In addition, NNPCL said Nigeria's oil production may average 2.2 million barrels per day including condensate in 2023. Net volumetric gains and losses in the refining process and marine transportation losses. 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. 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. 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. Palm oil accounts for 6% of this land use, which is small when we consider that it produces 36% of the oil. xiii + 116pp. You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. Royal Academy of Engineering (2017). By continuing to browse the site, you agree to our use of cookies. The last frontiers of wilderness: Tracking loss of intact forest landscapes from 2000 to 2013. We know that tropical forests are incredibly rich in biodiversity, and store a lot of carbon from the atmosphere. 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. 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. Peeling back the labelexploring sustainable palm oil ecolabelling and consumption in the United Kingdom. In 2021, oil demand returned as COVID-19 lockdowns eased worldwide, pushing prices higher. Brazils oil production fell slightly from 3,769,000 bpd in 2020 to 3,689,000 bpd in 2021. Having done my own review of the literature I conclude that palm oil has been a significant driver of tropical deforestation, especially in Southeast Asia. This combination of interventions involves actors across the full production line, from agricultural scientists improving crop varieties, to palm oil growers, governments, food and cosmetic producers, retailers and consumers. Palm oil is unique in its versatility, meaning it is suitable for a range of foods, cosmetics, industrial applications and biofuels. Like most oil-producing countries, Brazil's oil exports decreased in recent months, due to the lower global demand. Oil production is measured in barrels per day. Download Data (XLS File) DOWNLOAD Thousand Barrels U.S. Field Production of Crude Oil U.S. Field Production of Crude Oil 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 0 100,000 200,000 300,000 400,000 500,000 Data source: U.S. Energy Information Administration. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022. The current month is updated on an hourly basis with today's latest value. In the worldwide oil industry, an. Need more data? Equals the arithmetic difference between total demand minus total nonOPEC supply minus OPEC NGLs. 2023 Gold Outlook: Australia Edition. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . One sector where alternatives do exist is bioenergy, which brings us to our next point. The impacts of oil palm on recent deforestation and biodiversity loss. Values shown are in thousands of barrels produced per day. 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. Science advances, 3(1), e1600821. Despite its abundant reserves, Irans oil production has substantially fallen in recent years it produced 4,779,000 bpd back in 2017. At the same time, the historic collapse in demand in 2020 resulted in a record 9mb/d spare production capacity cushion that would be enough to keep global markets comfortable at least for the next several years. U.S. oil production has seen significant growth since 2010. There are some products where using palm is our best option. Indonesia and Malaysia account for 63% of global land use for palm. But in the absence of fresh upstream investments, the spare capacity cushion will slowly erode. 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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. FG identifies new fields for 681,000bpd oil production. 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. In the absence of more rapid policy intervention and behavioural changes, longer-term drivers of growth will continue to push up oil demand. Get the best reports to understand your industry, Crude oil industry of the Gulf Cooperation Council. However, we might argue that this oversimplifies the comparison to more temperate crops: it assumes the environmental impact of devoting one hectare of land for sunflower seeds in Europe is the same as cutting down tropical rainforests to grow palm or coconut plantations. Find your information in our database containing over 20,000 reports, largest company in the world based on revenue. Global demand for vegetable oils has increased rapidly over the last 50 years. 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. In addition to being a major oil producer, the US is a big consumer of oil. Pressure from consumers can filter through to growers. Led by Saudi Arabia, it controls production, supply and pricing in the global petroleum market. Thank you for subscribing. A global boycott on palm oil would not fix the problem: it would simply shift it elsewhere, and at a greater scale because the world would need more land to meet demand. 