,249 |
+23 |
| Norway |
1,794 |
1,768 |
-26 |
| Kazakhstan |
1,598 |
1,534 |
-64 |
| Mexico |
1,653 |
1,553 |
-100 |
| Angola |
1,098 |
1,125 |
+27 |
| Oman |
815 |
760 |
-55 |
World total: 72,584 (1,000 b/d)
- OPEC share: 36.2%
- DoC share (OPEC + non-OPEC DoC): 40,465 (55.7%)
- Non-DoC: 32,119
3.3 Non-DoC Liquids Production & DoC NGLs (2024)
| Category |
2024 (1,000 b/d) |
Change 24/23 |
| Non-DoC production |
50,677 |
+1,282 |
| Processing gains |
2,520 |
+50 |
| Non-DoC liquids production |
53,197 |
+1,332 |
| OPEC NGL + NCO |
5,770 |
+136 |
| Non-OPEC DoC NGL + NCO |
2,768 |
+27 |
| DoC NGL + NCO total |
8,538 |
+163 |
Key liquids producers (total liquids, 2024):
- United States: 21,762 (1,000 b/d)
- Canada: 5,937
- Brazil: 4,160
- China: 4,561
- Norway: 2,000
3.4 Biofuel Production (2024)
| Region |
2024 (1,000 b/d) |
| Total world |
3,229 |
| OECD Americas |
1,442 |
| United States |
1,392 |
| Latin America |
818 |
| Brazil |
728 |
| OECD Europe |
359 |
| Other Asia |
356 |
| Indonesia |
227 |
| China |
116 |
| India |
105 |
3.5 Active Rigs (2024)
| Region |
2024 |
Change 24/23 |
| Total world |
1,802 |
-113 |
| OECD Americas |
787 |
-49 |
| United States |
589 |
-34 |
| Middle East |
463 |
-8 |
| Africa |
144 |
-45 |
| OPEC |
500 |
-34 |
3.6 Wells Completed in OPEC (2024)
| Country |
2024 |
Change 24/23 |
| Kuwait |
771 |
+316 |
| Saudi Arabia |
417 |
-1 |
| UAE |
387 |
+41 |
| Iraq |
273 |
+9 |
| Algeria |
210 |
+55 |
| Libya |
147 |
+33 |
| Nigeria |
109 |
+16 |
| IR Iran |
105 |
0 |
| Venezuela |
32 |
+10 |
| Gabon |
29 |
+4 |
| Congo |
9 |
-11 |
| OPEC |
2,489 |
+472 |
| World |
59,452 |
-249 |
4. Oil Data: Downstream
4.1 Refinery Capacity (1,000 b/d, 2024)
OPEC Members:
| Country |
2024 |
Change 24/23 |
| Saudi Arabia |
3,291 |
0 |
| IR Iran |
2,237 |
0 |
| Venezuela |
2,154 |
0 |
| Kuwait |
1,451 |
+36 |
| Iraq |
1,266 |
0 |
| UAE |
1,227 |
0 |
| Nigeria |
1,125 |
+3 |
| Algeria |
677 |
0 |
| Libya |
666 |
+32 |
| Gabon |
25 |
0 |
| Congo |
21 |
0 |
| OPEC |
14,139 |
+71 |
Notable: Dangote refinery in Nigeria (650,000 b/d nameplate) commissioned 2023.
