That followed OPEC+ announcing in October that it would slash 2 million barrels per day, angering U.S. Saudi Arabia, the dominant producer in the OPEC oil cartel, was one of several members that agreed on a surprise cut of 1.16 million barrels per day in April. and Europe, while China’s rebound from COVID-19 restrictions has been less robust than many had hoped. Totals may not equal sum ofcomponents due to independent rounding.There are concerns about economic weakness in the U.S. ² Less than 0.005 million barrels per day.ĭata are for crude oil, including extra heavy crude oil, lease condensate, and liquids processed from Canadian oil sands they exclude natural gas plant liquids. Countries no longer members of OPEC include: Gabon (1975-1994) and Indonesia (1962-2008). Current members (with years of membership) include: Algeria (1969-present), Angola (2007-present), Ecuador (1973-19-present), Iran (1960-present), Iraq (1960-present), Kuwait (1960-present), Libya (1962-present), Nigeria (1971-present), Qatar (1961-present), Saudi Arabia (1960-present), United Arab Emirates (1967-present) and Venezuela (1960-present). ¹ OPEC (Organization of the Petroleum Exporting Countries): An intergovernmental organization whose stated objective is to "coordinate and unify the petroleum policies of member countries." It was created at the Baghdad Conference on September 10-14, 1960. Since 2004 however, the gap between the two groups narrows down, providing OPEC with renewed power and influence (see also Oil prices up & reserves down). Non OPEC producers regained their past hegemony after 1975, growing to a 71% share of world production in 1985. From 1971 to 1976 – the first Arab oil embargo took place in 1973 – OPEC produced more than 50%. The relative contribution of the OPEC countries, reputedly unstable and insecure, has varied along the period. Should pumps, for whatever reason, stop sucking oil from the depths, neither efficiency improvements, nor energy source substitutions would be up to the task of preventing the outage of the economic machine by shortage of energy. These few landmarks suffice to get the unequivocal message that economic growth, a major goal in everyone's agenda especially in these dire times of financial and economic anguish, will demand a steady supply of crude oil in the foreseeable future. In plain words, oil supply is much more fragile for net importing countries, such as the USA, than it looks at the consolidated world level. ![]() It should be noted that total production is not the same as total availability, because the share of self consumption by oil producing countries tends to increase as a result of their own economic growth, and the building up of stocks to protect diminishing reserves. ![]() There is a strong correlation (correlation coefficient = 0.88) between the two variables, the variation of crude oil production being largely explained by the variation of the world GDP (Pearson statistic R² = 0.77). For the same period the world gross domestic product (GDP) increased from 7.3 to 53 trillion constant 2005 US dollars, at an annual average rate of 4.14%. Total world crude oil production grew from 7.7 in 1960 to 26.4 billion barrels per year in 2009, at an annual average rate of 2.56%. ![]() Trends are given by the dotted lines (linear regression). The chart shows the world total crude oil production in million barrels per day since 1960 through 2009.
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