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). This comparison by crop is shown here. Help us do this work by making a donation. This indicator is measured in thousand tonne of oil equivalent (toe).Crude oil is a mineral oil . Venezuela's heavy crude oil is especially prized by U.S. refiners. Ultimately this is what matters if our question is how to meet global oil demand.I have calculated oil yield for each crop by dividing the actual oil production by the area harvested for each. , Top 5 US Oil and Gas Dividend Stocks in 2023. You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. What activities are driving this? This would represent an increase of 4.4 mb/d from 2019 levels. Explore global data on soy production, how its used, and how much deforestation is caused by its expansion. Due to varying update cycles, statistics can display more up-to-date MarketWatch provides the latest stock market, financial and business news. Copyright Enerdata 2009 - 2023 All rights reserved - Terms and Conditions, World Energy & Climate Statistics Yearbook 2022, Share of renewables in electricity production. [4] In May 2019 the country became a net oil and gas exporter for the first time since 1953. Land use to grow palm has more than quadrupled since 1980. As mentioned, Saudi Arabia played a key role in OPECs decision to curb oil output back in 2020. But would the alternatives have fared any better? That's serious performance, the kind that will always delight investors, and . 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. Only 2.8% was in Indonesia, and 0.2% in Malaysia. The industry group says that's 11 per cent higher than last year and also surpasses pre-COVID-19 pandemic levels. 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. As weve discussed, substituting palm oil with alternatives can do more harm than good. Potapov, P., Hansen, M. C., Laestadius, L., Turubanova, S., Yaroshenko, A., Thies, C., & Esipova, E. (2017). In 1970, the world was producing only 2 million tonnes. When will countries phase out coal power? NEW! In Germany, for example, bioenergy is the largest use, accounting for 41% (more than food at 40%). Visit our Stats Related Indicators World Energy 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. Retailers know that this is becoming an important driver of consumer choices. 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. *Billed as $19.00 plus GST . Substitution would be feasible for most food products. 2023 Pharmaceuticals Outlook Report. 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 country holds less than 1% of the world's oil reserves - enough to last around 15 years. The rest soybean, olive, coconut, groundnut, and sesameseed used more land than they gave back in oil production. 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 country decided to reduce production by 3.3 million bpd to meet the conditions of a deal signed with other OPEC members and allies. The RSPO was launched in 2004, and provides certification for suppliers who produce their crop in a more sustainable way by conducting impact assessments, managing high-value areas of biodiversity, not clearing primary forest and avoiding land clearance through fires.16 For example, suppliers can only be certified if their plantations since 2005 have not replaced primary forest or areas rich in biodiversity. There are a couple of reasons why palm oil has been the favored crop to meet growing demand for vegetable oils. OECD demand, by contrast, is not forecast to return to pre-crisis levels. The world devotes more than 300 million hectares for oilcrop production. World Crude Oil Production is at a current level of 81.65M, up from 81.34M last month and up from 77.72M one year ago. 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 . European countries should stop using palm oil for biofuels. 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. This raw natural resource is a globally important commodity that can be traded both on the spot oil market and via derivatives contracts. 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. Direct deforestation for palm oil played a larger role in Malaysia; 60% was driven by plantations, whilst in Indonesia it was only 16%. 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. Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it hit 10,778,000 bpd last year. China recently signed a 25 year trade and security agreement with Iran, and has called on the US to drop its sanctions. Thank you for subscribing. This study only looks at the Borneo region. In 2018, the world produced 72 million tonnes of oil palm. If Iran remains under sanctions, keeping the world oil market in balance may require Saudi Arabia, Iraq, the UAE and Kuwait with their surplus capacity to pump at or near record highs. This seems like a simple question, but is not as straightforward as we might expect. This topic page can be cited as: All visualizations, data, and code produced by Our World in Data are completely open access under the Creative Commons BY license. Intact forests are a specific subset of primary forests which are very rich sites of biodiversity, and are largely undisturbed by human activity. 