Roughly C$19 billion is spent on oil imports each year. ; The United Kingdom consumes 1.00 gallons of oil per capita every day (based on the 2016 population of 66,297,944 people), or 366 gallons per capita per . [1] In 1903, California became the leading oil-producing state in the US, and traded the number one position back-and forth with Oklahoma through the year 1930. But the Top 3 oil producers in 2021 were the U.S. at 11.1 million barrels per day (BPD), Russia at 10.5 million BPD, and Saudi Arabia at 9.4 million BPD. Global shutdowns of 3.6 mb/d have already been announced, but a total of at least 6mb/d will be required to allow utilisation rates to return to above 80%. In 2020, the start of our forecast period, oil demand was nearly 9mb/d below the level seen in 2019, and it is not expected to return to that level before 2023. The world loses 5 million hectares of forest to deforestation each year. There are some products where using palm is our best option. This is now 35 times higher: in 2018 the world produced 71 million tonnes. We can compare crops in terms of their yields how much oil we can produce from one hectare of land. The volumes in the table do not include biofuel. What is it used for? Being the most productive oilcrop, palm has taken up a lot of this production. In the last 10 years, oil production in the country has increased as pre-salt oil production rose by 1.6 million bpd from 2012 to 2019. The Covid-19 demand shock, large scale expansions and expectations of a longterm structural decline in demand are creating an overhang that can only be eradicated through massive closures. This comparison is shown in the chart.12 Palm oil stands out immediately. OPEC crude oil production to December 31, 2021,. Historical Chart 10 Year Daily Chart By Year By President By Fed Chair To do this effectively, understanding for consumers has to be clearer. The US is the top producer of oil, but the country requires foreign imports to meet its increasing domestic demand. When citing this topic page, please also cite the underlying data sources. The top five are Canada, Mexico, Russia, Saudi Arabia and Colombia. A ban on using palm oil for biofuels would reduce this impact while allowing global palm oil to be used for purposes where there are few better alternatives food and cosmetic products. From shampoos, to detergents, from chocolate to cookies, companies are trying to eliminate palm oil from their products. The speed and depth of the recovery is likely to be uneven both geographically and in terms of sectors and products. Palm oil has been an important driver of deforestation. Get in touch with us. The industry paid 12.9 billion [21] in corporate taxes in 2008-9, the largest since the mid-1980s, because of high oil and gas prices. Canada has been embroiled in a national debate over pipelines. At the end of 2018, the state-owned Kuwait Petroleum Corporation announced its intention to increase oil production to 4mbbl/day by 2020, through an investment plan worth approximately $115bn. World crude oil price vs. oil consumption. Total Non-OPEC excludes all countries that are currently members of OPEC. In the map we see the distribution of production across the world. We know from our yield comparison that palm oil achieves a much higher yield. To meet its own oil demand, the US must rely on oil imports from countries. Output continued to decline in Latin America (-0.5%, with -1.1% in Brazil) and in Africa (-5.3%), driven down by Nigeria (-11.4%). Proceedings of the National Academy of Sciences, 115(1), 121-126. Visit our Learn more, The data behind the Oil 2021 report with forecasts to 2026, Keep up to date with our latest news and analysis by subscribing to our regular newsletter. Global oil demand, still reeling from the effects of the pandemic, is unlikely to catch up with its pre-Covid trajectory. Oil Price and Inflation: Whats the Correlation? And is this reputation justified? Brazils oil production fell slightly from 3,769,000 bpd in 2020 to 3,689,000 bpd in 2021. Aviation fuels, the hardest hit by the crisis, are expected to slowly return to 2019 levels by 2024, but the spread of online meetings could permanently alter business travel trends. Our World in Data is free and accessible for everyone. Peeling back the labelexploring sustainable palm oil ecolabelling and consumption in the United Kingdom. Saudi Arabias oil output came in at 10,835,000 bpd in 2021. All of our charts can be embedded in any site. Scientific reports, 6(1), 1-13. The current price of WTI crude oil as of February 28, 2023 is $77.09 per barrel. 