Saudi Arabia cut its crude oil production in 2017, under the OPEC agreement.
The 30 November 2016 agreement between OPEC countries and some large non-OPEC producers to cut oil production to firm up global prices translated into significant production cuts for Saudi Arabia, Kuwait, the UAE or Algeria, and to a stable production in Russia. The agreement succeeded in raising global oil prices, which incited non-OPEC countries such as the United States, Canada or Kazakhstan and OPEC countries exempted from cuts such as Iran or Nigeria to raise production. The Iranian oil production rose by 1/3 between 2015 and 2017, thanks to the end of international sanctions.
Conversely, crude oil production declined again in China to its lowest level since 2009, as low prices in 2016 prompted producers to cut investment in oil fields.
Oil production in Latin America contracted for the third year in a row, due to falling production in some large producing countries – oil output reached its lowest level since 1980 in Mexico and since 1990 in Venezuela – but it continued to increase in Brazil.
Based on its 2017 data for G20 countries, Enerdata analyses the trends in the world energy markets.Download the publication
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According to the United States Energy Information Administration (EIA), US renewable power generation achieved a new record of 742 TWh in 2018, which is almost twice the amount of 382 TWh produced in 2008. In total, renewables provided 17.6% of the US power generation in 2018 and 90% of the increase over the 2008-2018 period came from wind and solar power plants, since conventional hydroelectric capacity remained relatively stable (+2% since 2008, reaching 292 TWh in 2018, i.e. 6.9% of the US power mix).
Iran has officially inaugurated four new phases of the South Pars offshore gas field, i.e. phases 13, 22, 23 and 24. A total of US$11bn were invested in the four mega projects, which will add 56 mcm/d of gas, 75,000 bbl/d of gas condensate and 400 t/d of sulfur and will enable to produce 1 Mt/year of ethane and 1 Mt/year of propane and butane.
According to the US Energy Information Administration (EIA), the US natural gas production reached new highs in 2018, increasing by 11%. Gas production measured as marketed production and dry natural gas production have also reached new highs. As expected, gas exports also increased by 14% to 102 bcm, with LNG exports surging by 53%. The United States continued to be a net gas exporter in 2018, as in 2017 when the country exported more gas than it imported for the first time in nearly 60 years.
Russian state-owned gas group Gazprom produced nearly 498 bcm (+5.7%) of natural gas in 2018. The third gas production facility at Bovanenkovskoye, the main field in the Yamal Peninsula with gas reserves totalling 4,900 bcm, went onstrem in 2018 and reached its design production capacity of 115 bcm (production capacity of 317 mcm/d in winter).