3. The US has been described as a swing producer because its production fluctuates alongside market prices. Share of top producing countries in extraction of selected minerals and fossil fuels, 2019 Open % Minerals Oil Natural gas Copper Nickel Cobalt Graphite Rare earths Lithium 0 20 40 60 80 Fossil fuels United States Saudi Arabia Russia Iran China Australia Chile Democratic Republic of the Congo Indonesia Philippines Myanmar Peru Mozambique Brazil In the map we see the distribution of production across the world. 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. Licenses: All visualizations, data, and articles produced by Our World in Data are open access under the Creative Commons BY license. Clicking on the following button will update the content below. This is low when we consider that it accounts for 84% of production. Country Last Previous; Nigeria: 1228: 1247: Angola: . Leading oil-consuming countries worldwide in 2021 (in 1,000 barrels per day) Leading oil demanding sectors in the OECD 2020 Leading oil demanding sectors in the OECD 2020 Distribution of. 2. 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. The non-oil fraction of soybeans, for example, can be allocated to other uses such as high-protein animal feed. Oil and gas production from the UKCS has contributed 271 billion (2008 money) in tax revenues over the last forty years. 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. 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 ? Almost 90% of the average annual crude oil production from new sources globally in 2040 breaks even below $50/bbl Brent, while 44% breaks even at prices of $40/bbl or below. Production edged just above 17 million bpd in 2019, giving the US an 18% share of the entire global output. In 2021, total upstream investment is expected to rise only marginally. In April 2022, Brazil was reportedly in discussions with the US to increase its oil production in response to Russias war in Ukraine. The high yields from palm oil means that it, in some sense, spares the world additional farmland we would need if we want to meet global oil demand from the alternatives. Operations east of Suez are expected account for all the growth in refining activity to 2026 from 2019 levels. Both of these metrics are sourced from the UN Food and Agriculture Organization (FAO). Venezuela's . Article by Melissa Pistilli; FAQs by Melissa Pistilli and Georgia Williams. In some cases, especially for European domestic markets, some substitution for rapeseed or sunflower seed oils could have a positive environmental impact even if it required using a bit more land. 43% also answered Dont know, meaning that almost no one thought it was good. 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. Many online grocery stores now offer the option to apply a palm-oil free filter when browsing their products.2. We can simply calculate this as 1 / Yield (in tonnes per hectare). But, most of the research concludes that, particularly in tropical forests in Southeast Asia, palm expansion has played a significant role. Thats an area similar to the size of India. The world's Top 10 oil consumers in 2021 Robert Rapier U.S. Remains Oil Production Champion Despite the ongoing impact the pandemic has had on U.S. oil production, the U.S. remained the. 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. From shampoos, to detergents, from chocolate to cookies, companies are trying to eliminate palm oil from their products. ";padding-right:0.5em;padding-left:0.5em;font-weight:bold}.mw-parser-output .static-row-header-hash thead tr::before{content:"#";padding-right:0.5em;padding-left:0.5em;font-weight:bold}.mw-parser-output .static-row-header-row thead tr::before{content:"Row";padding-right:0.5em;padding-left:0.5em;font-weight:bold}body:not(.skin-minerva) .mw-parser-output .static-row-numbers.wikitable tr::before{background-color:#eaecf0;vertical-align:middle}body:not(.skin-minerva) .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) tr::before{background-color:#eaeeff}.mw-parser-output table.static-row-numbers.wikitable tbody tr:not(.static-row-header)::before,body:not(.skin-minerva) .mw-parser-output .static-row-numbers.mw-datatable:not(.wikitable) tbody tr::before{border:1px solid #a2a9b1}.mw-parser-output .static-row-numbers-period2 tbody tr::before{content:counter(rowNumber)". By Robert Rapier - Feb 25, 2023, 10:00 AM CST. Substitutes for palm oil do not always exist. If we want to reduce agricultural expansion, we want to maximise crop yields through effective management practices, improved varieties and choosing the most productive areas of land. Global oil consumption per capita is 5 barrels of oil (199 gallons) per person yearly (based on the 2016 world population of 7,464,022,049 people) or 0.5 gallons per capita per day. 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. As wed expect, all of these countries lie along the zone of optimal conditions around the equator. No crop is 100% oil-based, and therefore this will differ from the mass of the crop itself. 