(i) Crude oil: Production and consumption
In 2012 and for the third year in a row, oil recorded the
slowest growth among fossil fuels. In line with weaker
global economic growth, in particular in Europe, global
oil consumption increased by less than 1.0 per cent,
a rate below the historical average (British Petroleum,
2013). As consumption in OECD countries fell by
1.3 per cent in 2012, the marginal growth in the global
oil demand, which reached 89.8 million barrels per
day (bpd) during the year, was driven by non-OECD
countries. On the supply side, global production
expanded by 2.2 per cent, with total volumes reaching
86.2 bpd and with members of the Organization of the
Petroleum Exporting Countries (OPEC) accounting for
most of the growth. An overview of global consumers
and producers of crude oil is presented in table 1.5.
(i) Crude oil: Production and consumption
In 2012 and for the third year in a row, oil recorded the
slowest growth among fossil fuels. In line with weaker
global economic growth, in particular in Europe, global
oil consumption increased by less than 1.0 per cent,
a rate below the historical average (British Petroleum,
2013). As consumption in OECD countries fell by
1.3 per cent in 2012, the marginal growth in the global
oil demand, which reached 89.8 million barrels per
day (bpd) during the year, was driven by non-OECD
countries. On the supply side, global production
expanded by 2.2 per cent, with total volumes reaching
86.2 bpd and with members of the Organization of the
Petroleum Exporting Countries (OPEC) accounting for
most of the growth. An overview of global consumers
and producers of crude oil is presented in table 1.5.
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