The year 2014—Overview

• DOI: http://doi.org/10.1111/oets.00045
• Date: 01 July 2015
• Published date: 01 July 2015

© John Wiley & Sons Ltd 2015

THE YEAR 2014—OVERVIEW

Oil and Energy Trends: Annual Statistical Review

Oil Production

OPEC maintained its production quotas at 30 million

bpd throughout 2014 despite a dramatic decline in

oil prices during the second half of the year, and in

the face of increasing supply from non-OPEC na-

tions, which is projected to grow by 1.36 mn bpd in

2015.

Overall, production of crude oil and natural gas liq-

uids (NGL) in OPEC countries rose by 0.2 million

barrels per day (mn bpd) or 0.4% compared with

2013, to 35.3 mn bpd.

Production in the OECD countries increased by 1.7

mn bpd or 8.5% compared to 2013, to 21.8 mn bpd,

while CIS production was little changed at 13.9 mn

bpd.

Overall, total world production grew by 1.6 mn bpd

or 1.8% compared to 2013, reaching a level of 86.9

mn bpd.

Oil Demand

World-wide oil demand in 2014 averaged 89.9 mn

bpd, an increase of 1.6 mn bpd, or 1.8%, on 2013.

Demand in 1990 was 64.5 million bpd.

Demand in the United States was 18.9 mn bpd, up

1.0% from 2013. The USA accounted for 21.0% of

total world demand in 2014. In 1990 USA’s share of

global world demand was 26.3%.

At 14.1 mn bpd, oil demand in the European

members of the OECD was 0.2 mn bpd or 1.4% less

than in 2013. OECD Europe accounted for 15.7% of

total world demand. Demand in 1990 was 13.9 mn

bpd or 21.6% of total world demand.

Japan’s demand decreased by 5.0% to 4.3 mn bpd in

2014; Back in 1990 the figure was 5.2 mn bpd.

Natural gas production

Total natural gas production in the 12 members of

the Commonwealth of Independent States (CIS)

was 863.7 billion cubic meters (bcm) in 2014, a fall

of 26.8 bcm or 3% compared to 2013, primarily the

result of Western sanctions imposed over the crisis

with Ukraine, and attempts by some European coun-

tries to reduce their reliance on Russian energy. In

1990 the 15 republics of the USSR produced 801

bcm or 38% of total world production. The CIS’

share of total world production in 2014 was 25%.

Gas production in the USA was 728 bcm in 2014, up

40 bcm or 5.9% on 2013, thanks to increased shale

gas production; its 1990 figure was 504.3 bcm. The

US share of the world total in 2014 was 21% com-

pared with 24% in 1990.

OECD Europe production was 251 bcm, down 18.5

bcm or 7% on the previous year; the 1990 figure was

206.8 bcm. The relative share was 7.2% in 2014,

compared with 9.9% in 1990.

World total gas production was 3,339.7 bcm in

2014, up 15.2 bcm or 0.5% from 2013. The figure in

1990 was 2,084 bcm.

Coal and lignite production

World combined production of coal and lignite

totalled 7,504.5 million tonnes (mn mt) in 2014, a

fall of 196.3 mn mt or 2.5% on 2013. Production in

1990 totalled 4,733.3 mn mt.

In the CIS, coal and lignite production fell by 9.9 mn

mt or 1.9% to 511.3 mn mt. In 1990, production for

the USSR was 628.1 mn mt. The share of world total

in 2014 was 6.8%, and 13.3% in 1990.

In the USA production fell by 5.4 mn mt, or just

0.6%, to 904.2 mn mt. The figure for 1990 was

933.6 mn mt. The US share was 12% in 2014,

compared with 19.7% in 1990.

Production in OECD Europe countries fell by 16.7

mn mt or 3.1% in 2014, to 517.1 mn mt. In 1990,

these countries produced 1,047.6 mn mt or 22.1% of

world production. Their share of total production in

2014 was 6.9%.

Primary electricity production

World production of primary electricity in 2014 in-

creased by 3.8% or 263.2 billion kilowatt hours (bn

kWh) compared to 2013, at 7,207.4 bn kWh.

The USA accounted for 1,303.4 bn kWh or 18.1% of

production in 2014 compared with 21.6% in 1990.

OECD Europe produced 1,772.1 bn kWh; 24.6%

compared with 29.4% in 1990.

Primary energy production

World production of primary energy in 2014 was

278.5 mn bpd of oil equivalent (mn bpdoe), an in-

crease of 0.8 mn bpdoe or 0.3%. Production in 1990

was 131.92 mn bpdoe.

The USA accounted for 31.3 mn bpdoe or 12% in

2014 compared with 18.1% in 1990. OECD Europe

produced 13.6 mn bpdoe or 4.9% compared with

11.4% in 1990.

Canada produced 7.6 mn bpdoe in 2014, compared

to 7.3 mn bpdoe in 2013, an increase of 3.8%.

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