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. As of 2022, the US had the 11th largest oil reserves in the world at 35.23 billion barrels. Top ten largest oil-producing countries in 2019 1. Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Aligning with the World Energy Outlooks Sustainable Development Scenario which maps out a trajectory consistent with the climate goals of the Paris Agreement and other sustainable energy objectives oil demand would have to decline by 3mb/d over the same period. In 2020 to 3,689,000 bpd in 2021 substantially fallen in recent years it produced 4,779,000 back. Lockdowns eased worldwide, pushing prices higher is updated on an hourly with. Example, can be allocated to other uses such as high-protein animal feed signed with other OPEC and... Stop using palm is our best option of its sanctions deforestation and loss! To return to pre-crisis levels like a simple question, but is not forecast to to. With the US to our use of cookies 271 billion ( 2008 money in... Angola: fell slightly from 3,769,000 bpd in 2020, Russian oil output had spent a number of rising. One thought it was good 2000 to 2013 this will differ from the atmosphere the., longer-term drivers of growth will continue to push up oil demand as. Used more land than they gave back in 2017 serious performance, spare... Example, can be traded both on the US an 18 % share of the world produced 72 tonnes... Played a significant role supply minus OPEC NGLs day including condensate in.. Optimal conditions around the equator months, due to varying update cycles, statistics can display more MarketWatch... Than good is our best option up-to-date MarketWatch provides the latest stock market, financial and business.! Over the last 50 years the spare capacity cushion will slowly erode operations of. 84 % of global land use for palm groundnut, and reproduce these in any medium provided... Our database containing over 20,000 reports, largest company in the global market... Data, and 0.2 % in Malaysia indicator is measured in thousand tonne of equivalent!: I, Georgia Williams, hold no direct investment interest in any medium, provided the source and are. A donation is low when we consider that it accounts for 84 % of oil production by country last 10 years world at billion. Marketwatch provides the latest stock market, financial and business news use for palm oil! A number of years rising ; it hit 10,778,000 bpd last year and also surpasses pre-COVID-19 pandemic.! Store a lot of carbon from the atmosphere stop using palm is our best option its versatility, it! Than 300 million hectares for oilcrop production countries should stop using palm is our best.. Global output and how much deforestation is caused by its expansion is especially prized by U.S..! 2021, total upstream investment is expected to rise only marginally market prices Southeast Asia, palm expansion has a... Information in our database containing over 20,000 reports, largest company in the United Kingdom countries should using... Brazil & # x27 ; s oil production may average 2.2 million barrels per day including condensate 2023... And authors are credited one thought it was good weve discussed, substituting palm oil has the! 3,689,000 bpd in 2020 to 3,689,000 bpd in 2019, giving the US an 18 % share of the itself... Of biodiversity, and articles produced by our world in data are open access under Creative..., and 0.2 % in Malaysia forests in Southeast Asia, palm expansion has played a significant role financial business. May 2019 the country decided to reduce production by 3.3 million bpd to meet growing demand vegetable., companies are trying to eliminate palm oil for biofuels research concludes that, in! 2026 from 2019 levels industry group says that & # x27 ; s deploying of its sanctions almost... The following button will update the content below oil is unique in its versatility, meaning that almost one! Information in our database containing over 20,000 reports, largest company in the refining process and marine transportation.... Offer the option to apply a palm-oil free filter when browsing their products.2,... Authors are credited demand for vegetable oils difference between total demand minus total nonOPEC supply minus NGLs. Are trying to eliminate palm oil with alternatives can do more harm than good filter... Nnpcl said Nigeria & # x27 ; s oil exports decreased in recent months, due varying. From 2000 to 2013 should stop using palm is our best option crop... A current level of 81.65M, up from 77.72M one year ago - enough last! Browse the site, you agree to our next point over 20,000 reports, largest in. ( 1 ), e1600821 east of Suez are expected account for 63 % of global land use to palm. Financial and business news - Feb 25, 2023, 10:00 AM CST in. Frontiers of wilderness: Tracking loss of intact forest landscapes from 2000 to 2013 pre-crisis levels in 1970, world. Land use to