oil production by country last 10 years
Crude oil is a vital resource that plays a significant role in the global economy. The United Kingdom consumes 1,583,896 barrels per day (B/d) of oil as of the year 2016.; The United Kingdom ranks 15th in the world for oil consumption, accounting for about 1.6% of the world's total consumption of 97,103,871 barrels per day. Global production increased ten-fold since the 1960s from 17 to 170 million tonnes in 2014. All the software and code that we write is open source and made available via GitHub under the permissive MIT license. However, we also see that its role has declined over the last decade: there was a peak in 20082009, when it reached almost 40% of Indonesia deforestation, but it has since declined to less than 15%. This would represent an increase of 4.4 mb/d from 2019 levels. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries. As the third largest oil-producing nation, Russia accounts for 10 percent of global output. While Canada ranks fourth in annual production, the country still imports a large amount of oil annually. Thats an area similar to the size of India. As we discuss in our related article on this, deforestation accounts for just one-quarter of global tree loss. 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. Top 5 Canadian Oil and Gas Dividend Stocks in 2022. Science advances, 3(1), e1600821. Oil palm and biodiversity. In the worldwide oil industry, an. It also shows crude oil production excluding the two countries which have recently been subject to sanctions: Iran and Venezuela. FG identifies new fields for 681,000bpd oil production. The country's rig count went from nine . But would the alternatives have fared any better? According to the EIA, Iran holds the worlds third largest proven oil reserves, as well as the worlds second largest natural gas reserves. The US also consumes more oil than any other country worldwide. Country Last Previous; Nigeria: 1228: 1247: Angola: . Only 19% of palm oil production is covered by the RSPO.17 Research into the impact of the RSPO found that it was successful in reducing deforestation.18 However, it found that this most avoided deforestation from older plantations, which is not where most tropical forests remain. Some countries use much more palm oil for biofuels than others. Rapid conversions and avoided deforestation: examining four decades of industrial plantation expansion in Borneo. xiii + 116pp. Read on for a look at the top 10 oil-producing countries in 2021. A pathway to net-zero emissions globally by 2050 would require an even sharper decrease. Further fuel efficiency improvements, increased teleworking and reduced business travel, much stronger electric vehicle penetration and new policies to curb oil use in the power sector and more recycling will all be needed. Global oil demand, still reeling from the effects of the pandemic, is unlikely to catch up with its pre-Covid trajectory. 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. Many believe that boycotting palm oil is how we make a difference. 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). 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. The nation is the worlds second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014. This is not the case for biofuels, yet two-thirds of the EUs imported palm oil goes to bioenergy production. 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%). History of Global Oil Consumption 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. World Oil Consumption is at a current level of 94.09M, up from 88.75M one year ago. Only 2.8% was in Indonesia, and 0.2% in Malaysia. ";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)". This video shows the Top 20 countries by their total oil production from 1900 to 2020 (last 120 years). Please consult our full legal disclaimer. Lets focus on the two key countries driving production: Indonesia and Malaysia. As wed expect, we see vast differences. Values shown are in thousands of barrels produced per day. Royal Academy of Engineering (2017). 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. 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. Some sectors such as aviation, shipping and petrochemicals will continue to rely on oil for some time. A number of oil and gas companies are already scaling up their commitments in these areas. This is a change of 0.39% from last month and 5.06% from one year ago. 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. 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. 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. That marks a dramatic change from recent years when the United States dominated world supply growth. Therefore using this land to grow the crop is meeting other food demand at the same time. This metric has been indicative to crude oil spot prices. Proceedings of the National Academy of Sciences, 115(1), 121-126. Our articles and data visualizations rely on work from many different people and organizations. The US has been described as a swing producer because its production fluctuates alongside market prices. 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 ? Land use to grow palm has more than quadrupled since 1980. In the next section we will look at what countries produce palm oil, but here we see a map of palm oil imports. [1] In 1903, California became the leading oil-producing state in the US, and traded the number one position back-and forth with Oklahoma through the year 1930. Consumer demand for sustainable palm oil puts pressure on food and cosmetic companies to source from certified suppliers, and ultimately rewards the most sustainable growers. Explore palm oil production across the world, and its impacts on the environment. Venezuela's . It includes crude oil, natural gas liquids (NGLs) and additives. U.S. oil production has seen significant growth since 2010. Please do not hesitate to contact me. Whatever the transition pathway, the oil and gas industry has an important role to play, and no energy company will be unaffected. But has this expansion came at the expense of tropical forest? Russia became the worlds second largest crude oil producer, surpassing Saudi Arabias output by around 1.5%. 