OPEC oil production increased by 7.6% in 2012

29 July 2013 12:36  [Source: ICIS news]

LONDON (ICIS)--Crude oil production levels by OPEC member countries increased by 7.6% year on year in 2012 to 32.4m bbl/day, as rising consumption in emerging markets helped to drive global demand, the Austria-headquartered organisation said on Monday.

Global crude oil production increased by 3.4% over the same period, OPEC added, with the bulk of increases coming from North America, Africa and the Middle East.

International oil demand rose by 0.9% in 2012, with rising demand from emerging economies helping to offset a 1.1% fall in demand from Organisation for Economic Co-operation and Development (OECD) countries. OPEC member country demand increased by 3.9% during the year.

OPEC's oil production amounted to 44.5% of the global total in 2012, up slightly from 42.7% in 2011, with 57% of the bloc’s exports going to Asian and Pacific countries. The refinery capacity of OPEC member countries fell by 1.4% year on year in 2012.

The minimum monthly average crude price recorded during the year was $93.98/bbl (€70.49/bbl) in June, while the maximum was $122.97/bbl in March, OPEC added.

($1 = €0.75)

By: Tom Brown
+44 208 652 3214

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