Proven crude oil reserves in OPEC Member Countries increased slightly to 1,241 bn b at the end of 2023, while world proven natural gas reserves increased by 0.3% to reach approximately 206.43 trillion standard cubic metres (tr s cu m). Proven natural gas reserves in OPEC Member Countries stood at 75.12 tr s cu m at the end of 2023, up 0.2% from the level at the end of 2022.

This marked the third consecutive annual increase since 2020, reaching an average of 73.24 mb/d. Crude oil production from OPEC Member Countries and non-OPEC oil-producing countries participating in the Declaration of Cooperation (DoC) declined, year-on-year (y-o-y), by 0.96 mb/d, or 3.5%, and 0.16 mb/d, or 1.0%, respectively, while crude production from non-DoC countries rose by 1.54 mb/d, or 5.1%.

This exceeded pre-pandemic annual average levels. Oil demand grew, y-o-y, in almost every region, with the largest gains recorded in China, India, the Middle East, Latin America and OECD Americas. Oil demand in OPEC Member Countries was strong in 2023, gaining 0.39 mb/d, or 4.5%, y-o-y.

The non-OECD region, particularly the Middle East and Africa, recorded refining capacity additions. Refinery capacity in the OECD remained relatively unchanged, y-o-y, as additions in OECD Americas were offset by shutdowns in OECD Europe and OECD Asia Pacific. Globally, refinery throughput increased by 1.63 mb/d, or 1.9%, to reach 85.59 mb/d in 2023, driven by higher run rates mainly in the non-OECD region, including China, India and the Middle East.

Following the same pattern seen in previous years, the bulk of crude oil from OPEC Member Countries — 14.10 mb/d, or 71.6% — was exported to Asia. Considerable volumes of crude oil — about 3.62 mb/d — were also exported to Europe in 2023, compared with 3.70 mb/d recorded in 2022. OECD Americas imported 1.03 mb/d of crude oil from OPEC Member Countries in 2023. Exports of petroleum products from OPEC Member Countries averaged 4.81 mb/d during 2023, up by around 0.37 mb/d, or 8.4%, compared to 2022. Imports of petroleum products by OPEC Member Countries averaged 1.43 mb/d in 2023, roughly 0.18 mb/d, or 11.0%, lower than in 2022.