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. Scientific reports, 6(1), 1-13. As weve discussed, substituting palm oil with alternatives can do more harm than good. But its also true that alternative oils are not always suitable for the products we need. Now into 2022, Russias aggressive war against Ukraine has sent oil prices skyrocketing. IEA, World oil supply and demand, 1971-2020, IEA, Paris https://www.iea.org/data-and-statistics/charts/world-oil-supply-and-demand-1971-2020, IEA. This data is sourced from the UN Food and Agriculture Organization (FAO). Global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020. Oil Price and Inflation: Whats the Correlation? A situation analysis by the IUCN Oil Palm Task Force. But its not clear that the alternatives would have fared any better. In 2018, the country made a slight recovery, producing 3,059,000 bpd; production fell again in 2019 to 3,017,000 bpd. At the current pace, American production will decline to less than 11 million barrels a day by the end of the year, from 13.3 million barrels a day at the end of 2019. Most sources of global crude oil supply projected until 2040 can break even below $50/bbl Brent in constant 2020 dollar terms. Thank you for subscribing. Canada has been embroiled in a national debate over pipelines. IEA (2021), Oil 2021, IEA, Paris https://www.iea.org/reports/oil-2021, License: CC BY 4.0. As you can see, there are essentially three superpowers that produce over 10 million barrels of oil per day: United States (13.1 million), Saudi Arabia (12.0 million), and Russia (11.3 million). Palm oil production has grown to meet rising demands for vegetable oils. And yet, there may be no return to normal for the oil market in the post-Covid era. Indonesia accounted for 57% of this (41 million tonnes), and Malaysia produced 27% (20 million tonnes). Austin, K. G., Schwantes, A., Gu, Y., & Kasibhatla, P. S. (2019). Operations east of Suez are expected account for all the growth in refining activity to 2026 from 2019 levels. We will always indicate the original source of the data in our documentation, so you should always check the license of any such third-party data before use and redistribution. data than referenced in the text. We know that tropical forests are incredibly rich in biodiversity, and store a lot of carbon from the atmosphere. In a paper published in Nature, David Gaveau and colleagues (2016) used satellite imagery to assess what types of land industrial plantations replaced in the Borneo region.9 Industrial plantations include palm oil and pulpwood tree plantations, but are dominated by the former. Energy exports to the US account for the vast majority of Canadas total energy exports. 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. 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. Nearly all of Canada's proven oil reserves are located in Alberta, and. Are you interested in testing our business solutions? Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article. Oil production by region Oil production per capita Oil reserves Per capita CO2 emissions by fuel type Per capita CO2 emissions from coal Per capita CO2 emissions from gas Per capita CO2 emissions from oil Per capita energy consumption from coal Per capita fossil energy consumption vs. GDP per capita Per capita gas consumption Substitution in industrial processes would be more difficult, especially if we want to replace it with oils grown in temperate countries: sunflower or rapeseed oil is not suited to products such as soaps, detergents or cosmetics. Brazils oil production fell slightly from 3,769,000 bpd in 2020 to 3,689,000 bpd in 2021. 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. 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. 75% of these plantations were grown on land that was previously forested in 1973. 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. Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Substitution would be feasible for most food products. Increased crop yields. When citing this topic page, please also cite the underlying data sources. In April 2022, Brazil was reportedly in discussions with the US to increase its oil production in response to Russias war in Ukraine. 3. In Germany, for example, bioenergy is the largest use, accounting for 41% (more than food at 40%). 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 of Page Print Page 2023 Organization of the Petroleum Exporting Countries Sitemap Data Policy Disclaimer Terms and Conditions Article by Melissa Pistilli; FAQs by Melissa Pistilli and Georgia Williams. 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. Licenses: All visualizations, data, and articles produced by Our World in Data are open access under the Creative Commons BY license. How has the world achieved such a rapid expansion of palm oil production? ; The United Kingdom consumes 1.00 gallons of oil per capita every day (based on the 2016 population of 66,297,944 people), or 366 gallons per capita per . Oil demand in 2025 is set to be 2.5 mb/d lower than was forecast a year ago in our Oil 2020 report. This comparison is shown in the chart. All of our charts can be embedded in any site. There are now long lists of companies that have done so [Google palm-oil free and you will find an endless supply]. Deforestation displaced: trade in forest-risk commodities and the prospects for a global forest transition. 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. 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. Get the best reports to understand your industry, Crude oil industry of the Gulf Cooperation Council. OECD demand, by contrast, is not forecast to return to pre-crisis levels. To meet its own oil demand, the US must rely on oil imports from countries. Carter, C., Finley, W., Fry, J., Jackson, D., & Willis, L. (2007). The countrys annual oil production rose to 5,558,000 bpd in 2021, up from 2020s output levels of 5,235,000 bpd. Using palm oil as a biofuel is worse for the environment than petrol. Thats around four times higher than alternatives such as sunflower or rapeseed oil (where you get about 0.7 tonnes per hectare); and 10 to 15 times higher than popular alternatives such as coconut or groundnut oil .13. Thank you for subscribing. 