Excerpt from:

ii - OIL INFORMATION (2015 Edition)

INTERNATIONAL ENERGY AGNECY

The following analysis is an excerpt from the publication Oil Information (2015 edition).

Please note that we strongly advise users to read definitions, detailed methodology and country specific notes which can be found online under References at www.iea.org/statistics/topics/oil/.

Please address your inquiries to oilaq@iea.org.

Please note that all IEA data is subject to the following Terms and Conditions found on the IEA’s website: www.iea.org/t&c/termsandconditions/

OIL INFORMATION (2015 Edition) - iii

INTERNATIONAL ENERGY AGENCY

KEY OIL TRENDS

Production

In 2014, OECD oil production1 provisionally2 rose by 6.7% year-on-year, driven by strong growth in North America.

In the rest of the world, most of the remaining growth in oil production in 2014 was outside of OPEC (-0.1% for OPEC, +1.1% for rest of the world).

Figure 1. World oil production by region

The United States overtook Saudi Arabia and Russia as the world's leading liquids producer1. Canada re-mained in the fifth position but narrowed the gap with the number four producer, China.

1. Includes crude, NGL, other hydrocarbons and liquid biofuels. Please see Part I, Section 2: Technical notes. 2. All energy data for 2014 are provisional.

In the rest of the OECD, production by all other major oil producers except Norway declined from 2013 to 2014.

Figure 2. Increase in oil production by region, 2013-2014

Figure 3. Oil production in OECD

With the increase in the production of United States and Canada, the five top oil-producing countries repre-sented together nearly half (48%) of world production. OPEC member countries represented 40% of total oil production and OECD members 25%.

020406080

100120140160180200

1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014

Million tonnes

OECD OPEC Rest of the world

-100

1020304050607080

OECD OPEC Rest of the world

Million tonnes

-10%0%10%20%30%40%50%60%70%

-100

10203040506070

Variation in production, 2013-2014, million tonnesProduction in percentage of OECD total in 2014

iv - OIL INFORMATION (2015 Edition)

INTERNATIONAL ENERGY AGNECY

Demand Figure 4. World oil demand by region

Figure 5. World demand by product groups in 2013

In 2014, OECD oil demand3 contracted by 1.6% from 2013, pulled down by the decline in road transport and power demand in Japan. Non-OECD oil demand increased by 2.0%, surpassing OECD demand by more than 152 million tonnes, equivalent to the com-bined demand of France and the United Kingdom.

Detailed demand data by product and by sector 4 , available to 2013 show non-OECD demand increased since 2010 mainly in the largest oil-consuming sectors (+15% in road transport, +10% in non-energy use), while refinery fuel and marine bunker demand were severely hit in the OECD (-22% and -20%).

Figure 6. Variation in oil demand in selected sectors, ranked by importance in total oil demand,

2010-2013

3. Includes refinery fuel, aviation and marine bunker consumption, and liquid biofuels. Please see Part I, Section 2: Technical notes. 4. Includes liquid biofuels, consumed pure and blended, for both OECD and non-OECD.

0

500

1000

1500

2000

2500Million tonnes

Africa

Non-OECDEurope/EurasiaNon-OECDAmericasMiddle East

Asia excludingChinaChina (Region)

OECD

0

200

400

600

800

1000

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1400

1600Million tonnes

Non-OECD Total

OECD Total

-160 -120 -80 -40 0 40 80 120

Million tonnes

Non-OECD OECD

Road

Non-energy use

Industry

Power and heat

Refinery fuel

Resid., agri, services

Aviation bunkers

Marine bunkers