Oil palm. Interestingly enough, 2010 was also the time that Crude Oil prices plummeted because of supply and demand concerns. Gaveau, D. L., Sheil, D., Salim, M. A., Arjasakusuma, S., Ancrenaz, M., Pacheco, P., & Meijaard, E. (2016). Next on this list of the top 10 oil-producing countries is Canada. Indonesia and Malaysia account for 63% of global land use for palm. The US also consumes more oil than any other country worldwide. Other producers include Thailand, Colombia, Nigeria, Guatemala, and Ecuador. Overall, oil production grew in the Middle East (+1.6%), leaded by Iran with +17.6% despite sanctions, in North America (+2.5%), including +5.9% in Canada, in CIS (+1.8%), and in Asia (+3.3%). China recently signed a 25 year trade and security agreement with Iran, and has called on the US to drop its sanctions. Operations east of Suez are expected account for all the growth in refining activity to 2026 from 2019 levels. FG identifies new fields for 681,000bpd oil production. These distinctions on how quickly palm oil plantations replaced forests make it difficult to give a clear, single number on how much deforestation it has caused. Explore long-term changes in deforestation, and deforestation rates across the world today. 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? 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. According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. From each hectare of land, you can produce about 2.9 tonnes of palm oil. Ostfeld, R., Howarth, D., Reiner, D., & Krasny, P. (2019). 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. (2016). Roughly C$19 billion is spent on oil imports each year. Total Non-OPEC excludes all countries that are currently members of OPEC. 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. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. 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. Wahid, M. B., Abdullah, S. N. A., & IE, H. (2005). Scientific reports, 6(1), 1-13. Clicking on the following button will update the content below. The rest soybean, olive, coconut, groundnut, and sesameseed used more land than they gave back in oil production. 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. As of 2022, the US had the 11th largest oil reserves in the world at 35.23 billion barrels. 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. When will countries phase out coal power? Coconut oil, for example, provided only 1.4% of global oil but required 3.6% of the land. 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. 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. When citing this topic page, please also cite the underlying data sources. Please refer to thecookie policy for collected data, privacy and GDPR compliance. Net volumetric gains and losses in the refining process and marine transportation losses. Kuwaits oil and gas sector accounts for about 60 percent of the countrys GDP, and an even larger share of its export revenues at around 95 percent. 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. Stats Related Indicators World Energy 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 2021, the US crude oil production (17% of global output) increased by 1.3%. The staggering inventory surplus that built up last year is being worked off and global oil stocks, excluding strategic reserves, will return to pre-pandemic levels in 2021. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. 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. Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Some countries use much more palm oil for biofuels than others. Since 1980 the amount of land the world uses to grow palm has more than quadrupled, from 4 million to 19 million hectares in 2018. Thank you for subscribing. This is a change of 0.12% from last month and 3.48% from one year ago. How Has COVID-19 Impacted Oil Supply and Demand? 1 min read. 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. 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. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Pendrill, F., Persson, U. M., Godar, J., & Kastner, T. (2019). Palm oil is unique in its versatility, meaning it is suitable for a range of foods, cosmetics, industrial applications and biofuels. 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 less than 1% of the world's oil reserves - enough to last around 15 years. How has land use for palm oil changed over time? We know from our yield comparison that palm oil achieves a much higher yield. Why has the market for palm oil and vegetable oils more broadly increased so rapidly? 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. 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 2016, production reached 3,072,000 bpd, then dropped to 3,025,000 bpd in 2017. 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. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. By continuing to browse the site, you agree to our use of cookies. World Oil Consumption is at a current level of 94.09M, up from 88.75M one year ago. In the current policy environment, US production growth is set to resume as investment and activity levels pick up in tandem with rising prices. 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%). 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%. 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. Create a free IEA account to download our reports or subcribe to a paid service. Statista assumes no The United Arab Emirates is an OPEC member, and has ranked among the world's top 10 oil-producing countries for decades. A third wave of worldwide refinery rationalisation is currently underway. 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. [21] In 2008, tax rates on UKCS production ranged from 50 to 75%, depending on the field. 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 ? 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. 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. If we werent meeting global oil demand through palm oil, another oilcrop would have to take its place. Using palm oil as a biofuel is worse for the environment than petrol. In the worldwide oil industry, an. 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. 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. Licence: CC BY 4.0, Keep up to date with our latest news and analysis by subscribing to our regular newsletter. Effect of oil palm sustainability certification on deforestation and fire in Indonesia. 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 Crude oil is a naturally occurring mixture of hydrocarbon deposits and other organic materials that exists in liquid form in underground reservoirs. 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. It also shows crude oil production excluding the two countries which have recently been subject to sanctions: Iran and Venezuela. In this sense, palm oil has been a land sparing crop. This is based on reported figures as of November 2020. 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