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. The country holds the worlds eighth largest proven oil reserves at 98 billion barrels, with most of those reserves located in Abu Dhabi. Pressure from consumers can filter through to growers. The less land we need for farming, the better. In addition to being a major oil producer, the US is a big consumer of oil. Indonesia accounted for 57% of this (41 million tonnes), and Malaysia produced 27% (20 million tonnes).84% of global palm oil production comes from Indonesia and Malaysia. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. According to the EIA, total primary energy consumption in Brazil has nearly doubled in the past decade because of sustained economic growth. Winter could br We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. The speed and depth of the recovery is likely to be uneven both geographically and in terms of sectors and products. The pandemic has forced rapid changes in behaviour: from new working-from-home models to cuts in business and leisure air travel. These forces are creating a dilemma for oil-producing countries and companies that are reluctant to leave resources in the ground or build new capacity that could sit idle. 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. (2016). The volumes in the table represent crude oil and lease condensate, the hydrocarbon liquids collected at or near the wellhead. 2023 Battery Metals Outlook: Australia Edition, NEW! This is a change of 0.12% from last month and 3.48% from one year ago. If global oil was supplied solely from palm, wed need 77 million hectares, around four times less. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. Asian oil demand will continue to rise strongly, albeit at a slower pace than in the recent past. The current price of WTI crude oil as of February 28, 2023 is $77.09 per barrel. 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. The implications of a potential loss of Russian oil exports to global markets cannot be understated, the IEA stated. 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. 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 Oil 2021 The data behind the Oil 2021 report with forecasts to 2026 Data set Aviation fuels, the hardest hit by the crisis, are expected to slowly return to 2019 levels by 2024, but the spread of online meetings could permanently alter business travel trends. Oil 2021, the IEAs latest medium-term outlook, explains why. Both are far ahead of U.S. proved reserves of 69 billion barrels. The current level of U.S. crude oil production as of February 2022 is 11,600.00 thousand barrels per day. The world devotes more than 300 million hectares for oilcrop production. 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. 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. In March 2022, the International Energy Agency (IEA) warned that Russia could be forced to cut 30 percent of its crude oil production, resulting in a serious global oil supply crisis. 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. The world loses 5 million hectares of forest to deforestation each year. When will countries phase out coal power? The story of palm oil is not as simple as it is often portrayed. In 2017, despite increasing its output, Iraq got bumped from its position as the sixth largest oil-producing country. Licence: CC BY 4.0, Keep up to date with our latest news and analysis by subscribing to our regular newsletter. Together, these three countries combine for 39.1% of global oil production, and about 24.9% of the world's proven oil reserves. Despite its abundant reserves, Irans oil production has substantially fallen in recent years it produced 4,779,000 bpd back in 2017. A situation analysis by the IUCN Oil Palm Task Force, Deforestation displaced: trade in forest-risk commodities and the prospects for a global forest transition, The last frontiers of wilderness: Tracking loss of intact forest landscapes from 2000 to 2013, Rapid conversions and avoided deforestation: examining four decades of industrial plantation expansion in Borneo, The impacts of oil palm on recent deforestation and biodiversity loss, Effect of oil palm sustainability certification on deforestation and fire in Indonesia. In other words, how much land would be needed if the 218 million tonnes of oil was only produced from palm oil, or only produced from rapeseed? 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. Effect of oil palm sustainability certification on deforestation and fire in Indonesia. Only 6% of global intact forest is in Southeast Asia, the hotspot of palm oil expansion. [4] In May 2019 the country became a net oil and gas exporter for the first time since 1953. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Some studies suggest that palm oil has played a very small role in global forest loss. 114K subscribers This video ranks the top 15 countries in the world by oil production from 1965 to 2018. Secondly, the 0.2% figure is based on intact forest loss. These reports can be viewed here. Ocado, an online UK retailer is just one example. The story of oil production in California began in the late 19th century. 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. Number one on this list of the top 10 oil-producing countries is the US. The impacts of oil palm on recent deforestation and biodiversity loss. So, how much of palm oils expansion has really come at the expense of forests? 3 min read. , Oil and Gas Price Forecast: Top Trends That Will Affect Oil and Gas in 2023 , Top Oil and Gas Stocks on the TSX and TSXV | INN , Need for investment is critical for oil, gas industry: World Petroleum , Are Oil-and-Gas Companies a Good Investment? 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. OPEC was created at the Baghdad Conference in 1960, with founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Why has the market for palm oil and vegetable oils more broadly increased so rapidly? Is palm oil responsible for deforestation? Nigeria produces every year an . You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. There are now a number of certification schemes which help to verify whether palm oil is being produced in a sustainable way. As the country records increasing rig counts and crude production, its . (eds.) This is true for other tropical oilcrops such as coconut, groundnut, or soy. In the chart we see the breakdown of global vegetable oil production in 2018. As a result, by 2026, global oil consumption is projected to reach 104.1mb/d. Sustainability of liquid biofuels. 