New decline in refined product output in Venezuela in 2017.
As in 2016, the 2017 growth was driven by Asia – China and India accounted for more than 60% of the increase in refined oil products production – and by the Middle-East, especially Saudi Arabia and Iran. Production also rose in South Korea (dynamic demand) but contracted in Japan (declining oil product consumption).
In the United States, the largest producer of petroleum product worldwide, oil product production rose for the fifth year in a row and reached a record in 2017. It also grew in Canada, but fell in Mexico and Venezuela, where crude oil production contracted.
Production remained stable in Russia.
Petroleum product production rebounded in the European Union, in line with rising consumption, despite recent refinery closures over the past years in Europe combined with the willingness of Middle East countries to refine crude oil locally and low refining costs in North America.
Based on its 2017 data for G20 countries, Enerdata analyses the trends in the world energy markets.Download the publication
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Several Eastern Mediterranean governments - Cyprus, Greece, Israel, Italy, Jordan and Palestine - have agreed to establish the Eastern Mediterranean Gas Forum, a regional gas market that would optimise the resource development of its members, rationalise the cost of the transportation infrastructure, offer competitive trade prices and improve mutual trade relations. Other countries may join the forum later and the institution will be also open to monitoring by international and regional organisations.
The Iraqi government expects to raise production from the southern Majnoon oilfield near Basrah from the current 240,000 bbl/d to 290,000 bbl/d by the end of 2019 and then to 450,000 bbl/d by the end of 2021. In 2019, US$7bn will be invested for the development of five oil fields in the Basra region, of which 10% (US$700m) for the Majnoon field. Besides, it has also outlined plans to develop a new offshore oil export pipeline with a capacity to transport 700,000 bbl/d by the end of 2019.
The Tunisian government expects the country to produce approximately 25% of its energy output with renewable energy projects by 2020. New projects - mainly wind and solar - with a combined capacity of 1,000 MW worth TND2.5bn (US$836m) should be commissioned by 2020.
According to the Caspian Pipeline Consortium (CPC), crude oil exports via the CPC pipeline rose by 11% in 2018, reaching 61.1 Mt. Exports from Kazakhstan accounted for most of this figure (89%) - with three Kazakhstan oil fields making up the majority of the exports (28.7 Mt came from Tengiz, 13.2 Mt from Kashagan and 10.3 Mt from Karachaganak), while the remainder came from Russia.