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. Help us do this work by making a donation. PloS one, 11(7), e0159668. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. The country's rig count went from nine . Austin, K. G., Schwantes, A., Gu, Y., & Kasibhatla, P. S. (2019). 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%). A third wave of worldwide refinery rationalisation is currently underway. This is an extract, full report available as PDF download, Use of IEA data in any type of modelling for the purpose of creating derived data or derived products, and any services to distribute or display such derived products, requires a separate License Agreement with the IEA (see help centre), 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. Create a free IEA account to download our reports or subcribe to a paid service. Led by Saudi Arabia, it controls production, supply and pricing in the global petroleum market. According to the EIA, Iran holds the worlds third largest proven oil reserves, as well as the worlds second largest natural gas reserves. Investing News Network websites or approved third-party tools use cookies. Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article. Ocado, an online UK retailer is just one example. This seems like a simple question, but is not as straightforward as we might expect. Create a free IEA account to download our reports or subcribe to a paid service. Need more data? Historical Production Data OPEC Member Countries' historical production data, directly communicated or based on secondary sources, are available in OPEC's Monthly Oil Market Reports. Gasoline demand is unlikely to return to 2019 levels, as efficiency gains and the shift to electric vehicles eclipse robust mobility growth in the developing world. 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. 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. Explore global data on soy production, how its used, and how much deforestation is caused by its expansion. Carlson, K. M., Heilmayr, R., Gibbs, H. K., Noojipady, P., Burns, D. N., Morton, D. C., & Kremen, C. (2018). 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. 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. 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. R. Zah et al., kobilanz Von Energieprodukten: kologische Bewertung Von Biotreibstoffen (EMPA, Abteilung Technologie und Gesellschaft, St. Gallen, Switzerland, 2007). 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. Deforestation displaced: trade in forest-risk commodities and the prospects for a global forest transition. This has had a negative impact on the environment, particularly in Indonesia and Malaysia. Switching to alternatives would mean the world would need to use more farmland, and face the environmental costs that come with it. When will countries phase out coal power? Against this backdrop, it is hardly surprising that upstream investments and expansion plans have been scaled back. Not all of these plantations were the direct driver of this replacement. 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. , Top 5 US Oil and Gas Dividend Stocks in 2023. There are now long lists of companies that have done so [Google palm-oil free and you will find an endless supply]. An effective and orderly transition will be critical not only to reach international climate targets but also to prevent serious supply disruptions and destabilising price volatility along the way. You have the permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. This is a change of 6.02% from one year ago. The top five are Canada, Mexico, Russia, Saudi Arabia and Colombia. Please consult our full legal disclaimer. As mentioned, Saudi Arabia played a key role in OPECs decision to curb oil output back in 2020. The outlook for the tight oil industry has been tempered by an apparent shift in the business model towards spending discipline, free cash flow generation, deleveraging and cash returns for investors. 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. However, because of economic and political considerations, Canada is developing ways to diversify its trading partners, especially by expanding ties with emerging markets in Asia. Statista assumes no 75% of these plantations were grown on land that was previously forested in 1973. IUCN Oil Palm Task Force Gland, Switzerland: IUCN. The last frontiers of wilderness: Tracking loss of intact forest landscapes from 2000 to 2013. Its mission statement is as follows: Currently OPEC has 13 member nations: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. By 2026, global effective spare production capacity (excluding Iran) could fall to 2.4mb/d, its lowest level since 2016. There are now a number of certification schemes which help to verify whether palm oil is being produced in a sustainable way. Global demand for vegetable oils has increased rapidly over the last 50 years. FG identifies new fields for 681,000bpd oil production. That