World Refinery Capacity:
| Region |
2024 (1,000 b/d) |
Change |
| Total world |
103,796 |
+1,039 |
| OECD Americas |
22,019 |
+340 |
| US |
17,918 |
0 |
| OECD Europe |
13,895 |
-64 |
| OECD Asia Pacific |
7,117 |
-120 |
| China |
17,430 |
+620 |
| India |
4,970 |
+134 |
| Other Asia |
7,508 |
0 |
| Middle East |
10,701 |
+86 |
| Russia |
7,105 |
0 |
| Africa |
4,143 |
+43 |
4.2 Refinery Throughput (1,000 b/d, 2024)
| Region |
2024 |
Change 24/23 |
| Total world |
85,972 |
+516 |
| OECD Americas |
20,087 |
+233 |
| US |
16,623 |
+120 |
| OECD Europe |
12,447 |
-6 |
| China |
14,250 |
-527 |
| India |
5,300 |
+123 |
| Middle East |
8,736 |
+403 |
| OPEC |
8,921 |
+411 |
4.3 World Oil Demand by Region (1,000 b/d, 2024)
| Region |
2024 |
Change 24/23 |
| Total World |
103,840 |
+1,487 |
| OECD Americas |
24,944 |
-38 |
| United States |
20,421 |
+30 |
| OECD Europe |
13,513 |
+56 |
| OECD Asia Pacific |
7,209 |
-35 |
| Japan |
3,144 |
-145 |
| South Korea |
2,542 |
+90 |
| China |
16,655 |
+295 |
| India |
5,552 |
+210 |
| Other Asia |
9,670 |
+393 |
| Latin America |
6,750 |
+60 |
| Brazil |
3,451 |
+105 |
| Middle East |
8,854 |
+220 |
| Saudi Arabia |
3,386 |
+111 |
| Africa |
4,649 |
+81 |
| Russia |
3,982 |
+141 |
| OPEC |
9,311 |
+123 |
| OECD total |
45,666 |
-17 |
4.4 World Oil Demand by Product (1,000 b/d, 2024)
| Product |
2024 |
Change 24/23 |
| Gasoline |
27,228 |
+365 |
| Kerosene |
7,711 |
+512 |
| Distillates |
28,861 |
-71 |
| Residuals |
6,674 |
+18 |
| Others |
33,366 |
+663 |
| Total |
103,840 |
+1,487 |
5. Oil Trade
5.1 OPEC Crude Oil Exports by Destination (1,000 b/d, 2024)
| Destination |
2024 |
% of Total |
| China |
5,179 |
27.2% |
| OECD Europe |
3,284 |
17.3% |
| OECD Asia Pacific |
3,266 |
17.2% |
| Other Asia |
3,069 |
16.1% |
| India |
2,153 |
11.3% |
| OECD Americas |
1,058 |
5.6% |
| Africa |
513 |
2.7% |
| Middle East |
224 |
1.2% |
| Latin America |
206 |
1.1% |
| Other Europe |
56 |
0.3% |
| Total OPEC exports |
19,008 |
100% |
Asia total (China + India + OECD Asia Pacific + Other Asia): 13,667 (71.9%)
5.2 OPEC Crude Exports by Country (1,000 b/d, 2024)
| Country |
2024 |
Change 24/23 |
| Saudi Arabia |
6,049 |
-610 |
| Iraq |
3,364 |
-103 |
| UAE |
2,717 |
+66 |
| Nigeria |
1,522 |
+46 |
| IR Iran |
1,566 |
+244 |
| Kuwait |
1,176 |
-392 |
| Libya |
1,002 |
-22 |
| Venezuela |
656 |
+106 |
| Algeria |
459 |
-23 |
| Congo |
236 |
-13 |
| Gabon |
204 |
0 |
| Equatorial Guinea |
56 |
+2 |
| OPEC |
19,008 |
-699 |
5.3 Iran Crude Exports -- Destination Shift
Iran's crude exports surged to 1,566 (1,000 b/d) in 2024 from 404 in 2020:
- China: 1,211 (77% of Iran's exports, up from 78 in 2020)
- Other Asia: 304
- Middle East: 52
5.4 World Crude Oil Exports (1,000 b/d, 2024)
| Region |
2024 |
Change |
| Total world |
43,239 |
-737 |
| OPEC |
19,008 |
-699 |
| OPEC % |
44.0% |
|
| Middle East |
16,437 |
-842 |
| OECD Americas |
8,526 |
-43 |
| US |
4,109 |
+27 |
| Africa |
4,915 |
-129 |
| Russia |
4,524 |
-62 |
| Latin America |
3,987 |
+339 |
5.5 World Petroleum Product Exports (1,000 b/d, 2024)
| Region |
2024 |
Change |
| Total world |
31,785 |
+567 |
| OECD Americas |
7,346 |
+535 |
| US |
6,648 |
+495 |
| OECD Europe |
7,028 |
+93 |
| Middle East |
5,002 |
+238 |
| OPEC |
5,068 |
+292 |
| Russia |
2,136 |
-164 |
5.6 World Crude Oil Imports (1,000 b/d, 2024)
| Country/Region |
2024 |
Change |
| China |
11,072 |
-230 |
| OECD Europe |
10,674 |
-107 |
