Image courtesy of Eni.

Eni said in its yearly review of the global oil and gas sectors that oil and gas reserves grew slightly during the last year as more shale and African pay zones have been discovered.

In the thirteenth edition of the World Oil and Gas Review, Italy’s Eni reported a 0.4 percent increase in global oil reserves and a 1.7 percent rise in global gas reserves.

According to the report, the United States has become the global leader in oil and gas production growth as well as the world’s largest consumer.

Production in the United States grew by 12.2 percent thanks in large part to tight oil wells.

The increase in U.S. production comes amid a 9.9 percent production drop in Iran and a 35.5 percent drop in Libya.

The report also examined the state of the refinery industry.

Despite multiple plant shutdowns, Europe is still struggling with refinery overcapacity that is being exacerbated by a general decrease in demand.

Meanwhile, the availability of low cost crude in the United States is bolstering the competitiveness of U.S. refineries.

Investments have been pouring into the Middle East and Asia-Pacific to support growing demand in those regions, the report said.

Worldwide growth in gas consumption was modest in 2013, increasing by about one percent compared to 2.5 percent annual growth seen between 2000 and 2013.


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