In response to the most recent statistical assessment of world vitality, which was printed by the Vitality Institute (EI) not too long ago, the U.S. was the most important oil producer final yr with 17.770 million barrels per day.
That determine marked a 6.5 % improve yr on yr and 18.9 % of the overall oil manufacturing in 2022, the assessment confirmed. From 2012 to 2022, the yearly development fee of U.S. oil manufacturing has are available in at 7.1 %, the assessment highlighted.
U.S. oil manufacturing was 16.679 million barrels per day in 2021, 16.492 million barrels per day in 2020, 17.139 million barrels per day in 2019, 15.323 million barrels per day in 2018, 13.142 million barrels per day in 2017, 12.357 million barrels per day in 2016, 12.784 million barrels per day in 2015, 11.808 million barrels per day in 2014, 10.103 million barrels per day in 2013, and eight.932 million barrels per day in 2012, in response to the assessment.
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The nation with the second highest oil manufacturing determine in 2022 was Saudi Arabia, with 12.136 million barrels per day, and the nation with the third highest oil output determine final yr was Russia, with 11.202 million barrels per day, the assessment outlined. Saudi Arabia’s oil manufacturing determine was a ten.8 % improve yr on yr and 12.9 % of the 2022 whole, whereas Russia’s oil output determine was a 1.8 % improve yr on yr and 11.9 % of the 2022 whole, the EI assessment revealed.
Whole world oil manufacturing in 2022 was 93.848 million barrels per day, which marked a 4.2 % improve from 2021, the assessment highlighted. Of this determine, non-OPEC international locations produced 59.808 million barrels per day and OPEC international locations produced 34.038 million barrels per day, in response to the assessment.
The EI assessment’s oil manufacturing figures embrace crude oil, shale oil, oil sands, condensates (lease condensate or gasoline condensates that require additional refining), and NGLs (pure gasoline liquids – ethane, LPG and naphtha separated from the manufacturing of pure gasoline). It excludes liquid fuels from different sources, resembling biofuels and artificial derivatives of coal and pure gasoline, and liquid gasoline adjustment elements resembling refinery processing achieve. It additionally excludes oil shales/kerogen extracted in stable type.
Oil Consumption
The nation with the very best oil consumption determine in 2022 was additionally the U.S., with 19.140 million barrels per day, the assessment revealed.
This determine marked a 1.9 % yr on yr development and 19.7 % of final yr’s whole oil consumption, in response to the assessment, which highlighted that U.S. oil demand has grown 0.9 % from 2012 to 2022.
Whole oil consumption within the nation got here in at 18.785 million barrels per day in 2021, 17.183 million barrels per day in 2020, 19.424 million barrels per day in 2019, 19.417 million barrels per day in 2018, 18.845 million barrels per day in 2017, 18.593 million barrels per day in 2016, 18.499 million barrels per day in 2015, 18.111 million barrels per day in 2014, 17.992 million barrels per day in 2013, and 17.581 million barrels per day in 2012, the assessment confirmed.
China had the second highest oil consumption determine in 2022, at 14.295 million barrels per day, and India had the third highest, at 5.185 million barrels per day, the assessment outlined. China’s determine represented a 4.0 % yr on yr drop and 14.7 % of the 2022 whole, whereas India’s determine represented an 8.1 % yr on yr achieve and 5.3 % of the 2022 whole, the assessment highlighted.
Whole oil consumption final yr got here in at 97.309 million barrels per day, which marked a 3.1 % yr on yr improve, the assessment outlined. Non-OECD demand got here in at 52.202 million barrels per day, whereas OECD demand was 45.108 million barrels per day, in response to the assessment.
The EI assessment’s oil consumption figures embrace inland demand, plus worldwide aviation and marine bunkers and refinery gasoline and loss. Consumption of biogasoline (resembling ethanol) and biodiesel are excluded, whereas derivatives of coal and pure gasoline are included.
USA Crude Oil Manufacturing
U.S. crude oil and condensate manufacturing got here in at 11.887 million barrels per day in 2022, the EI assessment revealed. The assessment’s crude oil and condensate figures embrace crude oil, shale/tight oil, oil sands, and lease condensate or gasoline condensates that require additional refining, and exclude liquid fuels from different sources resembling biomass and artificial derivatives of coal and pure gasoline.
In its newest brief time period vitality outlook (STEO), which was launched earlier this month, the U.S. Vitality Data Administration (EIA) highlighted that U.S. crude oil manufacturing averaged 11.89 million barrels per day final yr and projected that it might common 12.56 million barrels per day in 2023 and 12.85 million barrels per day in 2024.
In a quarterly breakdown included within the STEO, the EIA outlined that U.S. crude oil output averaged 11.47 million barrels per day within the first quarter of 2022, 11.70 million barrels per day within the second quarter, 12.06 million barrels per day within the third quarter, and 12.31 million barrels per day within the fourth quarter of final yr.
U.S. crude oil manufacturing got here in at 12.61 million barrels per day within the first quarter of this yr and 12.55 million barrels per day within the second quarter, in response to the STEO, which projected that U.S. crude oil output would common 12.48 million barrels per day within the third quarter of this yr and 12.63 million barrels per day within the fourth quarter of 2023.
The STEO additionally anticipated that U.S. crude oil manufacturing would common 12.67 million barrels per day within the first quarter of 2024, 12.71 million barrels per day within the second quarter of 2024, 12.88 million barrels within the third quarter of 2024, and 13.13 million barrels per day within the fourth quarter of subsequent yr.
The STEO’s U.S. crude oil manufacturing figures included lease condensate.
To contact the creator, electronic mail andreas.exarheas@rigzone.com
