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PREFACE
the revenues of 2012 have, in fact, not exceeded $536 billion, as measured by
the real prices of the reference year 1995.
In 2012 global economy registered a growth of around 3.3%. Such growth
is attributable to the fact that oil prices have relatively stabilized within an
acceptable scope (despite the relatively low natural gas prices). This has
reflected positively on the size of demand. However, the industrialized
nations still anticipate the growth indicators to soar, as they registered only
1.3% in 2012. In the Asian developing countries growth rate stood at 6.7%.
Those countries include China, whose economic growth slipped to 7.8%, after
bordering on 10.5% two years ago. Latin America witnessed an economic
growth rate of 3.2%, compared to 4.5% in 2011. As a result of such decline
in economic growth, global demand for oil registered a notably slight rate of
0.9%, up from 88 million b/d in 2011 to 88.8 million b/d, an increase of about
800,000 b/d.
This Report seeks to highlight the above-mentioned issues with more
detail and further analysis to draw a clear picture of the developments in
petroleum industry, in particular, and energy industry in its broad concept in
2012. The Report pinpoints the various efforts and endeavors exerted by our
member countries to upgrade their petroleum industry, on one part, to mitigate
the implications of the economic situation for our countries and the world,
on the second part, and to strengthen contacts with oil-related international
authorities and organizations, on the third part. In its relentless efforts towards
implementing its planned petroleum industry related activities, OAPEC
General Secretariat held numerous conferences, seminars and meetings to
this effect. The General Secretariat continued its efforts, in full capacity, to
effectively participate in the endeavors aimed at deepening and reactivating
the dialogue and discussions between the various authorities and organizations
representing petroleum exporting and importing countries, to the common
interests of both sides.
Part 1 of this Report exhibits an analytical picture, supported by data and
statistics, of the development of crude oil and natural gas industry, in particular,
