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August 23, 2023: global oil consumption nears all-time highs. Robert Rapier over at oilprice.
Original Post
Is anyone doing the math? This has been going on for quite some time. Link here.
- global oil production (liquids to include lease condensate and NGLs)
- 2022: 93.8 billion bpd (just sort of the 2019 record)
- 2021: 90 million bopd
- 2019: 94.8 million bod (all-time high)
- global oil consumption:
- 2022: 97.3 million bpd
- 2021: 94.2 million bpd
- 2019: ~ 99.8 million bpd (all-time high)
- Global producers:
- oil production: US took the lead in 2014 and has led every year since then but one
- 2022: US oil production just 3.5% short of all-time record set in 2019;
- on pace to set new production record this year [despite E&Ps cutting back on CAPEX and drilling]
- the US enjoys a lead over both Saudi Arabia and Russia but not be much, only a million bpd
- but when you include NGLs, then the spread is amazing
- 2022:
- US: 17.8 million bpd
- Saudi Arabia: 12.2 million bpd
- Russia: 11.2 million bpd
- Global top ten consumers:
- Germany dropped out of the top-10 list
- Mexico joined the list at #10
So is the production/consumption difference akin to the US fisc?
ReplyDeleteIt probably depends on whom you ask.
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