Crude oil is one of the most important commodities in the world. Its products underpin modern society, from gasoline used in vehicles to lubrication, fabric, plastics, and many more products that improve our everyday lives. This bolsters the economy, creates jobs, and generates a huge amount of revenue. As a result of this , the oil industry has grown into a major economic force. Globally, crude oil is one of the most important fuel sources and, historically, has contributed to the world’s energy consumption. According to the World Bank, the world consumed about 88.7 million barrels of oil per day, and global oil production reached 4.2 billion metric tons in 2020. As a result of this report, my analysis gives more insight on the production, consumption, and global trade of crude oil in 2021. The dataset was scraped from the OPEC (organization of petroleum exporting countries) website and the Worldometer website. The dataset was analyzed with structural query language (SQL) and visualized with Power BI.
Figure 1 : World crude oil dashboard
1.0 Global Oil Production.
Crude oil is not evenly distributed around the world. According to the US Department of Energy, fifteen countries produced nearly 75% of the world's crude oil in 2017. Those countries were projected to have a correspondingly large percentage of crude oil production in the coming years. As a result of this, my analysis provided more insight on global crude oil production.
figure 2 : Top 20 crude oil producing countries in 2021
According to my analysis, the world's crude oil production in 2021 was 76 million, four hundred and seventy-one thousand, seven hundred and seventeen (76,471,717) barrels per day. The United States produced the most barrels per day, with a total of eleven million, one hundred and eighty-four thousand, eight hundred and seventy (11,184,870) barrels per day, which account for 14.6% of the global crude oil production. Russia had the second-largest crude oil production with a total of ten million, one hundred and eleven thousand, eight hundred and thirty (10,111,830) barrels per day, which accounted for 13.2% of global crude oil production. Saudi Arabia is the third-largest producer of crude oil, with a total of nine million, three hundred and thirty-one thousand, one hundred and forty-five (9,313,145) barrels per day; this accounts for 15.3% of world production. Canada had forty-four million, five hundred and ninety-four thousand, five hundred and thirty-nine (44,594,539) barrels per day; this accounted for 5.8% of global crude oil production. Iraq produced four million, eight thousand, eight hundred, and twenty-two (4,084,822) barrels per day, his accounted for 5.3% of the world’s production and China produced three million, nine hundred and eighty-seven thousand, six hundred, and seventy-seven (3,987,677) barrels per day. This accounted for 5.2% of the world’s production, while the UAE had 4.0%. Three million, nine hundred and eighty-one barrels per day (3,091,481) account for 4.0% of global output. Brazil had two million, nine hundred and five thousand, one hundred and twelve (2,905,121), which accounted for 3.8% of the world’s production. Iran produced two million, five hundred and forty-six thousand, three hundred and thirty-six (2,546,336) barrels per day. This accounts for 3.3% of the world’s production. Kuwait, too, accounts for 3.3% of the world’s production with a total of two million Five hundred and twenty-seven thousand, one hundred and six (2,527,106) barrels per day.
Also, Norway produced one million, seven hundred and seventy-five thousand, eight hundred and thirteen (1,775,813) barrels per day, which accounted for 2.3% of the world’s production. Also, Kazakhstan produced one million, seven hundred and sixty-four thousand, four hundred and sixty-three (1,764,463) barrels per day. This also accounted for 2.3% of the world’s production. Mexico produced a total of one million, seven hundred and thirty-four thousand, four hundred, and ninety-five (1,734,495) barrels per day, which accounted for 2.3% of the world’s production.
Nigeria produced a total of one million, seven hundred and thirty-four thousand, four hundred and ninety-five (1,540,991) barrels per day, which accounted for 2.0% of the world’s production. Qatar produced a total of one million, three hundred and thirty-three thousand, six hundred, and eighty-five (1,303,685) barrels per day, which accounted for 1.7% of the world’s production. Libya produced a total of one million, two hundred and thirty-seven thousand, eight hundred and eight (1,237,808), which accounted for 1.6% of the world’s production. Algerian and Angolan production accounts for 1.5% of world production, with a total of one million, one hundred and thirty-three thousand, one hundred and twenty-two (1,133,123) barrels per day, and one million, one hundred and twenty-seven thousand, four hundred and forty-nine (1,127,449) barrels per day, respectively. Oman produced a total of nine hundred and seven thousand, eight hundred and sixteen (970,816) barrels per day, which accounted for 1.3% of the world’s production. The United Kingdom produced eight hundred and one thousand, five hundred, and thirty-one (810,531) barrels per day, accounting for 1.1% of global output.
