38
39
th
Annual Report
on the global oil demand side, which reached 88.8 million b/d or on
the oil supply side, which amounted to 90.0 million b/d. Despite of
the American and European embargo on Iranian oil exports, OPEC’s
share of total oil supply accounted for about 41%, which represents
37 million b/d.
In 2012, the annual average of OPEC basket of crudes was at an
unprecedented level of $109.5/b, representing an increase of up to
$2/b, which is equivalent to 2% compared with 2011. Although the
monthly averages of OPEC basket have stabilized and moved within
the range of $108 to $118/b in most months of the year, the difference
between the lowest and highest monthly price has reached $29.0/b
during the year, compared with $25.3 / b in the previous year .
The constant follow up of the oil market by the Organization of
Petroleum Exporting Countries (OPEC) played an important role in oil
prices stabilization, especiallyduring the secondhalf of theyear.However
several other factors influenced oil prices, the most important of which
was the worsening geopolitical situation in the main oil production
areas, including the Arab region, and the resulting consequences of the
political changes during the year. In addition to intense controversy and
tensions over Iran’s nuclear program. In contrast, slowdown in global
economic growth and its outlook was the most significant driver towards
curbing price increases during the year.
Chapter One of the Report deals with the main parameters of
the oil market and the main factors affecting it and the implications
for the value of oil exports of OAPEC members. This Chapter also
reviews developments in oil and energy consumption in the Arab
countries in general, and in OAPEC members in particular.