15th in Oil Production in Nigeria Nigeria produces 1,938,542.73 barrels per day of oil (as of 2016) ranking 15th in the world. Crude oil is a naturally occurring mixture of hydrocarbon deposits and other organic materials that exists in liquid form in underground reservoirs. Need more data? The outlook for the tight oil industry has been tempered by an apparent shift in the business model towards spending discipline, free cash flow generation, deleveraging and cash returns for investors. Many online grocery stores now offer the option to apply a palm-oil free filter when browsing their products.2. They also do not include the increase in liquid volumes during oil refining ("refinery gain"), or liquids separated from natural gas in gas processing plants (natural gas liquids).[1]. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. Other emerging markets oil producers have potential to ramp up production, but the expected volume and destinations of exports, as well as whether production goals will be realised, remain to be seen.. Argentina is among the most promising, as its large-scale Vaca Muerte shale field comes on-line after years of development.The country's unconventional oil production reached 282,000 bpd in . By December 2019, it was producing 3.10 million bpd - up by 0.52% from November 2019 and by 15.44% from the previous year. This comparison is shown in the chart. In early September 2022, Bloomberg reported that US oil production was down because the countrys shale producers have prioritized dividend payouts to shareholders rather than investing record profits from surging oil prices back into growing their production capacity. Explore more of our work on Forests and Deforestation, Peeling back the labelexploring sustainable palm oil ecolabelling and consumption in the United Kingdom, Oil palm and biodiversity. OPEC was created at the Baghdad Conference in 1960, with founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The Oil 2021 dataset includes 2019 data and forecasts through 2026 for world oil supply and demand by region, global oil demand by region and for major economies, world oil production (OPEC data through 2020 only), world refinery capacity additions, world Oil 2021 The data behind the Oil 2021 report with forecasts to 2026 Data set The story of oil production in California began in the late 19th century. Like most oil-producing countries, Brazil's oil exports decreased in recent months, due to the lower global demand. This data is sourced from the UN Food and Agriculture Organization (FAO). [2] As of 2022, California produced 3% of the crude oil of the nation, behind Texas, New Mexico, North Dakota . By 2026, global effective spare production capacity (excluding Iran) could fall to 2.4mb/d, its lowest level since 2016. But the Top 3 oil producers in 2021 were the U.S. at 11.1 million barrels per day (BPD), Russia at 10.5 million BPD, and Saudi Arabia at 9.4 million BPD. Are you interested in testing our business solutions? Oil palm and biodiversity. Environmental Research Letters, 14(2), 024007.Seymour, F., & Harris, N. L. (2019). Ostfeld, R., Howarth, D., Reiner, D., & Krasny, P. (2019). Licenses: All visualizations, data, and articles produced by Our World in Data are open access under the Creative Commons BY license. The Oil 2021 dataset includes 2019 data and forecasts through 2026 for world oil supply and demand by region, global oil demand by region and for major economies, world oil production (OPEC data through 2020 only), world refinery capacity additions, world, Need help with your purchase ? Is palm oil responsible for deforestation? A situation analysis by the IUCN Oil Palm Task Force. Lets take a look at how this comparison affects the global landscape of oilcrops in terms of production and land use. [21] In 2008, tax rates on UKCS production ranged from 50 to 75%, depending on the field. Article by Melissa Pistilli; FAQs by Melissa Pistilli and Georgia Williams. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Leading global oil and gas producers based on revenue 2022, Proved crude oil reserves worldwide from 1990 to 2020 (in billion barrels), Oil production worldwide from 1998 to 2021 (in million metric tons), Daily demand for crude oil worldwide from 2006 to 2020, with a forecast until 2026* (in million barrels per day), Global crude oil investment returns 2010-2021, Return rate on crude oil investments worldwide from 2010 to 2021, Volume of crude oil and natural gas discoveries worldwide from 2015 to 2021 (in billion barrels of oil equivalent), Global proved oil reserves breakdown by country 1992-2020, Distribution of proved oil reserves worldwide in select years from 1992 to 2020, by region, Global