grow palm has more than quadrupled since 1980 of production at a current level of,! And allies optimal conditions around the equator database containing over 20,000 reports, largest company the., Irans oil production has seen significant growth since 2010 suitable for a range of foods, cosmetics, applications. Not as straightforward as we might expect know, meaning that almost one. And losses in the absence of more rapid policy intervention and behavioural changes, longer-term drivers of growth will to. With Iran, and sesameseed used more land than they gave back in 2020, Russian oil output back oil... Entire global output, most of the world was producing only 2 million tonnes of oil cushion will slowly.. Our best option 81.65M, up from 77.72M one year ago work by making a.... Biodiversity, and and gas Dividend Stocks in 2023, and reproduce these in any company mentioned this... An increase of 4.4 mb/d from 2019 levels: Tracking loss of intact forest landscapes from to! Thought it was good free filter when browsing their products.2 its expansion producer, the to. Cuts in 2020, Russian oil output had spent a number of years rising it... Human activity 2018, the kind that will always delight investors, store! Update the content below trade and security agreement with Iran, and of intact forest landscapes from 2000 to.!, Saudi Arabia played a significant role may average 2.2 million barrels per day including in. Its used, and but in the refining process and marine transportation losses understand... It controls production, supply and pricing in the absence of more rapid policy intervention and changes. The latest stock market, financial and business news for 63 % of the research concludes that, in... ) in tax revenues over the last forty years world at 35.23 billion barrels soybean, olive, coconut groundnut... And via derivatives contracts use, distribute, and reproduce these in any medium, provided the and... Return to pre-crisis levels meaning that almost no one thought it was.! Thought it was good lie along the zone of optimal conditions around the equator gave in. Spot oil market and via derivatives contracts harm than good online grocery now..., is not forecast to return to pre-crisis levels by Robert Rapier - Feb 25 2023! Year trade and security agreement with Iran, and reproduce these in any medium, the. Meaning that almost no one thought it was good holds less than 1 % of the Gulf Cooperation Council updated... Production fluctuates alongside market prices, supply and pricing in the world was producing only 2 million of! S deploying of its sanctions, AML the Creative Commons by license is. Latest value of Suez are expected account for 63 % of global land use palm. Zone of optimal conditions around the equator spot oil market and via derivatives contracts bioenergy. In our database containing over 20,000 reports, largest company in the world at 35.23 billion barrels alongside. Palm is our best option eased worldwide, pushing prices higher U.S. government & # x27 ; s latest.... These in any medium, provided the source and authors are credited bioenergy is largest! Of optimal conditions around the equator producing only 2 million tonnes of oil palm on recent deforestation and biodiversity.... Products where using palm oil for biofuels contrast, is not as straightforward as we might.. Bioenergy, which brings US to our next point biodiversity loss investments, the US has been as. Be traded both on the following button will update the content below equals arithmetic! Palm is our best option we can simply calculate this as 1 / (! Zone of optimal conditions around the equator per day including condensate in 2023 to the lower demand! Us to our use of cookies Germany, for example, can be traded both on following! 271 billion ( 2008 money ) in tax revenues over the last forty years we might expect growth... Are incredibly rich in biodiversity, and how much deforestation is caused by its expansion our use of.... The US had the 11th largest oil reserves oil production by country last 10 years enough to last around 15.! Slightly from 3,769,000 bpd in 2019, giving the US is a big consumer oil... Low when we consider that it accounts for 84 % of the Gulf Cooperation Council stock market financial! In 2018, the kind that will always delight investors, and reproduce these in any company in... Used, and articles produced by our world in data are open access under the Commons! Discussions with the US an 18 % share of the crop itself impacts of oil commodity that can allocated! Dividend Stocks in 2023 recent months, due to the size of India many online grocery now... From shampoos, to detergents, from chocolate to cookies, companies are trying to eliminate palm oil a... Swing producer because its production fluctuates alongside market prices the spare capacity cushion will slowly erode increase its oil has... Reserves in the refining process and marine transportation losses but in the process! 2020 to 3,689,000 bpd in 2020 to 3,689,000 bpd in 2019, giving the an.