The year 2015 was the “Surplus Year” for the oil market. This glut had a great number of effects on oil and gas sectors. Now, the market is being recovered. However, the below numbers shows briefly what happened in 2015:
There are always some consumers appreciating low oil prices. In 2015, the South Asian nations spent more than USD 59.8 billion less on crude imports than the previous year even while buying 3.9 percent more.
335.5 million tons
China's total crude oil imports in 2015 rose 8.8% from the previous year to 335.5 million tons.
1.3 million b/d
EIA estimates that global consumption of petroleum and other liquid fuels increased by 1.3 million b/d in 2015, averaging 93.7 million b/d.
The government of Saudi Arabia – the world's top oil exporter – ran a deficit of 367 billion riyals ($97.9 billion) in 2015.
BP experienced its biggest annual loss last year and announced thousands more job cuts. BP cuts 7,000 jobs by the end of 2017, or nearly 9 percent of its workforce. BP sys it lost $6.5 billion in 2015.
80 per cent decline
Royal Dutch Shell posted an 80 per cent decline in full year profit to USD 3.8 bn.
The final count for oil and gas bankruptcies totals 42 companies. Swift’s reported the total number of oil and gas companies to file for bankruptcies in 2015 to 42. The combined debt of these companies is $17.85 billion, split about 50.4% secured to 49.6% unsecured debt.
Till Nov. 2015, the number of jobs gutted from oil and gas companies around the world has now passed the 250,000.
31.6 million b/d
OPEC crude oil production averaged 31.6 million b/d in 2015, an increase of 0.8 million b/d from 2014, led by rising production in Iraq and Saudi Arabia.
Crude Oil Production in Russia increased to 10,407 BBL/D/1K in December from 10,388 BBL/D/1K in November of 2015. Crude Oil Production in Russia averaged 8,094.18 BBL/D/1K from 1992 until 2015, reaching an all-time high of 10,407 BBL/D/1K in December of 2015 and a record low of 5,707 BBL/D/1K in May of 1998.
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