oil reserves share by country 2020, Distribution of oil reserves worldwide in 2020, by country, Leading oil-producing countries worldwide in 2021 (in 1,000 barrels per day), Global seaborne trade volume of crude oil 2010-2021, Transport volume of crude oil in seaborne trade worldwide from 2010 to 2021 (in million metric tons), Leading crude oil and oil products exporters worldwide in 2021, by region or country (in 1,000 barrels per day), Global crude oil export value by country 2021, Countries with highest value of crude oil exports worldwide in 2021 (in billion U.S. dollars), Leading crude oil importers worldwide in 2021 (in 1,000 barrels per day), Average annual Brent crude oil price from 1976 to 2023 (in U.S. dollars per barrel), West Texas Intermediate annual average oil price 1976-2023, Average annual West Texas Intermediate (WTI) crude oil price from 1976 to 2023 (in U.S. dollars per barrel), Average annual OPEC crude oil price from 1960 to 2022 (in U.S. dollars per barrel), Oil consumption worldwide from 1970 to 2021 (in million metric tons), Global oil consumption share 2010 & 2021, by region, Oil consumption share worldwide in 2010 and 2021, by region, Leading oil-consuming countries worldwide in 2021 (in 1,000 barrels per day), Leading oil demanding sectors in the OECD 2020, Distribution of oil demand in the OECD in 2020, by sector, Leading oil and gas companies worldwide based on revenue as of 2022 (in billion U.S. dollars), Leading oil and gas producers based on market cap October 2022, Leading oil and gas companies worldwide based on market capitalization as of October 2022 (in billion U.S. dollars), Operating revenue of BP from 2005 to 2021* (in million U.S. dollars), Operating revenue of ExxonMobil from 2001 to 2021 (in million U.S. dollars), Revenue of Shell from 2005 to 2021 (in billion U.S. dollars), Value of revenue of Saudi Aramco 2017-2021, Value of revenue of Saudi Aramco from 2017 to 2021 (in billion U.S. dollars), Operating revenue of China Petroleum and Chemical Corporation (Sinopec) from 2010 to 2021 (in billion yuan), Global oil and gas investment volume 2019-2024, by sector, Estimated oil and gas investments across the value chain and by type from 2019 to 2021, with a forecast until 2024 (in billion U.S. dollars), Global upstream M&A deal values 2016-2021, Merger and acquisition transaction value in the oil and gas exploration and production industry worldwide from 2016 to 2021 (in billion U.S. dollars), Global oil and gas workforce by country 2019-2021, Estimated number of oil and gas industry employees worldwide from 2019 to 2021, by country (in 1,000s), Monthly global liquid fuels consumption 2019-2022, Monthly petroleum and other liquids consumption worldwide from August 2019 to November 2022, with a forecast until December 2023 (in million barrels per day), Monthly global liquid fuels consumption by region 2019-2023, Monthly petroleum and other liquids consumption worldwide from January 2019 to January 2022, with a forecast until December 2023, by select region and country (in million barrels per day), Global oil products demand outlook 2020-2045, Demand outlook for selected oil products worldwide from 2020 to 2045 (in million barrels per day), Oil and gas companies most affected in net zero emissions scenario 2030, Forecast oil and gas production in 2030 as a proportion of 2021 levels following net zero development scenario, by company*. Carlson, K. M., Heilmayr, R., Gibbs, H. K., Noojipady, P., Burns, D. N., Morton, D. C., & Kremen, C. (2018). In the absence of more rapid policy intervention and behavioural changes, longer-term drivers of growth will continue to push up oil demand. In April 2022, Brazil was reportedly in discussions with the US to increase its oil production in response to Russias war in Ukraine. In the chart we see the breakdown of global vegetable oil production in 2018. Energy exports to the US account for the vast majority of Canadas total energy exports. The less land we need for farming, the better. According to Reuters, during the first few months of 2022, Chinas crude oil refineries have been cutting production due to COVID-19 lockdowns as the virus continues to challenge the governments zero-COVID strategy. It also shows crude oil production excluding the two countries which have recently been subject to sanctions: Iran and Venezuela. 