| US |
6,588 |
+110 |
| OECD Asia Pacific |
5,458 |
-202 |
| India |
4,795 |
+121 |
| Other Asia |
3,776 |
+33 |
| Japan |
2,322 |
-225 |
| South Korea |
2,759 |
+24 |
5.7 Total Exports of Crude + Products (1,000 b/d, 2024)
| Entity |
2024 |
| Total world |
75,024 |
| OPEC |
24,076 (32.1%) |
| OECD |
27,373 |
| US |
10,757 |
| Saudi Arabia |
7,341 |
| Russia |
6,660 |
6. Oil Transportation -- Freight Rates (2024)
Spot Freight Rates by Vessel Category (% of Worldscale)
| Vessel Type |
Size (1,000 dwt) |
2024 |
| GP |
16.5-24.9 |
159.8 |
| MR |
25.0-44.9 |
213.1 |
| LR1 |
45.0-79.9 |
165.5 |
| LR2 |
80.0-159.9 |
81.6 |
| VLCC |
160.0-319.9 |
48.8 |
Dirty Tanker Spot Freight Rates (2024)
| Route |
WS% |
$/t |
| ME/East |
57 |
13.5 |
| ME/West |
39 |
11.6 |
| WAF/East |
61 |
21.7 |
| WAF/USGC |
94 |
20.8 |
| MED/MED |
157 |
12.4 |
Clean Tanker Spot Freight Rates (2024)
| Route |
WS% |
$/t |
| ME/East |
183 |
44.8 |
| SING/East |
214 |
26.4 |
| MED/MED |
206 |
15.8 |
| MED/West |
216 |
29.5 |
7. Oil Prices
7.1 OPEC Reference Basket (ORB) Component Spot Prices ($/b, 2024)
| Country |
Crude Stream |
2024 |
| Algeria |
Saharan Blend |
81.73 |
| Congo |
Djeno |
73.20 |
| Equatorial Guinea |
Zafiro |
82.17 |
| Gabon |
Rabi Light |
80.19 |
| IR Iran |
Iran Heavy |
79.71 |
| Iraq |
Basrah Medium |
78.37 |
| Kuwait |
Kuwait Export |
80.65 |
| Libya |
Ess Sider |
79.72 |
| Nigeria |
Bonny Light |
82.22 |
| Saudi Arabia |
Arab Light |
81.49 |
| UAE |
Murban |
79.73 |
| Venezuela |
Merey |
65.26 |
| OPEC ORB |
|
79.89 |
7.2 ORB Historical ($/b)
| Year |
Nominal |
Real (2017=100) |
| 2020 |
41.47 |
40.99 |
| 2021 |
69.89 |
66.46 |
| 2022 |
100.08 |
100.87 |
| 2023 |
82.95 |
83.19 |
| 2024 |
79.89 |
78.81 |
7.3 Benchmark Prices -- Forward Months ($/b, 2024)
| Benchmark |
1st Month |
6th Month |
12th Month |
| ICE Brent |
79.86 |
77.53 |
75.54 |
| NYMEX WTI |
75.76 |
73.36 |
71.12 |
| DME Oman |
79.56 |
77.30 |
75.32 |
7.4 Petroleum Product Spot Prices ($/b, 2024)
| Product |
US Gulf |
Singapore |
Rotterdam |
| Gasoline |
94.42 |
93.95 |
106.14 |
| Diesel/Gasoil |
100.00 |
95.28 |
100.70 |
| Fuel Oil |
69.05 |
71.16 |
70.63 |
7.5 Crack Spreads ($/b, 2024)
| Spread |
US Gulf vs WTI |
Singapore vs Dubai |
Rotterdam vs Brent |
| Gasoline |
18.51 |
14.38 |
25.50 |
| Diesel/Gasoil |
5.45 |
15.71 |
20.06 |
| Fuel Oil |
-6.86 |
-8.41 |
-10.01 |
8. Taxes on Oil (Composite Barrel, 2024)
| Country |
Composite Barrel ($/b) |
Crude CIF ($/b) |
Tax ($/b) |
Tax Share (%) |
Industry Margin ($/b) |
| USA |
143.70 |
71.87 |
22.22 |
15.5% |
49.61 |
| Canada |
185.59 |
80.55 |
61.59 |
33.2% |
43.45 |
| Japan |
169.41 |
83.99 |
59.84 |
35.3% |
25.58 |
| France |
295.22 |
83.10 |
155.49 |
52.7% |
56.63 |
| Germany |
294.53 |
83.75 |
158.23 |
53.7% |
52.55 |
| Italy |
297.01 |
82.96 |
162.07 |
54.6% |
51.98 |
| UK |
293.29 |
82.70 |
152.76 |
52.1% |
57.83 |
| G7 |
239.82 |
81.27 |
110.31 |
46.0% |
48.23 |
| OECD |
246.42 |
80.21 |
113.48 |
46.1% |
52.73 |
9. Natural Gas Data
9.1 World Proven Natural Gas Reserves (end-2024, bn standard cu m)
| Region/Country |
2024 |
Change |
| Total World |
208,892 |
-1,005 |
| Russia |
46,832 |
0 |
| IR Iran |
33,988 |
0 |
| Qatar |
23,831 |
0 |
| Turkmenistan |
13,900 |
0 |
| US |
17,912 |
-572 |
| Saudi Arabia |
9,727 |
+76 |
| UAE |
8,210 |
0 |
| Nigeria |
5,979 |
+65 |
| Venezuela |
5,511 |
+35 |
| Algeria |
4,504 |
0 |
| OPEC |
74,498 |
-599 |
| OPEC % |
35.7% |
|
