Some sectors such as aviation, shipping and petrochemicals will continue to rely on oil for some time. Asian oil demand will continue to rise strongly, albeit at a slower pace than in the recent past. Licenses: All visualizations, data, and articles produced by Our World in Data are open access under the Creative Commons BY license. Palm oil achieves very high yields relative to other oilcrops. It has therefore been a natural choice to meet this demand. See the distribution of global forests and which countries have the most forest cover. Founded in 1960, OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 13 countries headquartered in Vienna, Austria. What would be the impact of substituting palm oil? Palm oil is a versatile product which is used in a range of products across the world: While food products dominate globally, this breakdown varies from country-to-country. How Has COVID-19 Impacted Oil Supply and Demand? It includes crude oil, natural gas liquids (NGLs) and additives. Venezuela's oil production has shrunk by 75% over the past ten years, due largely to its own political missteps. Indonesia and Malaysia account for 63% of global land use for palm. 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. Carlson, K. M., Heilmayr, R., Gibbs, H. K., Noojipady, P., Burns, D. N., Morton, D. C., & Kremen, C. (2018). Nearly all of Canada's proven oil reserves are located in Alberta, and. According to the IEA, the nation sources oil form as many as 73 countries around the globe. In addition to being a major oil producer, the US is a big consumer of oil. Scientific reports, 6(1), 1-13. 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. Only 2.8% was in Indonesia, and 0.2% in Malaysia. As weve discussed, substituting palm oil with alternatives can do more harm than good. In 2018, the world produced 72 million tonnes of oil palm. Therefore using this land to grow the crop is meeting other food demand at the same time. There are some products where using palm is our best option. FG identifies new fields for 681,000bpd oil production. Some countries use much more palm oil for biofuels than others. The petrochemical industry remains a pillar of growth over the forecast period. 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. In the next section we will look at what countries produce palm oil, but here we see a map of palm oil imports. According to the EIA, Iran holds the worlds third largest proven oil reserves, as well as the worlds second largest natural gas reserves. 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 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. Together, these three countries combine for 39.1% of global oil production, and about 24.9% of the world's proven oil reserves. By Robert Rapier - Feb 25, 2023, 10:00 AM CST. Its output increased by 266,000 bpd from its 2020 level to reach 18,875,000 bpd last year. Energy stocks outperformed last year, with the sector generally gaining 59% in a year when the S&P 500 dropped 19%. Why does this matter? 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. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. liability for the information given being complete or correct. Interestingly enough, 2010 was also the time that Crude Oil prices plummeted because of supply and demand concerns. 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. In addition to being the world's largest oil producer, the United States also imports upwards of 8 million barrels . Sharp drop in crude oil production in the United Kingdom. All the software and code that we write is open source and made available via GitHub under the permissive MIT license. [2] Saudi Arabia and Russia also top the list of oil exporting countries. This study only looks at the Borneo region. As a result, by 2026, global oil consumption is projected to reach 104.1mb/d. 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. Create a free IEA account to download our reports or subcribe to a paid service. It achieves a much higher yield than the alternatives. 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. Please do not hesitate to contact me. 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. According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries. 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. 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. 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. In an oversupplied market suffering from a lack of demand, oil prices turned negative, shocking market participants. Increased crop yields. Venezuela was way down the list, at #25 with 605,000 BPD. 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 ? 114K subscribers This video ranks the top 15 countries in the world by oil production from 1965 to 2018. A much stronger pivot towards a cleaner energy future will be required to reach ambitious mid-century goals for net-zero emissions. But its also true that alternative oils are not always suitable for the products we need. 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. Help us do this work by making a donation. 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. This data is sourced from the UN Food and Agriculture Organization (FAO). Saudi Arabias oil output came in at 10,835,000 bpd in 2021. Statistics are from the Energy Information Administration (EIA) and include total production of petroleum and other liquids. 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. data than referenced in the text. 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%). The world loses 5 million hectares of forest to deforestation each year. We know from our yield comparison that palm oil achieves a much higher yield. 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. Country Last Previous; Nigeria: 1228: 1247: Angola: . You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. Small amounts of palm oil are grown in many countries, but the global market is dominated by only two: Indonesia and Malaysia. 1. 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. 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. 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. As wed expect, we see vast differences. Heres a look at the top 10 oil-producing countries. Equals the arithmetic difference between total demand minus total nonOPEC supply minus OPEC NGLs. Energy exports to the US account for the vast majority of Canadas total energy exports. The largest share of Brazils total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas. [21] In 2008, tax rates on UKCS production ranged from 50 to 75%, depending on the field. Net volumetric gains and losses in the refining process and marine transportation losses. 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. 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). 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. Total OPEC comprises all countries which are current OPEC members. This means that over the last 50 years the amount of land devoted to growing palm oil has increased a lot. World Oil Consumption is at a current level of 94.09M, up from 88.75M one year ago. Vijay, V., Pimm, S. L., Jenkins, C. N., & Smith, S. J. IUCN Oil Palm Task Force Gland, Switzerland: IUCN. Global demand for vegetable oils has increased rapidly over the last 50 years. But its not clear that the alternatives would have fared any better. But has this expansion came at the expense of tropical forest? This comparison by crop is shown here. 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. Number one on this list of the top 10 oil-producing countries is the US. 