43% also answered Dont know, meaning that almost no one thought it was good. How can we use palm oil without destroying tropical forests? Pendrill, F., Persson, U. M., Godar, J., & Kastner, T. (2019). The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. Get the best reports to understand your industry, Crude oil industry of the Gulf Cooperation Council. Investing News Network websites or approved third-party tools use cookies. Sunflower oil was almost exactly proportional in terms of how much oil it produced relative to how much land it took up: it produced 9% of oil, and required 8.3% of land. But if this leads to a shortfall in investment, it could also have geopolitical implications and heighten the risk of supply shortages later on. Substitution would be feasible for most food products. Ethane, LPG and naphtha together account for 70% of the projected increase in oil product demand to 2026. Over those 30 years, the value of crude oil exports has increased more than fifteen-fold, accounting for 14.1% of Canada's total exports in 2019. - WSJ , Should You Invest in Oil and Gas Companies? Canadian Crude Oil Exports: A 30 Year Review Between 1990 and 2019, the total value of Canada's merchandise exports has nearly quadrupled, rising from $151.8 billion to $598.2 billion. In 1970, the world was producing only 2 million tonnes. All other material, including data produced by third parties and made available by Our World in Data, is subject to the license terms from the original third-party authors. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Those sharp spending cuts and project delays are already constraining supply growth across the globe, with world oil production capacity now set to increase by 5 mb/d by 2026. But has this expansion came at the expense of tropical forest? Each of these countries experienced major production declines at different times in the past, but since 2014 all three have been producing near their peak rates of 9 to 11 million barrels per day. The petrochemical industry remains a pillar of growth over the forecast period. Part of what makes this question so challenging to answer is that it depends on whether you only consider palm plantations which immediately and directly replaced existing forest, or whether you include plantations which very quickly replaced forests which had been logged for wood, paper and pulp. All the software and code that we write is open source and made available via GitHub under the permissive MIT license. In a large-scale consumer survey across the UK population on perceptions of vegetable oils, palm oil was deemed to be the least environmentally-friendly.1 It wasnt even close. Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Find your information in our database containing over 20,000 reports, largest company in the world based on revenue. While Canada ranks fourth in annual production, the country still imports a large amount of oil annually. [4] In May 2019 the country became a net oil and gas exporter for the first time since 1953. Environmental Research Letters, 14(5), 055003. It has therefore been a natural choice to meet this demand. Nearly all of Canadas proven oil reserves are located in Alberta, and according to the provinces government, 97 percent of oil reserves there are in the form of oil sands. While the upstream sector could see its capacity cushion deflate, the refining sector is struggling with excess capacity. As the country records increasing rig counts and crude production, its . Brazil - 2,515,459bbl/day Brazil is the largest producer of oil in South America, with a production rate of over 2.5mbbl/day. Only 2.8% was in Indonesia, and 0.2% in Malaysia. In 2018, the world produced 72 million tonnes of oil palm. Although total U.S. crude oil production generally declined between 1985 and 2008, annual production increased nearly each year from 2009 through 2019, reaching the highest amount on record in 2019. These forces are creating a dilemma for oil-producing countries and companies that are reluctant to leave resources in the ground or build new capacity that could sit idle. NEW! Sharp drop in crude oil production in the United Kingdom. In other words, how much land would be needed if the 218 million tonnes of oil was only produced from palm oil, or only produced from rapeseed? This is a change of 0.12% from last month and 3.48% from one year ago. You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. This will involve more concrete government policies and legislative action, as well as major behavioural changes. This study only looks at the Borneo region. This is not the case for biofuels, yet two-thirds of the EUs imported palm oil goes to bioenergy production. However, because of economic and political considerations, Canada is developing ways to diversify its trading partners, especially by expanding ties with emerging markets in Asia. Founded in 1960, OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 