9.2 Natural Gas Marketed Production (million s cu m, 2024)
| Country/Region |
2024 |
Change |
| Total world |
4,288,564 |
+71,832 |
| United States |
1,072,884 |
-889 |
| Russia |
644,213 |
+43,583 |
| IR Iran |
277,611 |
+2,611 |
| China |
242,702 |
+15,682 |
| Canada |
211,790 |
+3,999 |
| Qatar |
206,023 |
-5,033 |
| Australia |
161,636 |
+938 |
| Norway |
129,448 |
+9,272 |
| Saudi Arabia |
102,894 |
+5,174 |
| Algeria |
103,966 |
-309 |
| OPEC |
660,823 |
+15,858 |
9.3 Natural Gas Exports (million s cu m, 2024)
| Country |
2024 |
Change |
| Total world |
1,356,555 |
+804 |
| US |
218,206 |
+2,727 |
| Qatar |
162,468 |
+1,219 |
| Norway |
123,685 |
+8,755 |
| Russia |
158,970 |
+21,840 |
| Australia |
106,292 |
+610 |
| Canada |
91,070 |
+8,952 |
| Algeria |
49,087 |
-2,950 |
| Turkmenistan |
46,810 |
-1,290 |
| Malaysia |
38,866 |
+1,256 |
| Nigeria |
32,860 |
+3,210 |
9.4 Natural Gas Demand (million s cu m, 2024)
| Country/Region |
2024 |
Change |
| Total world |
4,174,838 |
+113,251 |
| United States |
937,417 |
+13,737 |
| Russia |
496,243 |
+23,543 |
| China |
418,468 |
+30,998 |
| IR Iran |
268,644 |
+7,571 |
| Canada |
139,482 |
-4,468 |
| Saudi Arabia |
102,894 |
+5,174 |
| Japan |
88,486 |
+828 |
| Germany |
77,735 |
+1,249 |
| UAE |
76,329 |
+3,635 |
| India |
69,470 |
+6,070 |
| OPEC |
591,213 |
+23,766 |
10. OPEC Summary Table (Table 1.1, 2024)
See opec-country-data for the full country-level data table.
Analytical Notes for Investment Decision
Supply-Side Observations
- OPEC voluntary cuts drove the 2024 production decline. Saudi Arabia cut 651,000 b/d; Kuwait cut 179,000 b/d. These are policy-driven, not depletion-driven reductions.
- Iran's production recovery is significant: +374,000 b/d to 3,257,000 b/d despite sanctions -- nearly back to pre-sanctions levels. China absorbed 77% (1,211,000 b/d) of Iranian crude exports.
- US production continues to grow: 13,208,000 b/d crude + 21,762,000 b/d total liquids, making it the world's largest producer by a wide margin.
- OPEC spare capacity is substantial. With allocated levels around 26,000-27,000 b/d, current production at 26,251 and the 2022 peak at 27,750, there is meaningful upside capacity.
- Reserve concentration: OPEC holds 79.2% of world proven crude oil reserves. The DoC collectively holds 87.9%.
Demand-Side Observations
- Global demand exceeded 100 mb/d for the third year, reaching 103.84 mb/d.
- OECD demand peaked and is declining: -17,000 b/d in 2024.
- China + India = 22.2 mb/d combined demand, with growth of +505,000 b/d.
- Kerosene/jet fuel demand grew fastest: +512,000 b/d (+7.1%), reflecting continued aviation recovery.
- Distillate demand turned negative: -71,000 b/d globally, a potential sign of industrial slowdown.
Trade Flow Observations
- Asia dominates OPEC crude trade: 71.9% goes to Asia.
- US is now a major net crude exporter: 4,109,000 b/d exports vs 6,588,000 b/d imports.
- Russia crude exports declined -62,000 b/d to 4,524,000 b/d.
- Product exports are growing faster than crude exports -- refining value-add is shifting to producing regions.
Price Environment
- ORB averaged $79.89/b in 2024, down from $82.95 in 2023.
- Backwardation persists: Brent front-month $79.86 vs 12th-month $75.54.
- Crack spreads narrowed significantly vs 2022-2023 peaks, especially US Gulf diesel ($5.45 in 2024 vs $51.25 in 2022).
- European taxes constitute 46-55% of the composite barrel for major OECD consumers.