In March 2022, the International Energy Agency (IEA) warned that Russia could be forced to cut 30 percent of its crude oil production, resulting in a serious global oil supply crisis. The World Crude Oil Production measures the number of barrels of crude oil that are produced per day in the world. In 1970, the world was producing only 2 million tonnes. But in the absence of fresh upstream investments, the spare capacity cushion will slowly erode. Please refer to thecookie policy for collected data, privacy and GDPR compliance. Thank you for subscribing. Secondly, the 0.2% figure is based on intact forest loss. 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. You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. What activities are driving this? In addition, NNPCL said Nigeria's oil production may average 2.2 million barrels per day including condensate in 2023. A third wave of worldwide refinery rationalisation is currently underway. Carter, C., Finley, W., Fry, J., Jackson, D., & Willis, L. (2007). Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Further fuel efficiency improvements, increased teleworking and reduced business travel, much stronger electric vehicle penetration and new policies to curb oil use in the power sector and more recycling will all be needed. 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. In the chart we see the production of the palm oil plant across a number of countries. Direct deforestation for palm oil played a larger role in Malaysia; 60% was driven by plantations, whilst in Indonesia it was only 16%. 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. This text provides general information. In the chart here we see the drivers of deforestation in Indonesia from 2001 to 2016.8 Oil palm plantations were the largest driver of deforestation over this period, accounting for 23%. 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. Visit our As weve discussed, substituting palm oil with alternatives can do more harm than good. Explore long-term changes in deforestation, and deforestation rates across the world today. The country's rig count went from nine . The volumes in the table do not include biofuel. United Arab . World Oil Consumption is at a current level of 94.09M, up from 88.75M one year ago. [5][6], .mw-parser-output table.static-row-numbers{counter-reset:rowNumber}body.skin-minerva .mw-parser-output .static-row-numbers2.sortable{counter-reset:rowNumber -1}body.skin-minerva .mw-parser-output .static-row-numbers2.sortable.static-row-header-two{counter-reset:rowNumber -2}.mw-parser-output table.static-row-numbers tr::before{display:table-cell;padding-right:0.5em;text-align:right}.mw-parser-output table.static-row-numbers tr::before{content:""}.mw-parser-output .static-row-numbers-skip{counter-increment:rowNumber}.mw-parser-output table.static-row-numbers.sortable tbody tr:not(.static-row-header):not(.static-row-numbers-norank)::before,.mw-parser-output table.static-row-numbers:not(.sortable) tbody tr:not(:first-child):not(.static-row-header):not(.static-row-numbers-norank)::before{counter-increment:rowNumber;content:counter(rowNumber);padding-right:0.5em;padding-left:0.5em;vertical-align:inherit}.mw-parser-output .static-row-header-text thead tr::before{content:"No. As a result, Asian crude oil imports are projected to surge to nearly 27mb/d by 2026, requiring record levels of both Middle Eastern crude oil exports and Atlantic Basin production to fill the gap. 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. All of this demand growth relative to 2019 is expected to come from emerging and developing economies, underpinned by rising populations and incomes. Interactive visualization requires JavaScript. This is a change of 0.39% from last month and 5.06% from one year ago. In 2021, the United States, Russia, and Saudi Arabia were the three largest crude oil producers, respectively. 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. 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. OECD demand, by contrast, is not forecast to return to pre-crisis levels. History of Global Oil Consumption This seems like a simple question, but is not as straightforward as we might expect. Why has the market for palm oil and vegetable oils more broadly increased so rapidly? Next on this list of the top 10 oil-producing countries is Canada. Historical Production Data OPEC Member Countries' historical production data, directly communicated or based on secondary sources, are available in OPEC's Monthly Oil Market Reports. These reports can be viewed here. Palm oil is a very productive crop; as we will see later, it produces 36% of the worlds oil, but uses less than 9% of croplands devoted to oil production. In the map we see the distribution of production across the world. By Robert Rapier - Feb 25, 2023, 10:00 AM CST. This comparison is shown in the chart. This is shown in green in the chart. Oil Price and Inflation: Whats the Correlation? In 2021, it saw a small year-on-year increase in production, with oil output rising to 3,786,000 bpd. A global study of palm-driven deforestation found that in Southeast Asia, 45% of oil palm plantations came from areas that were forests in 1989.10 In Indonesia this was 54% and in Malaysia, 40%. United States - 17 million barrels per day The US became the world's biggest oil producer in 2017, overtaking Saudi Arabia to claim top spot. Currently the world devotes around 322 million hectares to oilseed crops. IUCN Oil Palm Task Force Gland, Switzerland: IUCN. The implications of a potential loss of Russian oil exports to global markets cannot be understated, the IEA stated. How has land use for palm oil changed over time? Last on this list of the top 10 oil-producing countries is Kuwait, whose output decreased in 2021 for the third time since 2018. Chart Tools. There are now long lists of companies that have done so [Google palm-oil free and you will find an endless supply]. The centre of gravity for refined products trade is also set to shift to Asia, resulting in the regions oil import dependence rising to 82% by 2026. 