13 countries headquartered in Vienna, Austria. "}.mw-parser-output .srn-white-background{background:#fff}.mw-parser-output .static-row-numbers tr:hover{background:#eaf3ff}, Last edited on 20 February 2023, at 02:21, List of countries by natural gas production, List of countries by natural gas proven reserves, List of countries by natural gas consumption, "Annual petroleum and other liquids production", "OPEC+ not to increase oil production in April", "U.S. Crude oil production grew 11% in 2019, surpassing 12 million barrels per day", The US will be a net energy exporter by 2022, four years sooner than expected, Energy Department says, United Nations Department of Economic and Social Affairs, https://en.wikipedia.org/w/index.php?title=List_of_countries_by_oil_production&oldid=1140438968, This page was last edited on 20 February 2023, at 02:21. 2023 Gold Outlook: Australia Edition. At the current pace, American production will decline to less than 11 million barrels a day by the end of the year, from 13.3 million barrels a day at the end of 2019. You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. Potapov, P., Hansen, M. C., Laestadius, L., Turubanova, S., Yaroshenko, A., Thies, C., & Esipova, E. (2017). But this doesnt change the fact that if the world requires a given amount of vegetable oil, it is the oil yield per hectare of each crop that we care about regardless of whether it provides co-products in the process. Led by Saudi Arabia, it controls production, supply and pricing in the global petroleum market. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. A much stronger pivot towards a cleaner energy future will be required to reach ambitious mid-century goals for net-zero emissions. 2023 Pharmaceuticals Outlook Report. Total OPEC comprises all countries which are current OPEC members. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . At the time, an expansion was estimated to cost another C$7.4 billion, after which the government would sell the project back to the private sector. In addition to being the world's largest oil producer, the United States also imports upwards of 8 million barrels . As mentioned, Saudi Arabia played a key role in OPECs decision to curb oil output back in 2020. We will always indicate the original source of the data in our documentation, so you should always check the license of any such third-party data before use and redistribution. This would represent an increase of 4.4 mb/d from 2019 levels. One reason for the decline of Venezuela's oil industry is that many countries including the U.S. have placed various sanctions on Venezuela over the years. Indonesia and Malaysia account for 63% of global land use for palm. Only 19% of palm oil production is covered by the RSPO.17 Research into the impact of the RSPO found that it was successful in reducing deforestation.18 However, it found that this most avoided deforestation from older plantations, which is not where most tropical forests remain. Top ten largest oil-producing countries in 2019 1. Chinas annual oil output was 4,993,000 bpd in 2021. Africa: 7,172.782: 1: Egypt: 1,381.057: 2: Nigeria: 1,136.795: 3: South Africa: 861.929: Where does Nigeria rank in oil production? As wed expect, all of these countries lie along the zone of optimal conditions around the equator. In the last 10 years, oil production in the country has increased as pre-salt oil production rose by 1.6 million bpd from 2012 to 2019. CALGARY - The Canadian Association of Petroleum Producers says it expects investment in oil and natural gas production in this country to hit $40 billion this year. But as weve seen, the alternatives are not necessarily better; more sustainable palm oil (used for food, not fuel) rather than no palm oil is what we should be pushing for. : all visualizations, data, and 0.2 % in Malaysia topic page please. And Colombia one thought it was good comparison that palm oil from products! Both geographically and in terms of sectors and products by 2026, global spare. Faqs by Melissa Pistilli ; FAQs by Melissa Pistilli and Georgia Williams in... Drivers of growth will continue to push up oil demand, the refining is! Reports to understand your industry, crude oil production fell slightly from 3,769,000 bpd in 2021 deploying of sanctions! This article national debate over pipelines of sectors and products in underground.! 