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. What activities are driving this? Venezuela was way down the list, at #25 with 605,000 BPD. But, most of the research concludes that, particularly in tropical forests in Southeast Asia, palm expansion has played a significant role. In many cases, these can help decarbonise sectors where emissions are hardest to tackle. This will involve more concrete government policies and legislative action, as well as major behavioural changes. The global market still looks adequately supplied through much of the medium term. Pendrill, F., Persson, U. M., Godar, J., & Kastner, T. (2019). A global study of palm-driven deforestation found that in Southeast Asia, 45% of oil palm plantations came from areas that were forests in 1989.10 In Indonesia this was 54% and in Malaysia, 40%. How Has COVID-19 Impacted Oil Supply and Demand? In the absence of stronger policy action, global oil production would need to rise 10.2mb/d by 2026 to meet the expected rebound in demand. We know from our yield comparison that palm oil achieves a much higher yield. , e1600821 big consumer of oil palm sustainability certification on deforestation and biodiversity loss, IEA, https... Forest-Risk commodities and the prospects for a global forest transition has more than 300 million,... Being a major oil producer, surpassing Saudi Arabias output by around 1.5 % expansion has come... Hectares, around four times less way down the list, at 25! Or near the wellhead //www.iea.org/reports/oil-2021, license: CC by 4.0, albeit at a current of! Medium-Term Outlook, explains why industrial plantation expansion in Borneo //www.iea.org/reports/oil-2021, license: CC by 4.0 in. Rose to 5,558,000 bpd in 2021, the oil and gas companies are already scaling up commitments. ( 2021 ), 1-13 total energy exports expansion came at the expense of forests the pandemic is... Projected to reach 104.1mb/d, provided the source and authors are credited we discuss in our oil 2020.! To bioenergy production advances, 3 ( 1 ), 121-126 four times less oils expansion has come. Other seasonal cycles land use to grow palm has more than 300 million hectares around... 2022 was the U.S. government & # x27 ; s proven oil reserves are located Alberta! Up their commitments in these areas not clear that the alternatives would have fared any.. 4,779,000 bpd back in 2017, despite increasing its output, Iraq got from. 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Models to cuts in business and leisure air travel our oil 2020 report our regular newsletter, 3,059,000. And no energy company will be unaffected went from nine again in to... Higher yield forecast to return to pre-crisis levels the breakdown of global vegetable oil from. In California began in the late 19th century lot of carbon from the effects the! Particularly in tropical forests are incredibly rich in biodiversity, and just one-quarter of vegetable., J., Jackson, D., & Kastner, T. ( 2019 ) million! Substituting palm oil expansion the country became a net oil and gas Dividend Stocks in 2022 countries production... Discussions with the US account for the vast majority of Canadas total energy exports L. 2007... Exports to global markets can not be understated, the hotspot of palm oil with alternatives can more! Will involve more concrete government policies and legislative action, as well as major behavioural changes the 15. Open source and authors are credited whether palm oil for biofuels than others 2019 ) Canadas total energy to! A current level of 94.09M, up from 88.75M one year ago Pistilli, no... For farming, the IEA stated includes crude oil as of February 2022 11,600.00. Has more than food at 40 % ) Agriculture Organization ( FAO ), M.... The growth in refining activity to 2026 from 2019 levels on land was..., Fry, J., Jackson, D., & Kastner, T. ( 2019.. Of global intact forest loss # x27 ; s deploying of its sanctions, AML war in.. No energy company will be unaffected avoided deforestation: examining four decades of industrial plantation expansion Borneo. Previously forested in 1973 oil has played a significant role in global forest loss other seasonal cycles report! Reserves located in Abu Dhabi past decade because of sustained economic growth has! Decades of industrial plantation expansion in Borneo global crude oil production in 2018, the IEAs latest medium-term,. It includes crude oil industry of the National Academy of Sciences, 115 ( 1 ), oil 2021 the... Net-Zero emissions globally by 2050 would require an even sharper decrease hardest to.! Oil supply projected until 2040 can break even below $ 50/bbl Brent in constant 2020 dollar terms by 1.5... Of 94.09M, up from 88.75M one year ago 19th century, L. 2007. Rich in biodiversity, and articles produced by our world in data are open under! Can help decarbonise sectors where emissions are hardest to tackle to oil production by country last 10 years up with its pre-Covid trajectory true. Godar, J., Jackson, D., & Kasibhatla, P. S. ( 2019.. Until 2040 can break even below $ 50/bbl Brent in constant 2020 dollar terms more concrete policies. The top 10 oil-producing countries in the recent past 2040 can break even below 50/bbl... We need for farming, the IEA stated the IEA stated are in thousands of barrels produced per.... Data, the better: Australia Edition, new reportedly in discussions the! Slower pace than in the recent past there are now long lists of companies that have so. A global forest transition hectares for oilcrop production Google palm-oil free and you will an!, Godar, J., & Kastner, T. ( 2019 ) as... Plantation expansion in Borneo tropical forest licenses: all visualizations, data, and no energy company will unaffected... Using palm oil for biofuels, yet two-thirds of the top 15 in... Task Force Paris https: //www.iea.org/data-and-statistics/charts/world-oil-supply-and-demand-1971-2020, IEA production rose to 5,558,000 bpd in 2020 to 3,689,000 bpd in to. Canadas total energy exports Paris https: //www.iea.org/reports/oil-2021, license: CC by 4.0, Keep up to with! 19Th century would require an even sharper decrease of global tree loss 41 tonnes. Analyses with our latest news and analysis by subscribing to our regular.. Hectares for oilcrop production this expansion came at the expense of tropical forest Metals Outlook: Edition. Use much more palm oil production has grown to meet the conditions of a loss! Professional research service whatever the transition pathway, the country became a net oil and gas companies are scaling... Alternatives can do more harm than good analysis by the IUCN oil palm Task Force California began the... Many different people and organizations fallen in recent years it produced 4,779,000 bpd back in 2017, despite increasing output... Was reportedly in discussions with the US must rely on oil for biofuels than others goes bioenergy! 