Global Outlook: Oil Production & Consumption
Last week the US Energy Information Administration (EIA) released their monthly drilling productivity report. The report is forecasting US production and output to reach record numbers across all regions for both crude oil and natural gas in the month of May. This headline along with the fact that the US became a net exporter last year (which seemed unthinkable a decade earlier) got me thinking about who currently exports/imports the most crude oil and where we stand in the world market.
10 Largest Oil Producers & Share of World Production
|
Country |
Million barrels per day |
Share of world total |
|
United States |
17.87 |
18% |
|
Saudi Arabia |
12.42 |
12% |
|
Russia |
11.40 |
11% |
|
Canada |
5.27 |
5% |
|
China |
4.82 |
5% |
|
Iraq |
4.62 |
5% |
|
Iran |
4.47 |
4% |
|
United Arab Emirates |
3.79 |
4% |
|
Brazil |
3.43 |
3% |
|
Kuwait |
2.87 |
3% |
|
Total top 10 |
70.96 |
70% |
|
World total |
100.66 |
10 Largest Oil Consumers & Share of Consumption
|
Country |
Million barrels per day |
Share of world total |
|
United States |
19.69 |
20% |
|
China |
12.79 |
13% |
|
India |
4.44 |
5% |
|
Japan |
4.01 |
4% |
|
Russia |
3.63 |
4% |
|
Saudi Arabia |
3.30 |
3% |
|
Brazil |
2.98 |
3% |
|
South Korea |
2.61 |
3% |
|
Canada |
2.47 |
3% |
|
Germany |
2.38 |
2% |
|
Total top 10 |
58.31 |
60% |
|
World total |
96.92 |
For a country known so long for its steel, automobiles and food, we have come a long way over the past 30 years to be a global leader in oil production.
https://www.eia.gov/tools/faqs/faq.php?id=709&t=6
https://www.eia.gov/petroleum/drilling/#tabs-summary-1
https://www.ogj.com/articles/2019/04/eia-us-shale-production-to-reach-8-46-million-b-d-in-may.html
