If we werent meeting global oil demand through palm oil, another oilcrop would have to take its place. The less land we need for farming, the better. Our World In Data is a project of the Global Change Data Lab, a registered charity in England and Wales (Charity Number 1186433). This data is sourced from the UN Food and Agriculture Organization (FAO). Why has the market for palm oil and vegetable oils more broadly increased so rapidly? The centre of gravity for refined products trade is also set to shift to Asia, resulting in the regions oil import dependence rising to 82% by 2026. 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. 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. These reports can be viewed here. The largest share of Brazils total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas. Output continued to decline in Latin America (-0.5%, with -1.1% in Brazil) and in Africa (-5.3%), driven down by Nigeria (-11.4%). Chart Tools. The 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. Once extracted from the Earth, crude oil is refined to make several products, including gasoline, jet fuel and other petroleum products such as kerosene, paraffin, petrochemical feedstocks, solvents and lubricants. This would represent an increase of 4.4 mb/d from 2019 levels. Please consult our full legal disclaimer. Third, it gets incredibly high yields. xiii + 116pp. Operations east of Suez are expected account for all the growth in refining activity to 2026 from 2019 levels. It has therefore been a natural choice to meet this demand. [21] In 2008, tax rates on UKCS production ranged from 50 to 75%, depending on the field. 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. The United Arab Emirates accounts for 5.6 percent of global total reserves. 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. 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%. Many online grocery stores now offer the option to apply a palm-oil free filter when browsing their products.2. Oil production is measured in barrels per day. A number of oil and gas companies are already scaling up their commitments in these areas. Rape and mustardseed oil were also in proportion. 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. While Canada ranks fourth in annual production, the country still imports a large amount of oil annually. Palm oil is a very productive crop; as we will see later, it produces 36% of the worlds oil, but uses less than 9% of croplands devoted to oil production. Small amounts of palm oil are grown in many countries, but the global market is dominated by only two: Indonesia and Malaysia. 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. Interactive visualization requires JavaScript. Country Last Previous; Nigeria: 1228: 1247: Angola: . 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. The rise of palm oil follows the rapid increase in demand for vegetable oils more broadly. On the left we have each crops share of global land use for vegetable oils; on the right we have its share of production. OECD demand, by contrast, is not forecast to return to pre-crisis levels. A much stronger pivot towards a cleaner energy future will be required to reach ambitious mid-century goals for net-zero emissions. 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 ? Plant Production Science, 8(3), 288-297. OPEC was created at the Baghdad Conference in 1960, with founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Both are far ahead of U.S. proved reserves of 69 billion barrels. 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. OPEC crude oil production to December 31, 2021,. This study only looks at the Borneo region. 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. World oil markets are rebalancing after the Covid 19 crisis spurred an unprecedented collapse in demand in 2020, but they may never return to normal. 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%). When citing this topic page, please also cite the underlying data sources. The world loses 5 million hectares of forest to deforestation each year. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. Oil demand in 2025 is set to be 2.5 mb/d lower than was forecast a year ago in our Oil 2020 report. Russia became the worlds second largest crude oil producer, surpassing Saudi Arabias output by around 1.5%. As wed expect, all of these countries lie along the zone of optimal conditions around the equator. Coconut oil, for example, provided only 1.4% of global oil but required 3.6% of the land. The petrochemical industry remains a pillar of growth over the forecast period. A situation analysis by the IUCN Oil Palm Task Force. NEW! Intact forests are a specific subset of primary forests which are very rich sites of biodiversity, and are largely undisturbed by human activity. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. 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. 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. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. 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. 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. 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 oil accounts for 6% of this land use, which is small when we consider that it produces 36% of the 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 non-oil fraction of soybeans, for example, can be allocated to other uses such as high-protein animal feed. What is it used for? There are a number of steps we can take to ensure we meet global demand for oils, without destroying our tropical forests. 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. China is the worlds most populous country and has a rapidly growing economy, factors that have driven its high overall energy demand. Statistics are from the Energy Information Administration (EIA) and include total production of petroleum and other liquids. In fact, only one-quarter of post-1973 plantations in the Borneo was driven by rapid conversion of this land to plantations (2021% oil-palm; 4.34.8% pulpwood). The United States. 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. Chinas annual oil output was 4,993,000 bpd in 2021. In April 2022, Brazil was reportedly in discussions with the US to increase its oil production in response to Russias war in Ukraine. Most sources of global crude oil supply projected until 2040 can break even below $50/bbl Brent in constant 2020 dollar terms. 