marks a dramatic change from recent years when the United States dominated world supply growth. Explore long-term changes in deforestation, and deforestation rates across the world today. Although the US is the worlds largest oil producer, its domestic oil consumption far outpaces its homegrown output. As a result, by 2026, global oil consumption is projected to reach 104.1mb/d. All of this demand growth relative to 2019 is expected to come from emerging and developing economies, underpinned by rising populations and incomes. Why does this matter? In 1970, the world was producing only 2 million tonnes. Oil production crashes by 83% - Report. The world devotes more than 300 million hectares for oilcrop production. There are a couple of reasons why palm oil has been the favored crop to meet growing demand for vegetable oils. The United Arab Emirates is an OPEC member, and has ranked among the world's top 10 oil-producing countries for decades. Environmental Research Letters, 14(5), 055003. If we werent meeting global oil demand through palm oil, another oilcrop would have to take its place. 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. Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article. Crude oil production is defined as the quantities of oil extracted from the ground after the removal of inert matter or impurities. The current month is updated on an hourly basis with today's latest value. Crude oil is a naturally occurring mixture of hydrocarbon deposits and other organic materials that exists in liquid form in underground reservoirs. But in the absence of fresh upstream investments, the spare capacity cushion will slowly erode. European Journal of Lipid Science and Technology, 109(4), 307-314. 43% also answered Dont know, meaning that almost no one thought it was good. In the current policy environment, US production growth is set to resume as investment and activity levels pick up in tandem with rising prices. Rape and mustardseed oil were also in proportion. In 2018, the world produced 72 million tonnes of oil palm. From each hectare of land, you can produce about 2.9 tonnes of palm oil. World Oil Consumption is at a current level of 94.09M, up from 88.75M one year ago. 114K subscribers This video ranks the top 15 countries in the world by oil production from 1965 to 2018. 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. Palm oils contribution to deforestation which has greater environmental impacts than degradation would be higher. In 2018, the country made a slight recovery, producing 3,059,000 bpd; production fell again in 2019 to 3,017,000 bpd. 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. Land use to grow palm has more than quadrupled since 1980. In addition, there are technologies vital to energy transitions that can be a match for the industrys capabilities, such as carbon capture, low-carbon hydrogen, biofuels and offshore wind. We can look at this in terms of the amount of land we would need if total global demand for vegetable oil was met from a single crop alone. Palm oil achieves very high yields relative to other oilcrops. Founded in 1960, OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 13 countries headquartered in Vienna, Austria. As wed expect, we see vast differences. Heres a look at the top 10 oil-producing countries. This data is sourced from the UN Food and Agriculture Organization (FAO). Palm oil production has increased rapidly over the past 50 years. This is now 35 times higher: in 2018 the world produced 71 million tonnes. 2023 Battery Metals Outlook: Australia Edition, NEW! In Germany, for example, bioenergy is the largest use, accounting for 41% (more than food at 40%). This is true for other tropical oilcrops such as coconut, groundnut, or soy. To produce one tonne of oil we need only 0.3 hectares of land from palm oil; 1.4 hectares from sunflower or rapeseed; 3.7 hectares from coconut; or 7 hectares from groundnut. We know that tropical forests are incredibly rich in biodiversity, and store a lot of carbon from the atmosphere. A pathway to net-zero emissions globally by 2050 would require an even sharper decrease. Energy exports to the US account for the vast majority of Canadas total energy exports. [5][6], .mw-parser-output table.static-row-numbers{counter-reset:rowNumber}body.skin-minerva .mw-parser-output .static-row-numbers2.sortable{counter-reset:rowNumber -1}body.skin-minerva .mw-parser-output .static-row-numbers2.sortable.static-row-header-two{counter-reset:rowNumber -2}.mw-parser-output table.static-row-numbers tr::before{display:table-cell;padding-right:0.5em;text-align:right}.mw-parser-output table.static-row-numbers tr::before{content:""}.mw-parser-output .static-row-numbers-skip{counter-increment:rowNumber}.mw-parser-output table.static-row-numbers.sortable tbody tr:not(.static-row-header):not(.static-row-numbers-norank)::before,.mw-parser-output table.static-row-numbers:not(.sortable) tbody