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. Venezuela's . In response to Russias war in Ukraine, Canada, the US, the UK and Australia have banned imports of Russian oil, representing about 13 percent of Russias exports. 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. Global palm yields have increased over time, but far short of the increase in demand. 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. Firstly, it has lowest production costs.11 Secondly, its composition means its versatile and can be used for food and non-food purposes alike: some oils are not suited for cosmetic uses such as shampoos and detergents. Top 10 Countries with the Highest Oil Production (barrels per day) United States - 11,567,000 Russia - 10,503,000 Saudi Arabia - 10,225,000 Canada - 4,656,000 Iraq - 4,260,000 China - 3,969,000 United Arab Emirates - 2,954,000 Brazil - 2,852,000 Kuwait - 2,610,000 Iran - 2,546,000 Get the best reports to understand your industry, Crude oil industry of the Gulf Cooperation Council. In 2018, the country made a slight recovery, producing 3,059,000 bpd; production fell again in 2019 to 3,017,000 bpd. IEA (2021), Oil 2021, IEA, Paris https://www.iea.org/reports/oil-2021, License: CC BY 4.0. As wed expect, we see vast differences. Licence: CC BY 4.0, Keep up to date with our latest news and analysis by subscribing to our regular newsletter. 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. Create a free IEA account to download our reports or subcribe to a paid service. Statista assumes no Therefore using this land to grow the crop is meeting other food demand at the same time. But this is reasonably consistent with studies that have looked at the expansion of palm plantations more broadly. Indonesia accounted for 57% of this (41 million tonnes), and Malaysia produced 27% (20 million tonnes). Saudi Arabia Crude Oil: Production was reported at 10,319.000 Barrel/Day th in Jan 2023 This records a decrease from the previous number of 10,475.000 Barrel/Day th for Dec 2022 Saudi Arabia Crude Oil: Production data is updated monthly, averaging 9,458.000 Barrel/Day th from Jan 2002 to Jan 2023, with 253 observations While the upstream sector could see its capacity cushion deflate, the refining sector is struggling with excess capacity. We know from our yield comparison that palm oil achieves a much higher yield. 4. Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative. Lets take a look at how this comparison affects the global landscape of oilcrops in terms of production and land use. As the third largest oil-producing nation, Russia accounts for 10 percent of global output. Please consult our full legal disclaimer. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. Whatever the transition pathway, the oil and gas industry has an important role to play, and no energy company will be unaffected. The last frontiers of wilderness: Tracking loss of intact forest landscapes from 2000 to 2013. The petrochemical industry remains a pillar of growth over the forecast period. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Thank you for subscribing. Explore palm oil production across the world, and its impacts on the environment. Figure 7. The Dominant Oil Producing States Impressively, 71% of total U.S. oil production came from just five states. 1 min read. Small amounts of palm oil are grown in many countries, but the global market is dominated by only two: Indonesia and Malaysia. Investing News Network websites or approved third-party tools use cookies. *Billed as $19.00 plus GST . [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. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Last year, the US consumed a total of 7.22 billion barrels of petroleum products thats an average of about 19.78 million bpd. 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. According to the EIA, "Increased growth in pre-salt oil . Vijay, V., Pimm, S. L., Jenkins, C. N., & Smith, S. J. Compare Crude Oil Production by Country Canadian 10-Year Bond Yield Rises to 3-Month High Canadian Dollar Depreciates after Inflation Data Rupee Hovers Close to Record Low Canadian Retail Sales Growth Seen Stronger in January Canadian Inflation Drops More than Expected Italian 10-Year BTP Yield Rises to 7-Week High Annual percentage change in coal energy consumption, Annual percentage change in fossil fuel consumption, Annual percentage change in gas consumption, Annual percentage change in oil consumption, Coal output from opencast and deepmines in the United Kingdom, Coal output per worker in the United Kingdom, Coal production and imports in the United Kingdom, Coal production per capita over the long-term, Electricity generation from low-carbon sources, Employment in the coal industry in the United Kingdom, Fossil fuel production over the long-term, Global carbon budget for a two-degree world, Hubbert's peak prediction vs. actual oil production in the United States, Oil & gas employees vs. rig count in the United States, Per capita fossil energy consumption vs. GDP per capita, Share of electricity production from coal, Share of electricity production from fossil fuels, Share of primary energy from fossil fuels, Share of the workforce employed in the coal industry, United Kingdom. 