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 top 10 countries with the highest crude oil production. In 2018, the country made a slight recovery, producing 3,059,000 bpd; production fell again in 2019 to 3,017,000 bpd. Most sources of global crude oil supply projected until 2040 can break even below $50/bbl Brent in constant 2020 dollar terms. 19 million hectares might sound like a lot of land. In this article I address some key questions about palm oil production: how has it changed; where is it grown; and how this has affected deforestation and biodiversity. Reducing tropical deforestation. To do this effectively, understanding for consumers has to be clearer. Its oil and gas sector accounts for around 50 percent of its gross domestic product and about 85 percent of its export earnings. Ethane, LPG and naphtha together account for 70% of the projected increase in oil product demand to 2026. 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. What is it used for? Global oil production has continued to rise over the years. These reports can be viewed here. We can compare crops in terms of their yields how much oil we can produce from one hectare of land. This will involve more concrete government policies and legislative action, as well as major behavioural changes. Thank you for subscribing. Against this backdrop, it is hardly surprising that upstream investments and expansion plans have been scaled back. 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. OECD demand, by contrast, is not forecast to return to pre-crisis levels. Plant Production Science, 8(3), 288-297. [2] As of 2022, California produced 3% of the crude oil of the nation, behind Texas, New Mexico, North Dakota . 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. While the upstream sector could see its capacity cushion deflate, the refining sector is struggling with excess capacity. Read on for a look at the top 10 oil-producing countries in 2021. It is estimated that half of the oil used in Quebec and Atlantic Canada is purchased offshore from the US, Saudi Arabia, Russia, the UK, Azerbaijan, Nigeria and Cte d'Ivoire. Next on this list of the top 10 oil-producing countries is Canada. 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. That marks a dramatic change from recent years when the United States dominated world supply growth. In addition to being the world's largest oil producer, the United States also imports upwards of 8 million barrels . Venezuela's heavy crude oil is especially prized by U.S. refiners. Switching to alternatives would mean the world would need to use more farmland, and face the environmental costs that come with it. But, most of the research concludes that, particularly in tropical forests in Southeast Asia, palm expansion has played a significant role. What would be the impact of substituting palm oil? Fast-evolving government plans to accelerate transitions towards a more sustainable future have created a high degree of uncertainty that is testing the oil industry. Last on this list of the top 10 oil-producing countries is Kuwait, whose output decreased in 2021 for the third time since 2018. The country holds the worlds eighth largest proven oil reserves at 98 billion barrels, with most of those reserves located in Abu Dhabi. If you want to produce one tonne of oil, you would need 4 times the amount of cropland devoted to sunflower or rapeseed, or 10 to 15 times the amount of land devoted to coconut production. Global palm yields have increased over time, but far short of the increase in demand. The world loses 5 million hectares of forest to deforestation each year. Only 6% of global intact forest is in Southeast Asia, the hotspot of palm oil expansion. Although the US is the worlds largest oil producer, its domestic oil consumption far outpaces its homegrown output. Interactive visualization requires JavaScript. Increase companies sourcing from suppliers with sustainability certification. All the information presented in this energy data tool are extracted from Global Energy & CO2 Data service, the most comprehensive and up-to-date database on crude oil, NGL, non-conventional oil and refined oil products: production, trades, reserves, transformation, prices, consumption per sector and indicators. Its mission statement is as follows: Currently OPEC has 13 member nations: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. [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. An effective and orderly transition will be critical not only to reach international climate targets but also to prevent serious supply disruptions and destabilising price volatility along the way. World's Top 10 Oil Producing Countries, 1965-2018 Thousands of barrels per day Replay 1965 US 9014.148 USSR 4857.76 Venezuela 3503 Kuwait 2371 Saudi Arabia 2219.3 Iran 1908 Iraq 1313 Libya. Secondly, the 0.2% figure is based on intact forest loss. You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. In the worldwide oil industry, an. Thats an area similar to the size of India. Our articles and data visualizations rely on work from many different people and organizations. From shampoos, to detergents, from chocolate to cookies, companies are trying to eliminate palm oil from their products. Statista assumes no The industry group says that's 11 per . But has this expansion came at the expense of tropical forest? 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. Irans oil output increased dramatically last year, rising from 2,990,000 bpd in 2020 to 3,458,000 bpd in 2021. Our World In Data is a project of the Global Change Data Lab, a registered charity in England and Wales (Charity Number 1186433). Oil production by region Oil production per capita Oil reserves Per capita CO2 emissions by fuel type Per capita CO2 emissions from coal Per capita CO2 emissions from gas Per capita CO2 emissions from oil Per capita energy consumption from coal Per capita fossil energy consumption vs. GDP per capita Per capita gas consumption 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. We can simply calculate this as 1 / Yield (in tonnes per hectare). Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article. European countries should stop using palm oil for biofuels. In 2020, operators spent one-third less than planned at the start of the year (and 30% less than in 2019). Global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020. This is not the case for biofuels, yet two-thirds of the EUs imported palm oil goes to bioenergy production. Science advances, 3(1), e1600821. 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. Please do not hesitate to contact me. The impacts of oil palm on recent deforestation and biodiversity loss. xiii + 116pp. 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. 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. Retailers know that this is becoming an important driver of consumer choices. How has the world achieved such a rapid expansion of palm oil production? As we will see later in this article, more recent data for 2018 comes to 218 million tonnes. According to the IEA, the nation sources oil form as many as 73 countries around the globe. Under this definition, total world oil production in 2021 averaged 77,043,680 barrels per day. Last year, the US consumed a total of 7.22 billion barrels of petroleum products thats an average of about 19.78 million bpd. 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. History of Global Oil Consumption Oil and gas production from the UKCS has contributed 271 billion (2008 money) in tax revenues over the last forty years. 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. 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. In 2016, production reached 3,072,000 bpd, then dropped to 3,025,000 bpd in 2017. 41% of people thought palm oil was environmentally unfriendly, compared to 15% for soybean oil; 9% for rapeseed; 5% for sunflower; and 2% for olive oil. The volumes in the table do not include biofuel. It also shows crude oil production excluding the two countries which have recently been subject to sanctions: Iran and Venezuela. Explore palm oil production across the world, and its impacts on the environment. 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. MarketWatch provides the latest stock market, financial and business news. Like most oil-producing countries, Brazil's oil exports decreased in recent months, due to the lower global demand. Scientific reports, 6(1), 1-13. Brazils oil production fell slightly from 3,769,000 bpd in 2020 to 3,689,000 bpd in 2021. 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. The country's rig count went from nine . 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. 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%). Figure 7. Palm oil has been an important driver of deforestation. 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. 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). 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]. 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. 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 ? Peeling back the labelexploring sustainable palm oil ecolabelling and consumption in the United Kingdom. In 2016, production reached 3,072,000 bpd, then dropped to 3,025,000 bpd in 2020 to bpd... See its capacity cushion deflate, the nation sources oil form as many as 73 around... 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