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 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 country possesses 17 percent of the worlds proven petroleum reserves and is the largest petroleum exporter. There are a couple of reasons why palm oil has been the favored crop to meet growing demand for vegetable oils. 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. 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. 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. In the current policy environment, US production growth is set to resume as investment and activity levels pick up in tandem with rising prices. 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. Palm oil has been an important driver of deforestation. This is low when we consider that it accounts for 84% of production. 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. The most well-known is the Roundtable on Sustainable Palm Oil (RSPO). 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. Get stock market quotes, personal finance advice, company news and more. Operations east of Suez are expected account for all the growth in refining activity to 2026 from 2019 levels. These reports can be viewed here. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. Oil 2021, the IEAs latest medium-term outlook, explains why. And why has the country seen its oil production plummet by more than 75% over the past decade? 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. The World Crude Oil Production measures the number of barrels of crude oil that are produced per day in the world. Global production increased ten-fold since the 1960s from 17 to 170 million tonnes in 2014. 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. How has land use for palm oil changed over time? Land use to grow palm has more than quadrupled since 1980. Most sources of global crude oil supply projected until 2040 can break even below $50/bbl Brent in constant 2020 dollar terms. help centre, See if you qualify for a discount. Global oil demand, still reeling from the effects of the pandemic, is unlikely to catch up with its pre-Covid trajectory. history. Meijaard, E., Garcia-Ulloa, J., Sheil, D., Wich, S.A., Carlson, K.M., Juffe-Bignoli, D., and Brooks, T.M. 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. All the software and code that we write is open source and made available via GitHub under the permissive MIT license. Stats Related Indicators World Energy 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 this sense, palm oil has been a land sparing crop. 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. The current price of WTI crude oil as of February 28, 2023 is $77.09 per barrel. Retailers know that this is becoming an important driver of consumer choices. This is because both countries achieve high yields. [4] In May 2019 the country became a net oil and gas exporter for the first time since 1953. 2. US sanctions and regional disputes have all weighed on Irans energy production sector. We are happy to help. - WSJ , Should You Invest in Oil and Gas Companies? The top five are Canada, Mexico, Russia, Saudi Arabia and Colombia. Our World In Data is a project of the Global Change Data Lab, a registered charity in England and Wales (Charity Number 1186433). This indicator is measured in thousand tonne of oil equivalent (toe).Crude oil is a mineral oil . The rest soybean, olive, coconut, groundnut, and sesameseed used more land than they gave back in oil production. Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). The most important key figures provide you with a compact summary of the topic of "Oil industry worldwide" and take you straight to the corresponding statistics. 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. Who uses palm oil and what is it used for? The US is the top producer of oil, but the country requires foreign imports to meet its increasing domestic demand. READ: 10 African countries with the highest petrol prices as of March 2022 That said, below are the ten African countries that produced the most crude oil in 2021. Oil demand in 2025 is set to be 2.5 mb/d lower than was forecast a year ago in our Oil 2020 report. Potapov, P., Hansen, M. C., Laestadius, L., Turubanova, S., Yaroshenko, A., Thies, C., & Esipova, E. (2017). That marks a dramatic change from recent years when the United States dominated world supply growth. Being the most productive oilcrop, palm has taken up a lot of this production. The global economy and oil markets are recovering from the historic collapse in demand caused by the coronavirus (Covid-19) pandemic in 2020. Get the best reports to understand your industry, Crude oil industry of the Gulf Cooperation Council. In 2016, production reached 3,072,000 bpd, then dropped to 3,025,000 bpd in 2017. There are a number of steps we can take to ensure we meet global demand for oils, without destroying our tropical forests. 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. 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 metric has been indicative to crude oil spot prices. From shampoos, to detergents, from chocolate to cookies, companies are trying to eliminate palm oil from their products. The IUCN (International Union for Conservation of Nature) Oil Palm Task Force conducted an in-depth review of the literature to understand the impact of palm oil on deforestation.5 There was a lot of variability in the results, depending on how a forest was defined, the geographic focus of the analysis, and timeframe that was considered. Crude oil is a naturally occurring mixture of hydrocarbon deposits and other organic materials that exists in liquid form in underground reservoirs. 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. Third, it gets incredibly high yields. Thats an area similar to the size of India. Proceedings of the National Academy of Sciences, 115(1), 121-126. Direct deforestation for palm oil played a larger role in Malaysia; 60% was driven by plantations, whilst in Indonesia it was only 16%. Wahid, M. B., Abdullah, S. N. A., & IE, H. (2005). Lets give these numbers some context. But in the absence of fresh upstream investments, the spare capacity cushion will slowly erode. MarketWatch provides the latest stock market, financial and business news. In Germany, for example, bioenergy is the largest use, accounting for 41% (more than food at 40%). The EU after China and India is the third largest importer of palm oil. 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 February 2020, a new cost estimate for the project sent the C$7.4 billion figure to C$12.6 billion; that figure was adjusted again in February 2022, nearly doubling to C$21.4 billion. Many online grocery stores now offer the option to apply a palm-oil free filter when browsing their products.2. Reducing tropical deforestation. Our World in Data is free and accessible for everyone. Environmental Research Letters, 14(5), 055003. When will countries phase out coal power? The industry group says that's 11 per . What activities are driving this? Our World in Data is free and accessible for everyone. All of our charts can be embedded in any site. 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. 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. Palm oil production has increased rapidly over the past 50 years. China recently signed a 25 year trade and security agreement with Iran, and has called on the US to drop its sanctions. 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