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. In addition, there are technologies vital to energy transitions that can be a match for the industrys capabilities, such as carbon capture, low-carbon hydrogen, biofuels and offshore wind. Total Non-OPEC excludes all countries that are currently members of OPEC. xiii + 116pp. If we got it from rapeseed wed need an area similar to the size we use today; from coconuts, an area the size of Canada; and in the most extreme case, wed have to devote 2 billion hectares to sesame seeds a bit more than Canada, the USA, and India combined. This is now 35 times higher: in 2018 the world produced 71 million tonnes. Using palm oil as a biofuel is worse for the environment than petrol. 2023 Battery Metals Outlook: Australia Edition, NEW! Winter could br Venezuela was way down the list, at #25 . 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. ; 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 . So, how much of palm oils expansion has really come at the expense of forests? Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). Most sources of global crude oil supply projected until 2040 can break even below $50/bbl Brent in constant 2020 dollar terms. 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. This is low when we consider that it accounts for 84% of production. NEW! This is a change of 6.02% from one year ago. [2] Saudi Arabia and Russia also top the list of oil exporting countries. OPEC was created at the Baghdad Conference in 1960, with founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. We are happy to help. The country holds the worlds eighth largest proven oil reserves at 98 billion barrels, with most of those reserves located in Abu Dhabi. 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. 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. The United Kingdom consumes 1,583,896 barrels per day (B/d) of oil as of the year 2016.; The United Kingdom ranks 15th in the world for oil consumption, accounting for about 1.6% of the world's total consumption of 97,103,871 barrels per day. Intact forests are a specific subset of primary forests which are very rich sites of biodiversity, and are largely undisturbed by human activity. 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? Clicking on the following button will update the content below. The current month is updated on an hourly basis with today's latest value. 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. Indonesia accounted for 57% of this (41 million tonnes), and Malaysia produced 27% (20 million tonnes).84% of global palm oil production comes from Indonesia and Malaysia. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. Yet any increase is unlikely to match the lofty levels of the recent past. And why has the country seen its oil production plummet by more than 75% over the past decade? The 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. MarketWatch provides the latest stock market, financial and business news. R. Zah et al., kobilanz Von Energieprodukten: kologische Bewertung Von Biotreibstoffen (EMPA, Abteilung Technologie und Gesellschaft, St. Gallen, Switzerland, 2007). The United States. Approximately 71% came from the top ten countries, and an overlapping 37% came from the thirteen current OPEC members, in the table below. This is an extract, full report available as PDF download, Use of IEA data in any type of modelling for the purpose of creating derived data or derived products, and any services to distribute or display such derived products, requires a separate License Agreement with the IEA (see help centre), Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative. Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it hit 10,778,000 bpd last year. In fact, because we can produce up to 20 times as much oil per hectare from palm versus the alternatives, it has probably spared a lot of environmental impacts from elsewhere. The story of palm oil is less about it as an isolated commodity, but more about the story of the rising demand for vegetable oils. 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. By 2026, global effective spare production capacity (excluding Iran) could fall to 2.4mb/d, its lowest level since 2016. Why does this matter? As we will see later in this article, more recent data for 2018 comes to 218 million tonnes. Need more data? Palm oil achieves very high yields relative to other oilcrops. (2016). Global demand for vegetable oils has increased rapidly over the last 50 years. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2021, tabulating all countries on a comparable best-estimate basis. This is shown for the Indonesian and Malaysian Borneo in the chart. The less land we need for farming, the better. But there are a couple of caveats to these figures. A pathway to net-zero emissions globally by 2050 would require an even sharper decrease. Venezuela's illegal . 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. Interestingly enough, 2010 was also the time that Crude Oil prices plummeted because of supply and demand concerns. The country possesses 17 percent of the worlds proven petroleum reserves and is the largest petroleum exporter.
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