Global Outlook: Oil Production & Consumption

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

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