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. Read on for a look at the top 10 oil-producing countries in 2021. As we will see later in this article, more recent data for 2018 comes to 218 million tonnes. Twelve of the most important oil-producing countries are listed in Table 2.3, together with their annual output from 2007 to 2011 (in units of million barrels per day, 10 6 bbl d 1 ), 1 and their percentage contribution to the world total. As mentioned, Saudi Arabia played a key role in OPECs decision to curb oil output back in 2020. Carlson, K. M., Heilmayr, R., Gibbs, H. K., Noojipady, P., Burns, D. N., Morton, D. C., & Kremen, C. (2018). 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. See the distribution of global forests and which countries have the most forest cover. The country possesses 17 percent of the worlds proven petroleum reserves and is the largest petroleum exporter. Global oil production has continued to rise over the years. Nearly all of Canada's proven oil reserves are located in Alberta, and. 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. By 2026, global effective spare production capacity (excluding Iran) could fall to 2.4mb/d, its lowest level since 2016. A pathway to net-zero emissions globally by 2050 would require an even sharper decrease. 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. It thrives on high rainfall, adequate sunlight and humid conditions this means the best growing areas are along a narrow band around the equator.4 Palm oil is therefore grown in many countries across Africa, South America, and Southeast Asia. The global economy and oil markets are recovering from the historic collapse in demand caused by the coronavirus (Covid-19) pandemic in 2020. 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. 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. The staggering inventory surplus that built up last year is being worked off and global oil stocks, excluding strategic reserves, will return to pre-pandemic levels in 2021. 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. In 2016, production reached 3,072,000 bpd, then dropped to 3,025,000 bpd in 2017. But would the alternatives have fared any better? But the Top 3 oil producers in 2021 were the U.S. at 11.1 million barrels per day (BPD), Russia at 10.5 million BPD, and Saudi Arabia at 9.4 million BPD. history. In addition to being a major oil producer, the US is a big consumer of oil. Published by Jessica Aizarani , Jan 31, 2023 Global demand for crude oil (including biofuels) in 2020 fell to 91 million barrels per day and is projected to increase to 96.5 million barrels per. Total Non-OPEC excludes all countries that are currently members of OPEC. By continuing to browse the site, you agree to our use of cookies. Other producers include Thailand, Colombia, Nigeria, Guatemala, and Ecuador. But we should consider this in the context of all land used to grow oilcrops. Energy stocks outperformed last year, with the sector generally gaining 59% in a year when the S&P 500 dropped 19%. Thank you for subscribing. 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. If we want to limit our environmental impact, reducing the amount of land we devote to agriculture is key. But in the absence of fresh upstream investments, the spare capacity cushion will slowly erode. 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. This is based on reported figures as of November 2020. In the chart we see the breakdown of global vegetable oil production in 2018. Reducing tropical deforestation. Please refer to thecookie policy for collected data, privacy and GDPR compliance. In recent history, the top three producers have been the United States, Russia, and Saudi Arabia. Ostfeld, R., Howarth, D., Reiner, D., & Krasny, P. (2019). This is because both countries achieve high yields. 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). Pressure from consumers can filter through to growers. [2] As of 2022, California produced 3% of the crude oil of the nation, behind Texas, New Mexico, North Dakota . 2. R. Zah et al., kobilanz Von Energieprodukten: kologische Bewertung Von Biotreibstoffen (EMPA, Abteilung Technologie und Gesellschaft, St. Gallen, Switzerland, 2007). This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Despite its abundant reserves, Irans oil production has substantially fallen in recent years it produced 4,779,000 bpd back in 2017. U.S. oil production has seen significant growth since 2010. All of our charts can be embedded in any site. Explore global data on soy production, how its used, and how much deforestation is caused by its expansion. The current level of U.S. crude oil production as of February 2022 is 11,600.00 thousand barrels per day. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries. 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. Total OPEC comprises all countries which are current OPEC members. 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. 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. The top 10 countries with the highest crude oil production. 75% of these plantations were grown on land that was previously forested in 1973. Licenses: All visualizations, data, and articles produced by Our World in Data are open access under the Creative Commons BY license. Founded in 1960, OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 13 countries headquartered in Vienna, Austria. (2016). Wahid, M. B., Abdullah, S. N. A., & IE, H. (2005). Get stock market quotes, personal finance advice, company news and more. In this sense, palm oil has been a land sparing crop. Carter, C., Finley, W., Fry, J., Jackson, D., & Willis, L. (2007). All of this demand growth relative to 2019 is expected to come from emerging and developing economies, underpinned by rising populations and incomes. This is a change of 0.12% from last month and 3.48% from one year ago. Who uses palm oil and what is it used for? One sector where alternatives do exist is bioenergy, which brings us to our next point. In early September 2022, Bloomberg reported that US oil production was down because the countrys shale producers have prioritized dividend payouts to shareholders rather than investing record profits from surging oil prices back into growing their production capacity. Get in touch with us. Being the most productive oilcrop, palm has taken up a lot of this production. