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? Operations east of Suez are expected account for all the growth in refining activity to 2026 from 2019 levels. Number one on this list of the top 10 oil-producing countries is the US. In February 2020, a new cost estimate for the project sent the C$7.4 billion figure to C$12.6 billion; that figure was adjusted again in February 2022, nearly doubling to C$21.4 billion. Environmental Research Letters, 14(1), 014001. Yet any increase is unlikely to match the lofty levels of the recent past. [2] Saudi Arabia and Russia also top the list of oil exporting countries. All the information presented in this energy data tool are extracted from Global Energy & CO2 Data service, the most comprehensive and up-to-date database on crude oil, NGL, non-conventional oil and refined oil products: production, trades, reserves, transformation, prices, consumption per sector and indicators. Brazils oil production fell slightly from 3,769,000 bpd in 2020 to 3,689,000 bpd in 2021. Last year, the US consumed a total of 7.22 billion barrels of petroleum products thats an average of about 19.78 million bpd. Sunflower oil was almost exactly proportional in terms of how much oil it produced relative to how much land it took up: it produced 9% of oil, and required 8.3% of land. The petrochemical industry remains a pillar of growth over the forecast period. 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. Create a free IEA account to download our reports or subcribe to a paid service. R. Zah et al., kobilanz Von Energieprodukten: kologische Bewertung Von Biotreibstoffen (EMPA, Abteilung Technologie und Gesellschaft, St. Gallen, Switzerland, 2007). Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article. In 2021, total upstream investment is expected to rise only marginally. So, even if all of these countries forests were wiped out by palm oil plantations, it would still make very little difference to this metric of global intact forest loss. Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it hit 10,778,000 bpd last year. Our World In Data is a project of the Global Change Data Lab, a registered charity in England and Wales (Charity Number 1186433). You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries. China recently signed a 25 year trade and security agreement with Iran, and has called on the US to drop its sanctions. In 2020, operators spent one-third less than planned at the start of the year (and 30% less than in 2019). Who uses palm oil and what is it used for? In 2021, the US crude oil production (17% of global output) increased by 1.3%. The US also consumes more oil than any other country worldwide. As wed expect, we see vast differences. It includes crude oil, natural gas liquids (NGLs) and additives. It achieves a much higher yield than the alternatives. The country's annual oil production rose to 5,558,000 bpd in 2021, up from 2020's output levels of 5,235,000 bpd. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. PloS one, 11(7), e0159668. Explore long-term changes in deforestation, and deforestation rates across the world today. A ban on using palm oil for biofuels would reduce this impact while allowing global palm oil to be used for purposes where there are few better alternatives food and cosmetic products. Proceedings of the National Academy of Sciences, 115(1), 121-126. The world loses 5 million hectares of forest to deforestation each year. Energy exports to the US account for the vast majority of Canadas total energy exports. liability for the information given being complete or correct. Are you interested in testing our business solutions? 1 min read. 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. Science, 365(6455), 756-757. But would the alternatives have fared any better? China is the worlds most populous country and has a rapidly growing economy, factors that have driven its high overall energy demand. Dont forget to follow us @INN_Resource for real-time news updates! U.S. oil production has seen significant growth since 2010. If Iran remains under sanctions, keeping the world oil market in balance may require Saudi Arabia, Iraq, the UAE and Kuwait with their surplus capacity to pump at or near record highs. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. 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. Help us do this work by making a donation. 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. Although the US is the worlds largest oil producer, its domestic oil consumption far outpaces its homegrown output. In April 2022, Brazil was reportedly in discussions with the US to increase its oil production in response to Russias war in Ukraine. Many companies are already . This seems like a simple question, but is not as straightforward as we might expect. 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. In 2018, the world produced 72 million tonnes of oil palm. Like most oil-producing countries, Brazil's oil exports decreased in recent months, due to the lower global demand. [3] The monthly U.S. oil production reached 12.86million b/d in November 2019, the highest monthly level of crude oil production in U.S. Venezuela's illegal . And is this reputation justified? See which countries are gaining forest though natural forest expansion and afforestation. 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. In 2021, about 15.2% of U.S. crude oil was produced from wells located offshore in the federally administered waters of the Gulf of Mexico. 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. data than referenced in the text. As a result, Asian crude oil imports are projected to surge to nearly 27mb/d by 2026, requiring record levels of both Middle Eastern crude oil exports and Atlantic Basin production to fill the gap. 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. Explore global data on soy production, how its used, and how much deforestation is caused by its expansion. Austin, K. G., Schwantes, A., Gu, Y., & Kasibhatla, P. S. (2019). It holds the worlds fifth largest proven oil reserves at 145 billion barrels; that represents 8.4 percent of global reserves. European countries should stop using palm oil for biofuels. Ocado, an online UK retailer is just one example. (2018). In this article I address some key questions about palm oil production: how has it changed; where is it grown; and how this has affected deforestation and biodiversity. Palm oil accounts for 6% of this land use, which is small when we consider that it produces 36% of the oil. Pressure from consumers can filter through to growers. How Has COVID-19 Impacted Oil Supply and Demand? Oil production is measured in barrels per day. 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. A situation analysis by the IUCN Oil Palm Task Force. 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. NEW! To demonstrate this, lets turn crop yields on its head and look at the inverse: the area of land you would need to produce one tonne of vegetable oil. 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. 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. In 2021, the United States, Russia, and Saudi Arabia were the three largest crude oil producers, respectively. When citing this topic page, please also cite the underlying data sources. 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. 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. 1. This data is sourced from the UN Food and Agriculture Organization (FAO). The country's rig count went from nine . [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. Third, it gets incredibly high yields. 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 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. Read on for a look at the top 10 oil-producing countries in 2021. In recent years, the global oil market has been impacted significantly by COVID-19 disruptions, price wars between oil-producing nations and now the Russia/Ukraine war. Vijay, V., Pimm, S. L., Jenkins, C. N., & Smith, S. J. On the left we have each crops share of global land use for vegetable oils; on the right we have its share of production. The story of palm oil is less about it as an isolated commodity, but more about the story of the rising demand for vegetable oils. Carlson, K. M., Heilmayr, R., Gibbs, H. K., Noojipady, P., Burns, D. N., Morton, D. C., & Kremen, C. (2018). history. Oil production crashes by 83% - Report. IEA (2021), Oil 2021, IEA, Paris https://www.iea.org/reports/oil-2021, License: CC BY 4.0. In 2021, it saw a small year-on-year increase in production, with oil output rising to 3,786,000 bpd. Minimising emissions from their core operations, notably methane, is an urgent priority. Output in 2018 helped the Middle Eastern nation regain its sixth spot position. But, most of the research concludes that, particularly in tropical forests in Southeast Asia, palm expansion has played a significant role. Visit our As weve discussed, substituting palm oil with alternatives can do more harm than good. This is true for other tropical oilcrops such as coconut, groundnut, or soy. , 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? In an oversupplied market suffering from a lack of demand, oil prices turned negative, shocking market participants. Thank you for subscribing. 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. Is palm oil responsible for deforestation? The rest soybean, olive, coconut, groundnut, and sesameseed used more land than they gave back in oil production. 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. By 2026, global effective spare production capacity (excluding Iran) could fall to 2.4mb/d, its lowest level since 2016. When will countries phase out coal power? Net volumetric gains and losses in the refining process and marine transportation losses. Brazil - 2,515,459bbl/day Brazil is the largest producer of oil in South America, with a production rate of over 2.5mbbl/day. The volumes in the table do not include biofuel. Country Last Previous; Nigeria: 1228: 1247: Angola: . 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. 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