Feature Reports

Oil Producers and Consumers

fr - qpqc pétrole
© DUFOUR MARCO / TOTAL

Oil is the most widely used energy source worldwide. Oil consumption is led by demand from emerging economies, particularly in the transportation and petrochemical sectors. Oil reserves are mainly concentrated in OPEC member countries, which are the main producers worldwide. 

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Global Oil Consumption

World oil consumption is increasing again, after the global economic slowdown caused by the Covid pandemic. But it has not yet reached the level of previous years and is 3% lower than in 2019. The United States, China and India are the largest oil consumers (over 40% of the total global consumption).

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Global Oil Production

The United States are still by far the leading crude oilOil that has not been refined. producer, even if the quantities produced – boosted by shale oilRefers to liquid hydrocarbons extracted from oil shale (see definition) by heating, pyrolysis or hydrogenation. – were lower in 2018 and 2019. Saudi Arabia and Russia follow, both countries producing almost the same quantities. The oil markets were disrupted by the economic repercussions of the Covid pandemic and will be shaken up again in 2022 by the war in Ukraine.

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Global Oil Reserves

The estimation of oil reserves is the quantity that can be produced economically at a given time.  The top 5 are still Venezuela, Saudi Arabia, Canada, Iran and Iraq.

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