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OPEC : a rise in global oil production to 73.4% and the decline of the organization during 2014
6/27/2015
Baghdad
The Organization of Petroleum Exporting Countries, Saturday, for a higher average global oil production to 73.4% and falling to members of the organization during 2014, indicating that the refining capacity of the members of the Organization of Petroleum Exporting rose 5.4% during 2014.
The organization said during the published annual statistical announced, today, and seen by Alsumaria News that "the average crude oil production in the world has risen to 73.4 million barrels per day, up 0.7% compared to 2013," pointing out that "the increase came from the countries of North America , especially the United States America as well as Western Europe and, in particular Norway , while the average production of the Organization of Petroleum Exporting Countries fell to 30.7 million barrels per day, down 2.9% compared to 2013. "
The organization added that "the average global oil demand rose to 91.3 million barrels per day in 2014, up 1.1%," indicating that "the biggest increases of demand came from China, the Middle East and Asian countries not members of the organization."
The organization pointed out that "the members of OPEC issued most of its crude oil in 2014 to Asia-Pacific countries and by 60.4%, while exports of crude oil to Europe reached by 16.7%, North America 13.9%."
And showed the organization, that "the refining capacity of the members of OPEC rose by 5.4% during 2014 compared to the previous year and that this emerging increase came from Middle Eastern countries, while global refining capacity rose by 0.9 mb / d in 2014, this increase came from Asia and the Pacific as well as North and Latin America. "
They pointed out that the organization "average OPEC basket stood at $ 96.29 per barrel in 2014, down from $ 105.87 per barrel in 2013," adding that "the second half of 2014 saw a sharp decline at the price reached $ 9.58 / b or 9.0 per cent ".
It consists of OPEC basket of 12 crude, a mixture Algerian Sahara ore Girassol Angolan Iranian heavy crude and Basrah Light and the Iraqi export Kuwaiti and Libyan Seder and Bonny Light of Nigeria and sea Qatari light and Arab Saudi and Murban UAE and Mary Venezuelan Orient from Ecuador.
The Petroleum Exporting Countries (OPEC), which was founded in Baghdad in 1960 by agreement between the five countries, namely Saudi Arabia, Iran, Iraq, Kuwait and Venezuela, and is headquartered in Vienna, one of the largest supervising global organizations to regulate the export of oil and set the prices, and has a current membership of 12 countries oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.
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