COMCEC Trade Outlook 2019
14
slight increase in OIC export volume indicated that the most of the increase in total OIC exports
was driven by rising export prices in 2018. It should also be noted that oil production curbs in
some oil exporters of OIC limited quantity exported.
Figure 13: Export Value versus Export Volume Indices for the World and the OIC
Source: IMF, UNCTADSTAT
Table 2 illustrates that OPEC countries oil production decreased by 0.4 percent in 2017 and 0.8
per cent in 2018. Saudi Arabia, UAE, Kuwait, Qatar, Algeria were among the major oil exporting
OIC countries that decreased their oil production in 2017 and 2018 compared to the previous
year (2016).
Table 2: Oil Production thousand barrels daily
Thousand barrels daily 2011 2012 2013 2014 2015 2016 2017 2018
Growth
Rate
Annual
(%)
2018
Share (%)
2018
Saudi Arabia 11079 11622 11393 11519 11998 12406 11892 12287 3.3% 13.0%
Iran 4452 3810 3609 3714 3853 4586 5024 4715 -6.1% 5.0%
Iraq 2773 3079 3103 3239 3986 4423 4533 4614 1.8% 4.9%
United Arab Emirates 3303 3440 3577 3603 3898 4038 3910 3942 0.8% 4.2%
Kuwait 2909 3164 3125 3097 3061 3141 3001 3049 1.6% 3.2%
Nigeria 2461 2412 2279 2276 2201 1900 1991 2051 3.0% 2.2%
Kazakhstan 1684 1664 1737 1710 1695 1655 1838 1927 4.8% 2.0%
Qatar 1824 1928 1991 1975 1933 1938 1874 1879 0.3% 2.0%
Algeria 1642 1537 1485 1589 1558 1577 1540 1510 -2.0% 1.6%
Libya 516 1539 1048 518 437 412 929 1010 8.7% 1.1%
Total World 84009 86228 86647 88736 91547 91822 92502 94718 2.4% 100.0%
OPEC 36724 38292 37293 37228 38601 39736 39673 39338 -0.8% 41.5%
Non-OPEC 47285 47936 49354 51508 52946 52086 52828 55380 4.8% 58.5%
memo item:
US 7870 8910 10073 11773 12773 12340 13135 15311 16.6% 16.2%
Russian Federation 10533 10656 10807 10860 11007 11269 11255 11438 1.6% 12.1%
Canada 3515 3740 4000 4271 4388 4451 4798 5208 8.5% 5.5%
Source: Source: Reproduced from BP Statistical Review of World Energy 2019
Note: Includes crude oil, shale oil, oil sands and natural gas liquids.
20
70
120
170
220
270
320
370
420
80
130
180
230
280
330
380
430
480
2000:100 Oil Price Index
2000: 100 Index
World Export Volume Index OIC Export Volume Index World Export Value Index
OIC Export Value Index Oil Price Index
Brent Oil Price Index