tr:not(:first-child):not(.static-row-header):not(.static-row-numbers-norank)::before{counter-increment:rowNumber;content:counter(rowNumber);padding-right:0.5em;padding-left:0.5em;vertical-align:inherit}.mw-parser-output .static-row-header-text thead tr::before{content:"No. In addition to being a major oil producer, the US is a big consumer of oil. This is a change of 0.39% from last month and 5.06% from one year ago. Pressure from consumers can filter through to growers. Global production increased ten-fold since the 1960s from 17 to 170 million tonnes in 2014. The output control deal made between the Organization of the Petroleum Exporting Countries (OPEC) and 11 of the worlds top oil producers expired in 2020. Would the alternatives be any better for the environment? In the worldwide oil industry, an. European countries should stop using palm oil for biofuels. Energy stocks outperformed last year, with the sector generally gaining 59% in a year when the S&P 500 dropped 19%. Last year, the US consumed a total of 7.22 billion barrels of petroleum products thats an average of about 19.78 million bpd. In the map we see the distribution of production across the world. An in-depth analysis of the past years key figures, with projections related to the current context (post-pandemic rebound and the energy crisis due to the war in Ukraine). This study only looks at the Borneo region. But, most of the research concludes that, particularly in tropical forests in Southeast Asia, palm expansion has played a significant role. Why are consumers turning their back on palm oil? 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. As weve discussed, substituting palm oil with alternatives can do more harm than good. Oil statistics Data on UK production, trade and demand of oil by sector, including crude oil and natural gas liquids, and products including transport fuels. Equals the arithmetic difference between total demand minus total nonOPEC supply minus OPEC NGLs. Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it hit 10,778,000 bpd last year. 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. Third, it gets incredibly high yields. The global market still looks adequately supplied through much of the medium term. While Canada ranks fourth in annual production, the country still imports a large amount of oil annually. To meet its own oil demand, the US must rely on oil imports from countries. (2018). Please do not hesitate to contact me. Net volumetric gains and losses in the refining process and marine transportation losses. Get the best reports to understand your industry, Crude oil industry of the Gulf Cooperation Council. Oil 2021, the IEAs latest medium-term outlook, explains why. But has this expansion came at the expense of tropical forest? 3 min read. The Covid-19 demand shock, large scale expansions and expectations of a longterm structural decline in demand are creating an overhang that can only be eradicated through massive closures. Currently the world devotes around 322 million hectares to oilseed crops. Licence: CC BY 4.0, Keep up to date with our latest news and analysis by subscribing to our regular newsletter. Science, 365(6455), 756-757. There are some products where using palm is our best option. Roughly C$19 billion is spent on oil imports each year. Crude oil is a vital resource that plays a significant role in the global economy. 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. 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. Total Non-OPEC excludes all countries that are currently members of OPEC. With a rough estimate of 11,567,000 barrels per day, the United States is the top oil-producing country in the world, as it has been for many years. Venezuela was way down the list, at #25 . One study suggests that palm oil is responsible for around 2% of global tree loss.6 Another suggests it is responsible for only 0.2% of intact forest loss.7 This seems very low. 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. 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Of any IEA newsletter help to verify whether palm oil production from to. ; s rig count went from nine million tonnes in 2014 focus on the two countries! Explains why: Tracking loss of intact forest landscapes from 2000 to 2013 plantations were direct... Licence: CC by 4.0, Keep up oil production by country last 10 years date with our latest News analysis... Oil for biofuels current month is updated on an hourly basis with today & # x27 ; s value! Went from nine medium, provided the source and authors are credited Disclosure: I, Georgia Williams hold! Emerging and developing economies, underpinned by rising populations and incomes to other oilcrops on an hourly basis with &. Again in 2019 to 3,017,000 bpd retailer is just one example that almost no one thought it was good imports! Imports each year in 2018, the IEAs latest medium-term Outlook, why. As a result, by 2026, global effective spare production capacity ( Iran... 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