Global oil demand grew 1.7% in 2017

Eni in its World Oil, Gas and Renewables Review revealed that global oil demand for 2017 grew by 1.7 percent.
The 17th edition further showed that global oil demand grew by 1.2 percent in 2016.
Eni’s World Oil, Gas and Renewables Review is an annual statistics report on oil, natural gas and renewables sources.
The review is split into two volumes, with the first dedicated to the oil industry, and the second to natural gas and renewables.
According to the report, the 2017 growth represents a 0.3 percent increase as the US and Canada recorded the biddest increases in the non-OPEC area.
“OPEC’s production, on the other hand, has declined following the cuts policy and the crisis in Venezuela,” the report said.
The report also outlined that oil reserves decreased by 0.2 percent in 2017 and that OPEC remains the biggest reserves holder, with 72 percent of the world’s total.
According to the report, Venezuela gas the highest reserves of 302.809 billion barrels, followed by Saudi Arabia with 266.260 billion barrels and Canada with 197.928 billion barrels.
Otheres are: Iran (155.600 billion barrels), Iraq (147.223 billion barrels), Kuwait (101.500 billion barrels), UAE (97.800 billion barrels), Russia (80.000 billion barrels), Libya (48.363 billion barrels), and Nigeria (37.453 billion barrels).

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