2.0 Global Oil Consumption.
Crude oil is a major energy resource, and its consumption will continue to foster the world and generate revenue. My analysis provides insight on the countries that consumed the most crude oil in 2021.
figure 3 : Top 20 crude oil consuming countries in 2021
According to my analysis, in 2021, the world consumed ninety-six million, eight hundred and thirty-four thousand, five hundred and sixty-three (96,834,563) barrels of crude oil per day. The United States consumed the most crude oil in the world in 2021 with a total of nineteen million, six hundred and eighty-seven thousand, two hundred and eighty-seven barrels per day (19,687,287), which accounted for 20.3% of the world’s consumption. China consumed the second-largest amount of crude oil in the world with a total of twelve million, seven hundred and ninety-one thousand, five hundred and fifty-three (12,791,553) barrels per day, which accounted for 13.2% of the world’s consumption. India consumed the third-largest amount of crude oil, with a total of 4 million, four hundred and forty-three thousand (4,443,000) barrels per day, which accounted for 4.6% of the world’s consumption. Japan consumed the fourth-largest amount of crude oil, with a total of 4 million, twelve thousand, eight hundred, and seventy-seven (4,012,877) barrels per day, which accounted for 4.1% of the world’s consumption. Russia consumed the fifth-largest amount of crude oil, with a total of three million, six hundred and thirty-one thousand, two hundred, and eighty-seven (3,631,287) barrels per day. This accounts for 3.7% of the world’s consumption.
3.0 Oil exportation
According to Alexandra Twin 2022, crude oil is the largest export product in the world, and it accounted for 5.44% of global trade in 2010. According to my analysis, in 2021, Saudi Arabia exported the most crude oil with a total of 6,227 barrels per day, which is equivalent to 2,272,855 barrels per year. Russia exported the second-largest amount of crude oil in the world in 2021, with a total of 4,510 barrels per day, which is equivalent to 1,646,316 barrels per year. Iraq exposed the third-largest oil reserves in the world with a total of 3,440 barrels per day, which is equivalent to 1,255,436 barrels per year.
figure 4 : Top 20 crude oil Exporting countries in 2021
Canada exported the fourth-largest amount of crude oil: 3,195 (three thousand, one hundred, and ninety-five) barrels per day, which is equivalent to 116,175 (one hundred and sixteen thousand, one hundred, and seventy-five) barrels per year. The United States was the fifth largest crude oil exporter with a total of 2,980 (two thousand, nine hundred, and eighty) barrels per day, which is equivalent to 1,087,700 (one million, eighty-seven thousand, and seven hundred) barrels per year. The United Arab Emirates exported the sixth most crude oil, with a total of 2,305 (two thousand, three hundred, and five) barrels per day, which is equivalent to 841,292 (eight hundred and forty-one thousand, two hundred, and ninety-two) barrels per year. Kuwait exported the seventh largest amount of crude oil with a total of 1,740 (one thousand, seven hundred and forty) barrels per day, which is equivalent to 635,265 (six hundred and thirty-five thousand, two hundred and sixty-five) barrels per year. Nigeria exported the eighth-largest amount of crude oil with a total of 1,592 (one thousand, five hundred, and ninety-two) barrels per day, which is equivalent to 581,202 (five hundred and eighty-one thousand, two hundred, and two) barrels per year. Norway exported the ninth largest barrel of crude oil with a total of 1,563 (one thousand, five hundred, and sixty-three) barrels per day, which is equivalent to 570,637 (five hundred and seventy thousand, six hundred, and thirty-seven) barrels per year, and Kazakhstan had the tenth largest export of crude oil with a total of 1,323 (one thousand, three hundred, and twenty-three) barrels per day, which is equivalent to 482,895 (four hundred and eighty-two thousand, eight hundred, and ninety-five) barrels per year.
