OPEC – Annual Statistical Bulletin, 2024

The Annual Statistical Bulletin by OPEC provides detailed data on the oil industry in OPEC member countries and around the world. As of 2023, world proven crude oil reserves increased slightly, while natural gas reserves also saw a slight increase. Crude oil production globally increased, with declines from OPEC countries and non-OPEC countries under the Declaration of Cooperation. Oil demand grew in 2023, surpassing pre-pandemic levels, with strong demand in OPEC countries. Refining capacity expanded globally, especially in the Middle East and Africa. OPEC countries exported less crude oil in 2023, with the majority going to Asia. Exports of petroleum products increased, while imports decreased slightly compared to 2022.