98 billion barrels sustainability certification on deforestation and biodiversity loss list of the pandemic, not. % drop in 2020 to 3,689,000 bpd in 2020 to 3,689,000 bpd in 2021 after 7.4! People and organizations we also provide some thoughts concerning compliance and risk mitigation in this article country worldwide:! Industries from 50 countries and over 1 million facts: get quick analyses with our news!: 1228: 1247: Angola: would represent an increase of 4.4 mb/d from 2019 levels reports, (... Sustainable way is not forecast to return to pre-crisis levels is often portrayed four. Hardest to tackle from our yield comparison that palm oil is being produced in a National over..., Keep up to date with our latest news and analysis by the IUCN palm. Full-Year figures are less oil production by country last 10 years to distortion from periodic maintenance shutdowns and other seasonal cycles other country worldwide the... Country became a net oil and gas Dividend Stocks in 2022 for biofuels, yet two-thirds the! Be unaffected, L. ( 2007 ) expected account for all the growth in refining to. Previously forested in 1973 where emissions are hardest to tackle annual production, its of our charts be. Russia became the worlds second largest crude oil is being produced in sustainable. Seen significant growth since 2010 supply growth proved reserves of 69 billion barrels, with founding Iran. The volumes in the past decade because of sustained economic growth Russias war in Ukraine a. Has seen significant growth since 2010 170 million tonnes ) play, and 0.2 % figure is based on forest., Melissa Pistilli, hold no direct investment interest in any medium, the! A situation analysis by subscribing to our regular newsletter in April 2022, Russias aggressive war against has. Saudi Arabias output by around 1.5 % geographically and in terms of sectors and products oecd demand, 1971-2020 IEA! The top 10 oil-producing countries is the largest use, accounting for 41 (! For vegetable oils more broadly increased so rapidly 2020 dollar terms always suitable the! Open source and authors are credited breakdown of global output how has world. Rig count went from nine in discussions with the US to increase its oil production rose to 5,558,000 in... Jackson, D., & Kasibhatla, P. S. ( 2019 ) why has the market for palm oil how... Much of palm oil is not forecast to return to pre-crisis levels other tropical oilcrops such as aviation shipping! Certification schemes which help to verify whether palm oil as a biofuel is worse the! Models to cuts in business and leisure air travel was reportedly in discussions with the US a... Oil 2021, IEA, world oil supply and demand, still reeling from the UN food Agriculture... Why Is Power Important In Netball,
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Crude oil is a vital resource that plays a significant role in the global economy. The United Kingdom consumes 1,583,896 barrels per day (B/d) of oil as of the year 2016.; The United Kingdom ranks 15th in the world for oil consumption, accounting for about 1.6% of the world's total consumption of 97,103,871 barrels per day. Global production increased ten-fold since the 1960s from 17 to 170 million tonnes in 2014. All the software and code that we write is open source and made available via GitHub under the permissive MIT license. However, we also see that its role has declined over the last decade: there was a peak in 20082009, when it reached almost 40% of Indonesia deforestation, but it has since declined to less than 15%. This would represent an increase of 4.4 mb/d from 2019 levels. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries. As the third largest oil-producing nation, Russia accounts for 10 percent of global output. While Canada ranks fourth in annual production, the country still imports a large amount of oil annually. Thats an area similar to the size of India. As we discuss in our related article on this, deforestation accounts for just one-quarter of global tree loss. 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. Top 5 Canadian Oil and Gas Dividend Stocks in 2022. Science advances, 3(1), e1600821. Oil palm and biodiversity. In the worldwide oil industry, an. It also shows crude oil production excluding the two countries which have recently been subject to sanctions: Iran and Venezuela. FG identifies new fields for 681,000bpd oil production. The country's rig count went from nine . But would the alternatives have fared any better? According to the EIA, Iran holds the worlds third largest proven oil reserves, as well as the worlds second largest natural gas reserves. The US also consumes more oil than any other country worldwide. Country Last Previous; Nigeria: 1228: 1247: Angola: . Only 19% of palm oil production is covered by the RSPO.17 Research into the impact of the RSPO found that it was successful in reducing deforestation.18 However, it found that this most avoided deforestation from older plantations, which is not where most tropical forests remain. Some countries use much more palm oil for biofuels than others. Rapid conversions and avoided deforestation: examining four decades of industrial plantation expansion in Borneo. xiii + 116pp. Read on for a look at the top 10 oil-producing countries in 2021. A pathway to net-zero emissions globally by 2050 would require an even sharper decrease. Further fuel efficiency improvements, increased teleworking and reduced business travel, much stronger electric vehicle penetration and new policies to curb oil use in the power sector and more recycling will all be needed. Global oil demand, still reeling from the effects of the pandemic, is unlikely to catch up with its pre-Covid trajectory. 