Asia-Pacific taking on most OPEC crude

North America, Europe take 33.5 percent of OPEC's crude.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  July 18, 2014 at 10:19 AM
share with facebook
share with twitter

VIENNA, July 18 (UPI) -- Asia-Pacific economies took on more crude oil from OPEC in 2013 than any other region in the world, the organization said in an annual report published Friday.

The Organization of Petroleum Exporting Countries said Asia-Pacific economies imported an average 14.3 million barrels of OPEC crude oil per day in 2013, or 59.3 percent of the oil exported by member states.

Asian economies are growing at a faster rate than other major markets. OPEC said in its 97-page annual report oil demand rose most notably in China, Thailand and Indonesia.

Europe, which is still struggling to emerge from recession, took an average 4.1 million bpd of OPEC crude last year, or 17.2 percent of its output, while North American imported an average 3.9 million bpd, or 16.3 percent of OPEC's crude.

Oil production from North America, the United States in particular, has increased to the point that markets there are less reliant on foreign sources of crude oil.

Total world crude oil production, however, increased by 0.1 percent from 2012 figures, though output from the 12 members of OPEC was down 2.5 percent year-on-year.

"The overall OPEC share of total global production in 2013 averaged at 43.4 percent, slightly lower than in 2012, when it was 44.6 percent," the report said.

Related UPI Stories
Trending Stories