4.0 Oil Importation
According to Eurostat, crude oil is imported from different origins depending on several factors such as prices, OPEC decisions, transportation, and the international situation.
figure 5 : Top 10 crude oil importing countries in 2021
According to my analysis, China imported the largest barrel of crude oil, a total of 10,301 (ten thousand, three hundred and one) barrels per day, which is equivalent to 3,759,947 (three million, seven hundred and fifty-nine thousand, nine hundred and seven) barrels per year. The United States imported the second-largest barrel of crude oil, a total of 6,110 (six thousand, one hundred and ten) barrels per day, equivalent to 2,230,150 (two million, two hundred and three thousand, one hundred and fifty) barrels per year. India had the third largest importation of crude oil with a total of 4,244 (four thousand, two hundred, and forty-four) barrels per day, which amounts to 1,548,972 (one million, five hundred, eight thousand, nine hundred, and seventy-two) barrels per year. South Korea imported the fourth largest amount of crude oil with a total of 2,613 (two thousand, six hundred, and thirteen) barrels per day, which is equivalent to 953,730 (nine hundred and fifty-three thousand, seven hundred, and thirty) barrels per year. Japan was the fifth largest importer of crude oil with a total of 2,493 (two thousand, four hundred, and ninety-three) barrels per day, which is equivalent to 909,935 (nine hundred and nine thousand, nine hundred, and thirty-five) barrels per year.
4.1 Trend in Oil Importation in China (2016-2021)
In 2016, China imported a total of 7,625 (seven thousand, six hundred, and twenty-five) barrels per day,this increase to 8,426 (Eight thousand, four hundred and twenty-six) barrels per day represents a percentage increase of 10.5% in 2017. In 2018, it increased with a percentage increase of 9.90% to 9,260 (Nine thousand, two hundred and sixty) barrels per day. This increase to 10,180 (Ten thousand, one hundred and eighty) barrels per day with a percentage increase of 9.94% in 2019. In 2020, it increased by 6.60% to 10,853 (Ten thousand, eight hundred and fifty-three) barrels per day. However, crude oil importation in China, which had increased in recent years, dropped substantially to 10,301 (Ten thousand, three hundred and one) barrels per day with a percentage decrease of 5.08% in 2021.
figure 6 : Trend in crude oil importation in china
4.2 Trend in oil importation In United State. (2016-2021)
The United States imported a total of 7,850 (seven thousand, eight hundred and fifty) barrels per day in 2016. In 2017, the percentage increased to 7,969 (seven thousand, nine hundred, and sixty-nine) barrels per day; however, it dropped to 7,768 (seven thousand, seven hundred, and sixty-eight) in 2018, with a percentage decrease of 2.52% in 2018. Also, it further decreases to 6,801 (Six thousand, eight hundred and one) barrels per day with a percentage decrease of 12.4% in 2019 and to 5,875 (Five thousand, eight hundred and seventy-five) barrels per day with a percentage decrease of 13.61% in 2020. However, it increased significantly to 6,110 (Six thousand, one hundred and ten) barrels per day, with a percentage increase of 4% in 2021.
figure 6 : Trend in crude oil importation in United state
5.0 Refinery Capacity
In 2021, the United States had the largest refinery capacity with a total of 17,755 (seventeen thousand, seven hundred, and fifty-five), while China had the second-largest capacity with a total of 16,462 (sixteen thousand, four hundred, and sixty-two), Russia was the third with a total of 7,105 (seven thousand, one hundred, and five), India was the fourth with a total of 4,836 (four thousand, eight hundred, and thirty-six), and South Korea was the fifth with a total of 3,518 (three thousand, five hundred, and eighteen) in 2021.
figure 7 : Refinery capacity.
6.0 Conclusion
Crude oil is an integral part of modern life, so it can be referred to as an economic powerhouse. In 2021, the global crude oil production was 76 million, four hundred and seventy-one thousand, seven hundred and seventeen (76,477,717) barrels per day, and the consumption was ninety-six million, eight hundred and thirty-four thousand, five hundred and six-three (96,834,563) barrels per day. In 2021, the United States produced, consumed, and had the most refinery capacity. China and Russia also produced and consumed the most barrels per day, and they had one of the world's largest refineries in 2021.The entire SQL code are on my GitHub Repository, and dashboard are published on .
References
"OPEC+ not to increase oil production in April". International Insider. 5 March 2021. Retrieved 6 March 2021.
Worldometers : https://www.worldometers.info/oil/oil-consumption-by-country/
U.S energy information Administration' Oil and petroleum product explained https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php
Central intelligence Agency. "The world factbook-United Arab Emirates.https://www.cia.gov/the-world-factbook/countries/united-arab-emirates/
Satista. Oil production worldwide from 1998 to 2020.https://www.statista.com/statistics/265229/global-oil-production-in-million-metric-tons/.”
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