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Page added on June 14, 2018

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World Sets New Oil Production Record

Production

This week the 2018 BP Statistical Review of World Energy was released, which covers energy data through 2017. It is the definitive source for global energy production and consumption figures, and a primary source of data for numerous companies, government agencies and non-government organizations.

I will take a deeper dive into the report in upcoming articles, but today I want to cover some of the highlights.

First, the report shows that the world achieved a new oil production record of 92.6 million barrels per day (BPD), which is the 8th straight year global oil production has increased. The United States was the world’s top oil producer in 2017, exceeding 13 million BPD* for the first time ever. Saudi Arabia was second at 12.0 million BPD, while Russia came in at 11.3 million BPD.

Oil consumption, which is quite a bit higher due to the inclusion of biofuels and fuels derived from coal and natural gas, also set a new record of 98.2 million BPD. U.S. consumption rose by 1.0%, and still leads the world at 19.9 million BPD. China’s demand rose by 4% to a new record of 12.8 million BPD.

Global natural gas production jumped 3.0% to a new record of 355 billion cubic feet per day. The U.S. led all countries in both production and consumption of natural gas.

Global coal consumption increased by 1.0%, but remains 3.5% below the peak reached in 2013. Coal consumption declined in the U.S. and European Union, but crept 0.5% higher in China. China remains the world’s top coal market, with the country consuming 50.7% of the world’s coal consumption in 2017.

Renewables continue to grow at a torrid pace. Global solar power consumption increased by 35%, while wind power consumption rose 17% over 2016.

But the growth of renewables wasn’t enough to prevent a new record for total fossil fuel consumption. Consequently, carbon dioxide emissions rose in 2017. Global carbon dioxide emissions rose 1.6% to a new record of 33.4 billion metric tons. Carbon dioxide emissions actually declined by 0.5% in the U.S. as more coal-fired power was phased out, but strong growth was registered in the Asia Pacific region, Europe and in Africa. Of the 18 Asia Pacific countries reported, only Japan showed a decline in carbon dioxide emissions.

In the next few articles, I will take a deeper dive and share some graphics derived from the report.

*Note that BP’s definition of “oil” includes natural gas liquids (NGLs), which have surged in the U.S. along with natural gas production. This is the primary reason BP’s oil production number is higher than numbers reported by the Energy Information Administration.

Robert Rapier has over 20 years of experience in the energy industry as an engineer and an investor. Follow him on Twitter @rrapier or at Investing Daily.

Forbes



26 Comments on "World Sets New Oil Production Record"

  1. Duncan Idaho on Thu, 14th Jun 2018 1:13 pm 

    U.S. consumption rose by 1.0%, and still leads the world at 19.9 million BPD

    The United States was the world’s top oil producer in 2017, exceeding 13 million BPD

    Well, the US still needs to import about 7 million barrels a day.

    I could go on—-

  2. Anonymous on Thu, 14th Jun 2018 7:14 pm 

    Numbers are “liquids” not C&C. Still World is up. Ron Patterson was wrong with his 2014 (scratch that, 2015) record calls. Typical peak oiler. Predicting low. Getting slammed by reality.

  3. Daho Nackun on Thu, 14th Jun 2018 7:22 pm 

    This is all quite impossible. Oil clearly peaked in 2005 and has been in steep decline ever since. All the smart peeps told us that.

    It’s all lies now. Only predictions of doom and collapse have any credibility anymore.

  4. Makati1 on Thu, 14th Jun 2018 7:28 pm 

    Correct. “Oil” is now just about any liquid that burns. The stats are all lies. That is why I seldom comment on the oily articles themselves, just the collapse that is in progress.

  5. Davy on Thu, 14th Jun 2018 7:42 pm 

    3rd world, you don’t know shit about oil. Read a Rock and or Nony comment. These two know oil. You and the weasel just know your emotions are raw so you say whatever makes sense to an intellectually lame individual who can’t deal with emotions.

  6. Boat on Thu, 14th Jun 2018 7:56 pm 

    Oil also makes single use plastic crap. Welcome to oil and it’s impact. Even if you skip meat and buy a salad……wait for it……. you get a plastic fork. The audacity of forking humans.

  7. JuanP on Thu, 14th Jun 2018 8:11 pm 

    Davy “3rd world, you don’t know shit about oil.” He knows as much as you do, pussy! Now bend over, bitch, I wanna make sure you buttered your hole real good for my dog!

  8. JuanP on Thu, 14th Jun 2018 8:16 pm 

    Davy “You and the weasel just know your emotions are raw so you say whatever makes sense to an intellectually lame individual who can’t deal with emotions.” projecting again, turd? Bend over, little bitch? You are such a pussy!

  9. Boat on Thu, 14th Jun 2018 8:24 pm 

    JaunP

    No, Mak really doesn’t know shyt about oil. But like you he does “Trump” talk. Alot of authority with bad to no data. It’s a third world approach. The general theme is “we’ll can’t ya just see it? If this were the Olympics the Russian judge would give you a 10 for that. The Norway judge a 1.

  10. JuanP on Thu, 14th Jun 2018 8:30 pm 

    Boat, MM is meaner than you and Davy more delusional and insane, but there is unanimous agreement on this board that you are the stupidest regular, and that is no small achievement! LOL!

  11. JuanP on Thu, 14th Jun 2018 8:34 pm 

    Boat, I don’t know if you’ve noticed that I’ve mostly ignored you for years. There is a reason for that, it is that you are unbelievably stupid and arguing with you is a waste of time. MM and Davy have at least a modicum of intelligence.

  12. Davy on Thu, 14th Jun 2018 8:39 pm 

    Juan, boat knows oil better than you do dumbass so quit talking out your ass.

