crude oil quality by country

Published by on November 13, 2020

The main producers of oil in the United States are Alaska, Texas, North Dakota, New Mexico, and Oklahoma. Crude oil was the world’s number one export product in 2019, outpacing exports of cars in second place. This surge in US oil production widened the gap with Saudi Arabia, with the US producing 37% more oil than Saudi Arabia in 2019. The United States currently produces approximately 12,108,000 barrels per day. In 2018, the United States became the largest producer of crude oil, surpassing both Russia and Saudi Arabia, producing about 12.1 million barrels per day. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. Financial market analysis and financial data for major energy companies. Heavier oil products are used to make asphalt and lubricating oils such as petroleum. [3] In May of 2019, the country became a net oil and gas exporter, the first time since 1953. Energy use in homes, commercial buildings, manufacturing, and transportation. Two of the most important quality characteristics are density and sulfur content. The crude oils represented in the chart are a selection of some of the crude oils marketed in various parts of the world. Crude oil is extracted and undergoes distillation to break down the liquid into various products. Russia (see: Oil reserves in Russia) 8: 80,000: 7: 80,000: 6: 102,400: 3851.3: 21 Libya (see: Oil reserves in Libya) 9: 48,363: 8: 74,363: 9: 78,400: 366.1: 131 United States (see: Oil reserves in the United States) 10: 47,053 10: 32,773: 10: 55,000: ENI, end of 2015: 43,629: 3239.7: 10 Nigeria (see: Oil reserves in Nigeria) 11: 36,972 9: 37,453: 11: 37,100: 730.0: 51 Kazakhstan: 12: 30,000: 11: 30,000: 12 Global oil demand is expected to continue to decline in 2020 as a result of the COVID-19 pandemic, constricting traveling and economic activity. ", Tags: The top ten consumers of oil account for 60% of the world’s total oil consumption. The market value of an individual crude stream reflects its quality characteristics. Saudi Arabia and Russia also top the list of oil exporting countries. Despite having the smallest population of the three, the United States has the highest consumption. Greenhouse gas data, voluntary reporting, electric power plant emissions. This indicator is measured in USD per barrel of oil. This is partly because gasoline and diesel fuel, which typically sell at a significant premium to residual fuel oil and other "bottom of the barrel" products, can usually be more easily and cheaply produced using light, sweet crude oil. Global crude oil production fell (-0.7%), driven down by an overall decline in the Middle East. They also do not include the increase in liquid volumes during oil refining ("refinery gain"), or liquids separated from natural gas in gas processing plants (natural gas liquids).[1]. Two of the most important quality characteristics are density and sulfur content. Approximately 68% came from the top ten countries, and an overlapping 44% came from the fourteen current OPEC members, in the table below. Use this code to embed the visualisation into your website. Oil reserves denote the amount of crude oil located in a particular region that can be recovered using current technological constraints and at a cost that is feasible at the current oil prices. The world’s proven reserves are equivalent to about 46.6 times its annual consumption levels, meaning that the Earth has about 47 years of oil left at the current consumption levels. Energy & Financial Markets: What Drives Crude Oil Prices? These combined qualities as well as location make WTI a prime crude oil to be refined in the United States, which is by far, the largest gasoline consuming country on the planet. The monthly U.S. oil production reached 10.07 million b/d in November 2017, the highest monthly level of crude oil production in U.S. [4][5], Last edited on 23 November 2020, at 16:06, "Production of Crude Oil including Lease Condensate 2019", U.S. production of crude oil grew 5% in 2017, likely leading to record 2018 production, The US will be a net energy exporter by 2022, four years sooner than expected, Energy Department says, United Nations Department of Economic and Social Affairs, "U.S. becomes world's largest oil producer", https://en.wikipedia.org/w/index.php?title=List_of_countries_by_oil_production&oldid=990237947, Creative Commons Attribution-ShareAlike License, This page was last edited on 23 November 2020, at 16:06.

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