What is the EIA forecast for world oil prices?
The U.S. Energy Information Administration (EIA) has increased its Brent spot average price forecasts for 2021 and 2022, its October short term energy outlook (STEO) has revealed. The EIA now sees Brent spot prices averaging $71.38 per barrel in 2021 and $71.91 per barrel in 2022.
What is EIA oil industry?
The EIA Petroleum Status Report is published every Wednesday by the Energy Information Administration (EIA), an agency within the U.S. Department of Energy. It details the level of crude-oil reserves that the U.S. holds, as well as the amount of crude and related products it produces, both domestically and abroad.
What is the total world oil production?
Under this definition, total world oil production in 2020 averaged 76,124,800 barrels per day. Approximately 71% came from the top ten countries, and an overlapping 36% came from the thirteen current OPEC members, in the table below.
What countries are the top producers and consumers of oil EIA?
Production includes domestic production of crude oil, all other petroleum liquids, biofuels, and refinery processing gain….What countries are the top producers and consumers of oil?
| Country | Million barrels per day | Share of world total |
|---|---|---|
| United States | 18.60 | 20% |
| Saudi Arabia | 10.82 | 11% |
| Russia | 10.50 | 11% |
| Canada | 5.26 | 6% |
Who is the biggest oil producer in the world?
The United States
The United States overtook Russia in 2017 for the second-place spot and surpassed former leader Saudi Arabia a year later to become the world’s top oil producer. Global oil production is expected to rise from 80 million b/d in 2018 to 100 million b/d in 2050.
Who is #1 oil producer?
According to the most recent data, the top five oil-producing nations are the United States, Saudi Arabia, Russia, Canada, and China. The United States overtook Russia in 2017 for the second-place spot and surpassed former leader Saudi Arabia a year later to become the world’s top oil producer.
How much oil does OPEC produce per year?
We forecast OPEC crude oil production will average 26.5 million b/d in 2021, up from 25.6 million b/d in 2020. OPEC crude oil production in the forecast rises from 25.0 million b/d in April to an average of 27.1 million b/d in 3Q21.
What’s the forecast for oil consumption in 2022?
We forecast that global consumption of petroleum and liquid fuels will increase by 3.6 million b/d in 2022 to average 101.3 million b/d. We forecast OPEC crude oil production will average 26.9 million b/d in 2021 and 28.7 million b/d in 2022.
What makes up oil production in the United States?
1 Oil includes crude oil, all other petroleum liquids, and biofuels. 2 Production includes domestic production of crude oil, all other petroleum liquids, biofuels, and refinery processing gain. 1 Oil includes crude oil, all other petroleum liquids, and biofuels.
Who are the top producers and consumers of oil?
What countries are the top producers and consumers of oil? Country Million barrels per day Share of world total United States 20.51 20% China 13.89 14% India 4.77 5% Russia 3.88 4%