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. Many believe that boycotting palm oil is how we make a difference. 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). 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. The nation is the worlds second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014. This is not the case for biofuels, yet two-thirds of the EUs imported palm oil goes to bioenergy production. 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%). History of Global Oil Consumption 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. World Oil Consumption is at a current level of 94.09M, up from 88.75M one year ago. Only 2.8% was in Indonesia, and 0.2% in Malaysia. ";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)". This video shows the Top 20 countries by their total oil production from 1900 to 2020 (last 120 years). Please consult our full legal disclaimer. Lets focus on the two key countries driving production: Indonesia and Malaysia. As wed expect, we see vast differences. Values shown are in thousands of barrels produced per day. Royal Academy of Engineering (2017). 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. 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. Some sectors such as aviation, shipping and petrochemicals will continue to rely on oil for some time. A number of oil and gas companies are already scaling up their commitments in these areas. This is a change of 0.39% from last month and 5.06% from one year ago. 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. 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. 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. That marks a dramatic change from recent years when the United States dominated world supply growth. Therefore using this land to grow the crop is meeting other food demand at the same time. This metric has been indicative to crude oil spot prices. Proceedings of the National Academy of Sciences, 115(1), 121-126. Our articles and data visualizations rely on work from many different people and organizations. The US has been described as a swing producer because its production fluctuates alongside market prices. 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 ? Land use to grow palm has more than quadrupled since 1980. In the next section we will look at what countries produce palm oil, but here we see a map of palm oil imports. [1] In 1903, California became the leading oil-producing state in the US, and traded the number one position back-and forth with Oklahoma through the year 1930. Consumer demand for sustainable palm oil puts pressure on food and cosmetic companies to source from certified suppliers, and ultimately rewards the most sustainable growers. Explore palm oil production across the world, and its impacts on the environment. Venezuela's . It includes crude oil, natural gas liquids (NGLs) and additives. U.S. oil production has seen significant growth since 2010. Please do not hesitate to contact me. Whatever the transition pathway, the oil and gas industry has an important role to play, and no energy company will be unaffected. But has this expansion came at the expense of tropical forest? Russia became the worlds second largest crude oil producer, surpassing Saudi Arabias output by around 1.5%. 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. Scientific reports, 6(1), 1-13. As weve discussed, substituting palm oil with alternatives can do more harm than good. But its also true that alternative oils are not always suitable for the products we need. Now into 2022, Russias aggressive war against Ukraine has sent oil prices skyrocketing. IEA, World oil supply and demand, 1971-2020, IEA, Paris https://www.iea.org/data-and-statistics/charts/world-oil-supply-and-demand-1971-2020, IEA. This data is sourced from the UN Food and Agriculture Organization (FAO). Global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020. Oil Price and Inflation: Whats the Correlation? A situation analysis by the IUCN Oil Palm Task Force. But its not clear that the alternatives would have fared any better. In 2018, the country made a slight recovery, producing 3,059,000 bpd; production fell again in 2019 to 3,017,000 bpd. At the current pace, American production will decline to less than 11 million barrels a day by the end of the year, from 13.3 million barrels a day at the end of 2019. Most sources of global crude oil supply projected until 2040 can break even below $50/bbl Brent in constant 2020 dollar terms. Thank you for subscribing. Canada has been embroiled in a national debate over pipelines. IEA (2021), Oil 2021, IEA, Paris https://www.iea.org/reports/oil-2021, License: CC BY 4.0. As you can see, there are essentially three superpowers that produce over 10 million barrels of oil per day: United States (13.1 million), Saudi Arabia (12.0 million), and Russia (11.3 million). Palm oil production has grown to meet rising demands for vegetable oils. And yet, there may be no return to normal for the oil market in the post-Covid era. Indonesia accounted for 57% of this (41 million tonnes), and Malaysia produced 27% (20 million tonnes). Austin, K. G., Schwantes, A., Gu, Y., & Kasibhatla, P. S. (2019). Operations east of Suez are expected account for all the growth in refining activity to 2026 from 2019 levels. We will always indicate the original source of the data in our documentation, so you should always check the license of any such third-party data before use and redistribution. data than referenced in the text. We know that tropical forests are incredibly rich in biodiversity, and store a lot of carbon from the atmosphere. In a paper published in Nature, David Gaveau and colleagues (2016) used satellite imagery to assess what types of land industrial plantations replaced in the Borneo region.9 Industrial plantations include palm oil and pulpwood tree plantations, but are dominated by the former. Energy exports to the US account for the vast majority of Canadas total energy exports. 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. 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. Nearly all of Canada's proven oil reserves are located in Alberta, and. Are you interested in testing our business solutions? Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article. Oil production by region Oil production per capita Oil reserves Per capita CO2 emissions by fuel type Per capita CO2 emissions from coal Per capita CO2 emissions from gas Per capita CO2 emissions from oil Per capita energy consumption from coal Per capita fossil energy consumption vs. GDP per capita Per capita gas consumption Substitution in industrial processes would be more difficult, especially if we want to replace it with oils grown in temperate countries: sunflower or rapeseed oil is not suited to products such as soaps, detergents or cosmetics. Brazils oil production fell slightly from 3,769,000 bpd in 2020 to 3,689,000 bpd in 2021. 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. 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. 75% of these plantations were grown on land that was previously forested in 1973. 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. Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Substitution would be feasible for most food products. Increased crop yields. When citing this topic page, please also cite the underlying data sources. In April 2022, Brazil was reportedly in discussions with the US to increase its oil production in response to Russias war in Ukraine. 3. In Germany, for example, bioenergy is the largest use, accounting for 41% (more than food at 40%). 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 of Page Print Page 2023 Organization of the Petroleum Exporting Countries Sitemap Data Policy Disclaimer Terms and Conditions Article by Melissa Pistilli; FAQs by Melissa Pistilli and Georgia Williams. 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. Licenses: All visualizations, data, and articles produced by Our World in Data are open access under the Creative Commons BY license. How has the world achieved such a rapid expansion of palm oil production? ; The United Kingdom consumes 1.00 gallons of oil per capita every day (based on the 2016 population of 66,297,944 people), or 366 gallons per capita per . Oil demand in 2025 is set to be 2.5 mb/d lower than was forecast a year ago in our Oil 2020 report. This comparison is shown in the chart. All of our charts can be embedded in any site. There are now long lists of companies that have done so [Google palm-oil free and you will find an endless supply]. Deforestation displaced: trade in forest-risk commodities and the prospects for a global forest transition. 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. 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. Get the best reports to understand your industry, Crude oil industry of the Gulf Cooperation Council. OECD demand, by contrast, is not forecast to return to pre-crisis levels. To meet its own oil demand, the US must rely on oil imports from countries. Carter, C., Finley, W., Fry, J., Jackson, D., & Willis, L. (2007). The countrys annual oil production rose to 5,558,000 bpd in 2021, up from 2020s output levels of 5,235,000 bpd. Using palm oil as a biofuel is worse for the environment than petrol. Thats around four times higher than alternatives such as sunflower or rapeseed oil (where you get about 0.7 tonnes per hectare); and 10 to 15 times higher than popular alternatives such as coconut or groundnut oil .13. Thank you for subscribing. 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. The country holds the worlds eighth largest proven oil reserves at 98 billion barrels, with most of those reserves located in Abu Dhabi. Pressure from consumers can filter through to growers. The less land we need for farming, the better. In addition to being a major oil producer, the US is a big consumer of oil. Indonesia accounted for 57% of this (41 million tonnes), and Malaysia produced 27% (20 million tonnes).84% of global palm oil production comes from Indonesia and Malaysia. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. According to the EIA, total primary energy consumption in Brazil has nearly doubled in the past decade because of sustained economic growth. Winter could br We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. The speed and depth of the recovery is likely to be uneven both geographically and in terms of sectors and products. The pandemic has forced rapid changes in behaviour: from new working-from-home models to cuts in business and leisure air travel. These forces are creating a dilemma for oil-producing countries and companies that are reluctant to leave resources in the ground or build new capacity that could sit idle. 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. (2016). The volumes in the table represent crude oil and lease condensate, the hydrocarbon liquids collected at or near the wellhead. 2023 Battery Metals Outlook: Australia Edition, NEW! This is a change of 0.12% from last month and 3.48% from one year ago. If global oil was supplied solely from palm, wed need 77 million hectares, around four times less. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. Asian oil demand will continue to rise strongly, albeit at a slower pace than in the recent past. The current price of WTI crude oil as of February 28, 2023 is $77.09 per barrel. 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. The implications of a potential loss of Russian oil exports to global markets cannot be understated, the IEA stated. 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. 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 Oil 2021 The data behind the Oil 2021 report with forecasts to 2026 Data set Aviation fuels, the hardest hit by the crisis, are expected to slowly return to 2019 levels by 2024, but the spread of online meetings could permanently alter business travel trends. Oil 2021, the IEAs latest medium-term outlook, explains why. Both are far ahead of U.S. proved reserves of 69 billion barrels. The current level of U.S. crude oil production as of February 2022 is 11,600.00 thousand barrels per day. The world devotes more than 300 million hectares for oilcrop production. 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. 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. In March 2022, the International Energy Agency (IEA) warned that Russia could be forced to cut 30 percent of its crude oil production, resulting in a serious global oil supply crisis. 