BP said Wednesday global oil output rose by 1.3% in 2011 to 83.58 million b/d, with OPEC and the production "renaissance" in the US driving the increase.
Presenting its Statistical Review of World Energy 2012, BP also said oil consumption growth slowed considerably last year -- consumption was up just 0.7% at 88 million b/d.
"This was once again the weakest global growth rate among fossil fuels," BP said in the review.
"OECD consumption declined by 1.2% (600,000 b/d), the fifth decrease in the past six years, reaching the lowest level since 1995," it said.
On the supply side, the loss of oil from Libya due to the country's civil war was more than offset by large production increases among Middle Eastern OPEC members, leading to record oil production in Saudi Arabia, the UAE and Qatar, BP said.
"Virtually all of the net growth was in OPEC, with large increases in Saudi Arabia (+1.2 million b/d), the UAE, Kuwait and Iraq more than offsetting a loss of Libyan supply," it said.
OPEC was estimated to have produced an average of 35.83 million b/d last year, 3% higher than 2010.
The US recorded the largest non-OPEC production increase for a third consecutive year, BP CEO Bob Dudley said in the report.
"In my mind, it is no coincidence that the innovations driving the renaissance in US oil and gas production are taking place in one of the most open and competitive upstream segments in the world," Dudley said.
UNCONVENTIONAL OIL
"The example of North America highlights how competition and a level playing field foster innovation, ultimately leading to the production of previously inaccessible, new, 'unconventional' resources," he said.
Dudley also pointed to a number of longer-term trends that remained in place in 2011.
"The center of gravity for world energy consumption continues to shift from the OECD to emerging economies, especially in Asia. The world is not structurally short of hydrocarbon resources -- as our data on proved reserves confirms year after year -- but long lead times and various forms of access constraints in some regions continue to create challenges for the ability of supply to meet demand growth at reasonable prices," Dudley said.
BP estimated global oil reserves at 1.652 trillion barrels in 2011, up 1.8% compared with 2010.
BP also said Brent oil prices were on average 40% higher last year than in 2010. "At $111.26/b, they were the second-highest in inflation adjusted terms, behind only 1864," it said.
Global refinery crude runs, meanwhile, increased by a below-average 375,000 b/d, or 0.5% in 2011.
Non-OECD countries accounted for all the net increase, rising by 685,000 b/d.
While OECD throughput declined by 310,000 b/d, US throughput increased (+110,000 b/d) and the US became a net exporter of refined products for the first time on record.
Global refinery capacity utilization fell to 81.2% as global refining capacity increased by 1.4 million b/d (+1.5%), outpacing growth in throughputs for the fifth time in six years.
