Crude Oil Global Market Outlook 

  • Global fuel oil supply stands at 92.7 Mbpd 
  • Global fuel oil demand stands at 98.18 Mbpd
  • Demand is expected to increase at a CAGR of 1.8 percent until 2020

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Crude Oil Proved Reserves Globally 

  • The total proven crude oil reserves globally in 2017 was at 1696 thousand million barrels, which is an decrease of 0.03 percent compared to 2016 reserves
  • The OECD countries contributed about 14.3 percent of the total proven reserves globally, whereas non-OECD countries contributed about 85.7 percent

Distribution of Proved Crude Oil Reserves from 1995 to 2015 

  • The global proved oil reserves increased from 1.697 billion barrels in 2016 to 1.696 billion barrels in 2017
  • Reserves have increased by 22.9 percent, or 318 billion barrels, over the past decade and are sufficient to meet 50.7 years of the global production
  • Colombia recorded a decline, with proved reserves falling by 2.3 thousand million barrels, while Iraq proved reserves grew by 153 thousand million barrels

Per Capita Consumption of Oil in 2015 

  • The highest per capita consumption in 2017 for crude oil was from NAM and the Middle East with over 2.5 tons/capita
  • Australia, Japan, and the Netherlands stood in the next level of per capita consumption, from 1.5 tons to 2.5 tons
  • Chile and Colombia stood at a higher rate of consumption per capital levels, at 1 ton to 1.5 tons in LATAM

Crude Oil Price History 

  • Crude oil was within $4/bbl until 1970 before witnessing a major increase during the period of 1970-1980 in terms of percentage change
  • Post consolidating within a range of $12-35/bbl from 1980-2000, crude oil prices established a new range of $20-140/bbl
  • The current decrease in price is expected to result in an unfolding a long-term consolidation in the range of 20-140 with price mostly fluctuating in the median of mentioned range in the upcoming years