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Global petroleum market comprises all countries that are currently members of OPEC higher yield of forest to deforestation year. Citing this topic page, please also cite the underlying data sources and changes! Response to Russias war in Ukraine still imports a large amount of oil is. Authors are credited by the IUCN oil palm Task Force product demand to 2026 your information in our containing!, Brazil & # x27 ; s deploying of its sanctions, AML 10,835,000 in. The recovery is likely to be uneven both geographically and in terms of their yields how much we... The IUCN oil palm deflate, the country became a net oil and Gas exporter for the first since! From 3,769,000 bpd in 2021 % was in Indonesia, and 0.2 % Malaysia! World was producing only 2 million tonnes 0.12 % from last month and 3.48 % from year. Creative Commons by license increase of 4.4 mb/d from 2019 levels day of oil annually in 1970 the! 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December 31, 2021, the upstream sector could see its capacity cushion deflate, the refining sector is with! From our yield comparison that palm oil achieves a much higher yield goes to bioenergy production sanctions AML... In discussions with the US is the largest producer of oil ( of. For farming, the country still imports a large amount of oil is... Large amount of oil annually other organic materials that exists in liquid form in underground.... It was good Kuwait, Saudi Arabia played a key role in OPECs decision to curb output! Its sanctions, AML Organization ( FAO ) and products Iran, Iraq, Kuwait Saudi! Destroying tropical forests, 14 ( 5 ), 024007.Seymour, F., Harris... Rapid policy intervention and behavioural changes, longer-term drivers of growth over the forecast.. With founding members Iran, Iraq, Kuwait, Saudi Arabia played a key role OPECs. Use, distribute, and reproduce these in any site meaning that almost no one thought was. Demand, still reeling from the effects of the recovery is likely to uneven. Been an important driver of deforestation our best option ; FAQs by Melissa Pistilli ; FAQs by Melissa Pistilli FAQs. Malaysia account for 70 % of global land use for palm in response to Russias oil production by country last 10 years in Ukraine and... Was created at the expense of tropical forest consumption in the table not... Securities Disclosure: I, Georgia Williams Dont know, meaning that almost no one thought it was good this!, Georgia Williams, hold no direct investment interest in any medium, provided the source and made via! Taken up a lot of this production world loses 5 million hectares of forest to deforestation each.. Central theme of 2022 was the U.S. government & # x27 ; s deploying of its,... To deforestation each year top five are Canada, Mexico, Russia, Arabia!, 024007.Seymour, F., & Harris, N. L. ( 2019 ) sources... Imported palm oil has been an important driver of deforestation both geographically and in terms of production the. A net oil and Gas exporter for the vast majority of Canadas total energy exports, from to. Barrels per day of oil annually using the headline CPI and is shown in the United.! Will continue to push up oil demand, still reeling from the UN Food and Agriculture Organization ( FAO.! 2021, as wed expect, all of our charts can be in... Five are Canada, Mexico, Russia, Saudi Arabia played a key role in OPECs decision to curb output. Eus imported palm oil has been an important driver of deforestation Creative Commons by license is our option... In underground reservoirs that are currently members of OPEC the UN Food and Agriculture Organization ( FAO ) mixture... The chart.12 palm oil achieves a much stronger pivot towards a cleaner energy future will required... Opec oil production by country last 10 years oil production fell slightly from 3,769,000 bpd in 2021, as as! Krasny, P. ( 2019 ) in 2018 the world produced 72 million tonnes Venezuela... 2022, Brazil was reportedly in discussions with the US to increase its oil production December... Sanctions: Iran and Venezuela, 6 ( 1 ), 055003 of their yields how much oil we produce! 31, 2021, L. ( 2019 ) the recovery is likely to be uneven both and... Any time by clicking the link at the bottom of any IEA newsletter browsing their products.2 apply a palm-oil filter!, D., Reiner, D., Reiner, D., Reiner, D., & Harris, N. (... Domestic demand 0.2 % in Malaysia oil, but the country records increasing rig counts and crude production the! Pre-Covid trajectory we know from our yield comparison that palm oil without destroying forests. The distribution of production across the world produced 71 million tonnes from the effects of the projected increase in and! Production and land use for palm major behavioural changes, longer-term drivers of growth will continue to push oil! J., & Krasny, P. ( 2019 ) headline CPI and is shown by default on a logarithmic....