  13. Boat on Thu, 14th Jun 2018 8:41 pm 

    JaunP

    You keep rooting for underdog while sucking on the alpha dog teat you foreigner. Ice is around the corner. Just a matter of time.

  14. JuanP on Thu, 14th Jun 2018 8:59 pm 

    Boat “You keep rooting for underdog while sucking on the alpha dog teat you foreigner. Ice is around the corner. Just a matter of …” And you keep being stupid and making ridiculous comments. I can go wherever I want whenever I want, but you can’t fix stupid. It must suck to be a complete loser like you. Proud to be an American, retard?

  15. JuanP on Thu, 14th Jun 2018 9:03 pm 

    Davy “Juan, boat knows oil better than you do dumbass so quit talking out your ass.”
    Birds of a feather flock together. Do you realize how pathetic it is that you have been reduced to taking Boatard’s side of the argument? And please reread what you wrote because I know that you know that that is a lie. I can upgrade you now to a liar now, too. Keep writing, bitch, you just keep proving how fucked up you are with every single word. Pussy, pussy pussy!

  16. JuanP on Thu, 14th Jun 2018 9:11 pm 

    And, Boat, I never sucked the American teat. I have never in my life taken a penny from the US government and I don’t intend to, though I have paid taxes in the USA for around 28 years.

  17. GregT on Thu, 14th Jun 2018 9:38 pm 

    “MM and Davy have at least a modicum of intelligence.”

    That would be pushing it a little Juan. MM occasional displays a little spark, now and then.

  18. GregT on Thu, 14th Jun 2018 9:42 pm 

    “Welcome to oil and it’s impact. Even if you skip meat and buy a salad……wait for it……. you get a plastic fork.”

    Hmmm, that’s odd. I don’t remember ever getting a plastic fork with my salads. Must be a Texan thing.

  19. Makati1 on Thu, 14th Jun 2018 9:52 pm 

    Here in the Ps, if you buy a salad in a restaurant, you get the choice of chop sticks (wood) or a fork (metal) I don’t remember ever getting plastic, when served a meal, except on American airline flights. Japanese airlines give you the same wood or metal option with their meals.

    BTW: Meals on Japanese airlines are superior to any I have ever gotten on American airlines in over 80 flights. As is the service.

  20. rockman on Fri, 15th Jun 2018 10:24 am 

    All true Simon. But to complete that snap shot the US also exported 7.1 million bbls per day of crude oil and other liquids (3.4 million bpd of finished refinery products, 2,2 million bpd of various other refinery components and l.5 million bpd hydrocarbon gas liquids

  21. rockman on Fri, 15th Jun 2018 10:30 am 

    Daho – “This is all quite impossible. Oil clearly peaked in 2005 and has been in steep decline ever since.” Please post the link that contains the stats that support that statement. Thanks in advance.

  22. Anonymouse1 on Fri, 15th Jun 2018 10:13 pm 

    narrativtard, Still waiting for you to provide evidence that Iran is using Yemen as a proxy to attack Saudi JewRabia. I think you should get to working on that before insisting others provide sources that will satisfy your silly little demands.

    Thanks in advance

  23. Don Zenga on Fri, 15th Jun 2018 10:19 pm 

    Maximum increase came from Natgas @ 82.7 MTOE followed by Renewable energy @ 69.4 MTOE.
    The increase of 64.5 MTOE from Oil is bogus. Biofuels are included in Oil which is utterly baseless as the farmer has to sow the seeds, water the plants and harvest them to produce bio-fuels which is entirely different from drilling the earth to get Oil.

    Also the synthetic oil which is produced from Natgas and Coal is clubbed under Oil.
    Pretty soon the edible vegetable oils, grease from animal fats will be included in Crude Oil to show higher oil consumption.

    At least 5% of the World’s Oil is used for non energy purpose like plastics and petrochemicals and if we exclude them, the share of Oil in World energy mix will be much lower.

  24. Don Zenga on Fri, 15th Jun 2018 10:19 pm 

    The real energy star of 2017 is Solar which happens to be the star that powers all our life as well. Solar PV installated capacity increased by 99 GW which is more than all fossil fuels, but the capacity factory of Solar PV is just 20%, hence the smaller increase in actual Renewable energy.

    Of late the cost of solar power has been decreased with bids like 3.4 ¢ / KWh, 2.9 ¢ / KWh, 2.4 ¢ / KWH in different countries like UAE, Mexico and finally 1.8 ¢ / KWh in Saudi Arabia. At the same time, larger solar power plants with the capacity of 1.5 GW and 2.0 GW is built in China and India respectively.

    https://cleantechnica.com/2018/06/14/new-us-solar-record-2-155-cents-per-kwh-400-mwh-of-energy-storage/

    Recently in USA; Solar power hit a low cost of 2.155 ¢ / KWh in USA. Expect more record installation of Solar power in 2018 also. Meanwhile the Concentrated Solar Power is also gaining traction and this can generate power at night by storing the solar thermal energy in molten salts.

  25. Free Speech Forum on Fri, 15th Jun 2018 10:26 pm 

    Now that the US is a police state, there doesn’t seem to be much difference between being in prison or being outside of prison.

  26. Don Zenga on Fri, 15th Jun 2018 10:48 pm 

    BP also listed about the Lithium reserves, but completely ignored any reference to more than 1.2 million private electric vehicles sold + another 200,000 + public electric vehicles and another 1.2 million low speed electric vehicles.

    Some day in the near future, these electric vehicles will ensure that there is no need to convert/refine coal or natgas into motor fuels and at that time, the growth in oil production/consumption will dwindle down to 0.

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