The Organization of the Petroleum Exporting Countries (OPEC) launched the 2025 edition of its Annual Statistical Bulletin (ASB) on Wednesday, 2 July 2025, key highlights of the ASB, comprising data up to the end of 2024, are as follows:
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- World oil demand grew by 1.49 mb/d, y-o-y, or 1.5%, to reach an average of 103.84 mb/d in 2024. Oil demand grew, y-o-y, in almost every region, with the largest gains recorded in Non-OECD Asia, China, India, the Middle East, Africa, Latin America and OECD Europe. Oil demand in OPEC Member Countries was firm in 2024, gaining 0.12 mb/d, or 1.3%, y-o-y.
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- Total world crude oil production declined in 2024 by 0.77 million barrels/day (mb/d), or 1.0%, compared to 2023. This marked the first annual decrease, following three consecutive annual increases since 2020, reaching an average of 72.58 mb/d. Crude oil production from OPEC Member Countries and non OPEC oil-producing countries participating in the Declaration of Cooperation (DoC) declined, year-on-year (y-o-y), by 0.57 mb/d, or 2.1%, and 0.78 mb/d, or 5.2%, respectively, while crude production from non-DoC countries rose by 0.58 mb/d, or 1.8%.
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- World refining capacity expanded in 2024 by 1.04 mb/d, y-o-y, to stand at 103.80 mb/d. The non-OECD region, particularly China, India and the Middle East recorded refining capacity additions. Refinery capacity in the OECD increased for the first year since 2019 by 0.16 mb/d, y-o-y, as additions in OECD Americas were offset by shutdowns in OECD Europe and OECD Asia Pacific. Globally, refinery throughput increased by 0.52 mb/d, or 0.6%, to reach 85.97 mb/d in 2024, driven by higher run rates in OECD Americas and the non-OECD region, including the Middle East, Africa, India and Other Asia.
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- OPEC Member Countries exported an average of 19.01 mb/d of crude oil in 2024, a decrease of 0.70 mb/d, or 3.5%, compared to 2023. Following the same pattern seen in previous years, the bulk of crude oil from OPEC Member Countries - 13.67 mb/d, or 71.9% - was exported to Asia. Exports of petroleum products from OPEC Member Countries averaged 5.07 mb/d during 2024, up by 0.29 mb/d, or 6.1%, compared to 2023.
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- World proven crude oil reserves stood at 1,567 billion barrels (bn b) at the end of 2024, higher by 2 bn b, or 0.1%, compared to 2023 levels. Proven crude oil reserves in OPEC Member Countries remained flat at 1,241 bn b at the end of 2024.
The publication is available as PDF download at:
https://opec.org/assets/assetdb/asb-2025.pdf