Eni presents 14th World Oil and Gas Review
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Eni presents 14th World Oil and Gas Review

Eni presents 14th World Oil and Gas Review

di lettura
(AGI) Rome, Nov 24 - Italian oil and gas giant Eni presentedthe 14th edition of the World Oil and Gas Review, the annualstatistics report on world reserves, production and consumptionof oil and gas. There is a special focus on crude oil qualityand the refinery industry. Oil and gas reserves grewslightly in 2014, with the U.S. showing the main improvementdue to tight oil play reservoirs, entering for the first timethe top 10 of reserve holders and continuing to move up the gasreserves rankings. World oil production recorded the mostsignificant increase in the last 10 years (2.2 percent),concentrated in non-OPEC countries. The United States overtookSaudi Arabia and Russia to become the largest oil producer inthe world, with record growth (15.4 percent) due to tight oil.Canada ranked as the fourth oil producer whilst China droppedto fifth place. Iraq had good results (growth of 8.1 percent)and Iran returned to growth (4.7 percent). In Libya oil outputplummeted back to the level of 2011 at 0.5 Mb/d. Globaloil demand growth slowed to 0.7 percent in 2014. OECD countriesreturned to their structural decline (down 1 percent) but withdifferent situations on either side of the Atlantic Basin: theUSA continued to grow (0.4 percent) whilst European countrieslost ground with another year of contraction (1.4 percent).Non-OECD countries led the growth with 2.5 percent and overtookOECD countries in terms of oil consumption. China remained thedriving force albeit at a slower rate (3.0 percent in 2014 asagainst 5.9 percent average per year from 2000 to 2014). Global gas production remained pretty flat, led by the U.S.,which confirmed its position as the top producer for the thirdyear in a row thanks to its shale gas resources. In Russia, theworld's second gas producer, output fell by 6.1 percent,reflecting both declining domestic demand and contractingexports. The economic downturn, low oil prices andinternational sanctions affected the energy sector, despite thegovernment's anti-crisis programme. World gas consumptionregistered a modest decrease in 2014 - 0.4 percent against anaverage growth of 2.4 percent per year from 2000 to 2014. Mildweather and economic weakness drove down gas demand in Europeand Russia. In the Middle East and Asia Pacific, gasconsumption increased, driven by economic growth, especially inIran and China. The vast availability of domestic gasproduction and low prices supported U.S. consumption growth,confirming the country's position as the biggest gas consumerin the world. . .
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