Oil drama reviewed

BP SAYS GLOBAL oil consumption dropped by 420,000bpd in 2008, the first decline since 1993 and the largest drop recorded since 1982. Worldwide the fall was only 0.6 per cent but in OECD (industrialised) countries it was as much as 3.2 per cent, led by a drop of 6.4 per cent in the USA.

While consumption was going down global output increased by 0.4 per cent, which equates to 380,000bpd. The production of OPEC members overall was up by 2.7 per cent even though members began reducing this “late in
the year”.
Oil production outside OPEC fell by 610,000bpd, which is the largest decline seen since 1992; Mexico cut most by 310,000bpd.
The major says additions to refining capacity totalled 830,000bpd, with nearly a quarter of these in China alone. With consumption down global refinery utilisation tumbled to the lowest level seen since 2003. And global oil trade dropped by 1.7  per cent which is equivalent to 930,000 bpd.
A full account of the June 2009 issue of BP Statistical Review of World Energy will be included in the next two issues of Oil Review Africa.

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