Roughly C$19 billion is spent on oil imports each year. Thats around four times higher than alternatives such as sunflower or rapeseed oil (where you get about 0.7 tonnes per hectare); and 10 to 15 times higher than popular alternatives such as coconut or groundnut oil .13. Firstly, they measure forest loss, which combines both permanent deforestation (where trees do not regrow) and forest degradation (which is a temporary thinning of forests with subsequent regrowth). The Covid-induced demand shock and a shifting momentum towards investment in clean energy are set to slow the expansion of the worlds oil production capacity over our six-year forecast period. 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 . Show Recessions In fact, only one-quarter of post-1973 plantations in the Borneo was driven by rapid conversion of this land to plantations (2021% oil-palm; 4.34.8% pulpwood). In many cases, these can help decarbonise sectors where emissions are hardest to tackle. 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. Heres a look at the top 10 oil-producing countries. It is crucial to invest in the upstream sector even during rapid transitions in which it would still take years to shift global transport fleets away from internal combustion engines to electric vehicles and other low-carbon alternatives. The current month is updated on an hourly basis with today's latest value. The current level of U.S. crude oil production as of February 2022 is 11,600.00 thousand barrels per day. We know that tropical forests are incredibly rich in biodiversity, and store a lot of carbon from the atmosphere. The United Arab Emirates accounts for 5.6 percent of global total reserves. In addition to being a major oil producer, the US is a big consumer of oil. Producers from the Middle East are expected to provide half of the increase, largely from existing shut-in capacity. An example of this is in 1990 when production steeply declined, leading to the WTI Crude Oil and Brent Crude Oil Spot prices to abrubtly increase. *Billed as $19.00 plus GST . 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 ? With a rough estimate of 11,567,000 barrels per day, the United States is the top oil-producing country in the world, as it has been for many years. There are some products where using palm is our best option. Nigeria's oil production crashes to 900,000b/d. 19 million hectares might sound like a lot of land. There are only two ways in which we can produce more of a given crop: increase yields (growing more on a given amount of land) or expand the amount of land we use to grow it. help centre, See if you qualify for a discount. 2023 Pharmaceuticals Outlook Report. Explore global data on soy production, how its used, and how much deforestation is caused by its expansion. Oil statistics Data on UK production, trade and demand of oil by sector, including crude oil and natural gas liquids, and products including transport fuels. Help us do this work by making a donation. A push towards increased biofuel consumption in the transport sector has been driving this, despite it being worse for the environment than normal diesel (more on this later). Once extracted from the Earth, crude oil is refined to make several products, including gasoline, jet fuel and other petroleum products such as kerosene, paraffin, petrochemical feedstocks, solvents and lubricants. Substitution in industrial processes would be more difficult, especially if we want to replace it with oils grown in temperate countries: sunflower or rapeseed oil is not suited to products such as soaps, detergents or cosmetics. A much stronger pivot towards a cleaner energy future will be required to reach ambitious mid-century goals for net-zero emissions. Create a free IEA account to download our reports or subcribe to a paid service. This is a change of 0.39% from last month and 5.06% from one year ago. 1 min read. Now into 2022, Russias aggressive war against Ukraine has sent oil prices skyrocketing. How has the world achieved such a rapid expansion of palm oil production? Thats an area similar to the size of India. Nearly all of Canada's proven oil reserves are located in Alberta, and. Although total U.S. oil production declined between 1985 and 2008, annual production increased nearly every year from 2009 through 2019, reaching the highest amount on record in 2019. Only 6% of global intact forest is in Southeast Asia, the hotspot of palm oil expansion. These reports can be viewed here. Most of Russias reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, as well as in the Urals-Volga region, extending into the Caspian Sea. Interestingly enough, 2010 was also the time that Crude Oil prices plummeted because of supply and demand concerns. Stats How has land use for palm oil changed over time? As a result, by 2026, global oil consumption is projected to reach 104.1mb/d. As the country records increasing rig counts and crude production, its . (2018). At the same time, more and more governments are focusing on the potential for a sustainable recovery as a way to accelerate momentum towards a low-carbon future. In the worldwide oil industry, an. In our base case which takes into account current industry plans, government policies and existing energy transition initiatives global oil demand is forecast to rise by 3.5 mb/d between 2019 and 2025. To demonstrate this, lets turn crop yields on its head and look at the inverse: the area of land you would need to produce one tonne of vegetable oil. Ostfeld, R., Howarth, D., Reiner, D., & Krasny, P. (2019). Global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020. Consumer demand for sustainable palm oil puts pressure on food and cosmetic companies to source from certified suppliers, and ultimately rewards the most sustainable growers. Global production increased ten-fold since the 1960s from 17 to 170 million tonnes in 2014. The output control deal made between the Organization of the Petroleum Exporting Countries (OPEC) and 11 of the worlds top oil producers expired in 2020. When will countries phase out coal power? Lets give these numbers some context. In the absence of more rapid policy intervention and behavioural changes, longer-term drivers of growth will continue to push up oil demand. Rape and mustardseed oil were also in proportion. 