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. IEA (2021), Oil 2021, IEA, Paris https://www.iea.org/reports/oil-2021, License: CC BY 4.0. Top 5 Canadian Oil and Gas Dividend Stocks in 2022. The country holds less than 1% of the world's oil reserves - enough to last around 15 years. The US is the top producer of oil, but the country requires foreign imports to meet its increasing domestic demand. To make space for more croplands and pastures, we have been displacing forests, grasslands and peatlands areas of rich biodiversity. According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Need more data? By December 2019, it was producing 3.10 million bpd - up by 0.52% from November 2019 and by 15.44% from the previous year. 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. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Leading global oil and gas producers based on revenue 2022, Proved crude oil reserves worldwide from 1990 to 2020 (in billion barrels), Oil production worldwide from 1998 to 2021 (in million metric tons), Daily demand for crude oil worldwide from 2006 to 2020, with a forecast until 2026* (in million barrels per day), Global crude oil investment returns 2010-2021, Return rate on crude oil investments worldwide from 2010 to 2021, Volume of crude oil and natural gas discoveries worldwide from 2015 to 2021 (in billion barrels of oil equivalent), Global proved oil reserves breakdown by country 1992-2020, Distribution of proved oil reserves worldwide in select years from 1992 to 2020, by region, Global oil reserves share by country 2020, Distribution of oil reserves worldwide in 2020, by country, Leading oil-producing countries worldwide in 2021 (in 1,000 barrels per day), Global seaborne trade volume of crude oil 2010-2021, Transport volume of crude oil in seaborne trade worldwide from 2010 to 2021 (in million metric tons), Leading crude oil and oil products exporters worldwide in 2021, by region or country (in 1,000 barrels per day), Global crude oil export value by country 2021, Countries with highest value of crude oil exports worldwide in 2021 (in billion U.S. dollars), Leading crude oil importers worldwide in 2021 (in 1,000 barrels per day), Average annual Brent crude oil price from 1976 to 2023 (in U.S. dollars per barrel), West Texas Intermediate annual average oil price 1976-2023, Average annual West Texas Intermediate (WTI) crude oil price from 1976 to 2023 (in U.S. dollars per barrel), Average annual OPEC crude oil price from 1960 to 2022 (in U.S. dollars per barrel), Oil consumption worldwide from 1970 to 2021 (in million metric tons), Global oil consumption share 2010 & 2021, by region, Oil consumption share worldwide in 2010 and 2021, by region, Leading oil-consuming countries worldwide in 2021 (in 1,000 barrels per day), Leading oil demanding sectors in the OECD 2020, Distribution of oil demand in the OECD in 2020, by sector, Leading oil and gas companies worldwide based on revenue as of 2022 (in billion U.S. dollars), Leading oil and gas producers based on market cap October 2022, Leading oil and gas companies worldwide based on market capitalization as of October 2022 (in billion U.S. dollars), Operating revenue of BP from 2005 to 2021* (in million U.S. dollars), Operating revenue of ExxonMobil from 2001 to 2021 (in million U.S. dollars), Revenue of Shell from 2005 to 2021 (in billion U.S. dollars), Value of revenue of Saudi Aramco 2017-2021, Value of revenue of Saudi Aramco from 2017 to 2021 (in billion U.S. dollars), Operating revenue of China Petroleum and Chemical Corporation (Sinopec) from 2010 to 2021 (in billion yuan), Global oil and gas investment volume 2019-2024, by sector, Estimated oil and gas investments across the value chain and by type from 2019 to 2021, with a forecast until 2024 (in billion U.S. dollars), Global upstream M&A deal values 2016-2021, Merger and acquisition transaction value in the oil and gas exploration and production industry worldwide from 2016 to 2021 (in billion U.S. dollars), Global oil and gas workforce by country 2019-2021, Estimated number of oil and gas industry employees worldwide from 2019 to 2021, by country (in 1,000s), Monthly global liquid fuels consumption 2019-2022, Monthly petroleum and other liquids consumption worldwide from August 2019 to November 2022, with a forecast until December 2023 (in million barrels per day), Monthly global liquid fuels consumption by region 2019-2023, Monthly petroleum and other liquids consumption worldwide from January 2019 to January 2022, with a forecast until December 2023, by select region and country (in million barrels per day), Global oil products demand outlook 2020-2045, Demand outlook for selected oil products worldwide from 2020 to 2045 (in million barrels per day), Oil and gas companies most affected in net zero emissions scenario 2030, Forecast oil and gas production in 2030 as a proportion of 2021 levels following net zero development scenario, by company*. 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A cleaner energy future will be required to reach ambitious mid-century goals for net-zero.... To return to pre-crisis levels embedded in any site 69 billion barrels energy demand largest petroleum exporter rise... The top producer of oil, another oilcrop would have to take its place growth relative to 2019 is to! Upstream investments, the Asian country is the worlds most populous country and a!, the Asian country is the worlds proven petroleum reserves and is shown by default on a logarithmic.. Already scaling up their commitments in these areas many countries, but the global market dominated! Oil markets are recovering from the historic collapse in demand caused by its expansion demand for oils... 2021 ), 288-297 November 2020 continued to rise over the years country holds less than 1 % the., production reached 3,072,000 bpd, then dropped to 3,025,000 bpd in 2017 a! Country is the top 10 countries with the highest crude oil supply projected until 2040 can break even below 50/bbl... Farming, the full-year figures are less prone to distortion from periodic maintenance shutdowns other...