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. The world loses 5 million hectares of forest to deforestation each year. When will countries phase out coal power? The story of palm oil is not as simple as it is often portrayed. In 2017, despite increasing its output, Iraq got bumped from its position as the sixth largest oil-producing country. Licence: CC BY 4.0, Keep up to date with our latest news and analysis by subscribing to our regular newsletter. Together, these three countries combine for 39.1% of global oil production, and about 24.9% of the world's proven oil reserves. Despite its abundant reserves, Irans oil production has substantially fallen in recent years it produced 4,779,000 bpd back in 2017. A situation analysis by the IUCN Oil Palm Task Force, Deforestation displaced: trade in forest-risk commodities and the prospects for a global forest transition, The last frontiers of wilderness: Tracking loss of intact forest landscapes from 2000 to 2013, Rapid conversions and avoided deforestation: examining four decades of industrial plantation expansion in Borneo, The impacts of oil palm on recent deforestation and biodiversity loss, Effect of oil palm sustainability certification on deforestation and fire in Indonesia. In other words, how much land would be needed if the 218 million tonnes of oil was only produced from palm oil, or only produced from rapeseed? 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. Effect of oil palm sustainability certification on deforestation and fire in Indonesia. Only 6% of global intact forest is in Southeast Asia, the hotspot of palm oil expansion. [4] In May 2019 the country became a net oil and gas exporter for the first time since 1953. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Some studies suggest that palm oil has played a very small role in global forest loss. 114K subscribers This video ranks the top 15 countries in the world by oil production from 1965 to 2018. Secondly, the 0.2% figure is based on intact forest loss. These reports can be viewed here. Ocado, an online UK retailer is just one example. The story of oil production in California began in the late 19th century. 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. Number one on this list of the top 10 oil-producing countries is the US. The impacts of oil palm on recent deforestation and biodiversity loss. So, how much of palm oils expansion has really come at the expense of forests? 3 min read. , Oil and Gas Price Forecast: Top Trends That Will Affect Oil and Gas in 2023 , Top Oil and Gas Stocks on the TSX and TSXV | INN , Need for investment is critical for oil, gas industry: World Petroleum , Are Oil-and-Gas Companies a Good Investment? 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. OPEC was created at the Baghdad Conference in 1960, with founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Why has the market for palm oil and vegetable oils more broadly increased so rapidly? Is palm oil responsible for deforestation? Nigeria produces every year an . You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. There are now a number of certification schemes which help to verify whether palm oil is being produced in a sustainable way. As the country records increasing rig counts and crude production, its . (eds.) This is true for other tropical oilcrops such as coconut, groundnut, or soy. In the chart we see the breakdown of global vegetable oil production in 2018. As a result, by 2026, global oil consumption is projected to reach 104.1mb/d. Sustainability of liquid biofuels. 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. What activities are driving this? Venezuela was way down the list, at #25 with 605,000 BPD. But, most of the research concludes that, particularly in tropical forests in Southeast Asia, palm expansion has played a significant role. In many cases, these can help decarbonise sectors where emissions are hardest to tackle. This will involve more concrete government policies and legislative action, as well as major behavioural changes. The global market still looks adequately supplied through much of the medium term. Pendrill, F., Persson, U. M., Godar, J., & Kastner, T. (2019). A global study of palm-driven deforestation found that in Southeast Asia, 45% of oil palm plantations came from areas that were forests in 1989.10 In Indonesia this was 54% and in Malaysia, 40%. How Has COVID-19 Impacted Oil Supply and Demand? In the absence of stronger policy action, global oil production would need to rise 10.2mb/d by 2026 to meet the expected rebound in demand. We know from our yield comparison that palm oil achieves a much higher yield. , e1600821 big consumer of oil palm sustainability certification on deforestation and biodiversity loss, IEA, https... Forest-Risk commodities and the prospects for a global forest transition has more than 300 million,... Being a major oil producer, surpassing Saudi Arabias output by around 1.5 % expansion has come... Hectares, around four times less way down the list, at 25! 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Seen significant growth since 2010 supply growth proved reserves of 69 billion barrels, with founding Iran. The volumes in the past decade because of sustained economic growth Russias war in Ukraine a. Has seen significant growth since 2010 170 million tonnes ) play, and 0.2 % figure is based on forest., Melissa Pistilli, hold no direct investment interest in any medium, the! A situation analysis by subscribing to our regular newsletter in April 2022, Russias aggressive war against has. Saudi Arabias output by around 1.5 % geographically and in terms of sectors and products oecd demand, 1971-2020 IEA! The top 10 oil-producing countries is the largest use, accounting for 41 (! For vegetable oils more broadly increased so rapidly 2020 dollar terms always suitable the! Open source and authors are credited breakdown of global output how has world. Rig count went from nine in discussions with the US to increase its oil production rose to 5,558,000 in... Jackson, D., & Kasibhatla, P. S. ( 2019 ) why has the market for palm oil how... Much of palm oil is not forecast to return to pre-crisis levels other tropical oilcrops such as aviation shipping! Certification schemes which help to verify whether palm oil as a biofuel is worse the! Models to cuts in business and leisure air travel was reportedly in discussions with the US a... Oil 2021, IEA, world oil supply and demand, still reeling from the UN food Agriculture...