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? Finally, with some pressure from the US, Russia and OPEC finally came to an agreement to cut production by 9.7 million barrels per day (bpd) the single largest output decrease in history. Last on this list of the top 10 oil-producing countries is Kuwait, whose output decreased in 2021 for the third time since 2018. By 2026, global effective spare production capacity (excluding Iran) could fall to 2.4mb/d, its lowest level since 2016. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries. To have a real, permanent impact, certification needs to cover a much larger number of growers. It includes crude oil, natural gas liquids (NGLs) and additives. In the absence of stronger policy action, global oil production would need to rise 10.2mb/d by 2026 to meet the expected rebound in demand. The industry group says that's 11 per . Our articles and data visualizations rely on work from many different people and organizations. Retailers know that this is becoming an important driver of consumer choices. In a context of global economic recovery, with increasing COVID-19 vaccination rates and loosening pandemic-related restrictions, oil demand expanded more rapidly than supply. Palm oil is unique in its versatility, meaning it is suitable for a range of foods, cosmetics, industrial applications and biofuels. This means that over the last 50 years the amount of land devoted to growing palm oil has increased a lot. 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%). To do this effectively, understanding for consumers has to be clearer. Top 5 Canadian Oil and Gas Dividend Stocks in 2022. 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. This is based on reported figures as of November 2020. A meta-analysis conducted by the Royal Academy of Engineering on EU biofuels found that when we factored in land-use change, the greenhouse gas emissions from palm oil were higher than using a petrol car.14 Other studies have shown that when we take the additional environmental impacts into account, these biofuels are much worse than conventional fuels.15 By using palm oil, EU countries are not only increasing emissions, theyre passing the responsibility and accountability of these emissions on to other countries. In March 2022, the US government announced a ban on imports of oil, liquefied natural gas and coal from Russia in response to the invasion of Ukraine. Plant Production Science, 8(3), 288-297. Under this definition, total world oil production in 2021 averaged 77,043,680 barrels per day. Twelve of the most important oil-producing countries are listed in Table 2.3, together with their annual output from 2007 to 2011 (in units of million barrels per day, 10 6 bbl d 1 ), 1 and their percentage contribution to the world total. 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*. , Top 5 US Oil and Gas Dividend Stocks in 2023. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. When production rose dramatically in April of that year after Russias decision not to approve further cuts proposed by Saudi Arabia, the de facto OPEC leader responded by offering its product at a discount and producing more oil. This will involve more concrete government policies and legislative action, as well as major behavioural changes. In recent years, the global oil market has been impacted significantly by COVID-19 disruptions, price wars between oil-producing nations and now the Russia/Ukraine war. Measured as deliveries from refineries and primary stocks, comprises inland deliveries, international marine bunkers, refinery fuel, crude for direct burning, oil from non-conventional sources and other sources of supply. Proceedings of the National Academy of Sciences, 115(1), 121-126. The largest share of Brazils total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas. It thrives on high rainfall, adequate sunlight and humid conditions this means the best growing areas are along a narrow band around the equator.4 Palm oil is therefore grown in many countries across Africa, South America, and Southeast Asia. There are a number of steps we can take to ensure we meet global demand for oils, without destroying our tropical forests. 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. In 2018, the world produced 72 million tonnes of oil palm. data than referenced in the text. Small amounts of palm oil are grown in many countries, but the global market is dominated by only two: Indonesia and Malaysia. "}.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. That & # x27 ; s 11 per behavioural changes, longer-term drivers of growth will to! 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