US Again Leads World in Oil Production, Consumption

US Again Leads World in Oil Production, Consumption
Παρ, 14 Ιουνίου 2019 - 20:18

The U.S. led the world once again in oil production and consumption during the year of 2018, according to data compiled by Anadolu Agency on British energy giant BP's Statistical Review of World Energy 2019 report.

Oil production in the U.S. increased by 16.6% to reach 15.31 million barrels per day (mbpd) in 2018, from the previous year's level of 13.13 mbpd, the report showed that was released on Tuesday. Rich with shale oil resources, it was the fifth consecutive year the U.S. led the world in oil production. Last year, the U.S. also produced around 16.2% of total oil production in the world. Global oil production stood at a total of 94.72 mbpd in 2018, which was an increase of 2.4% from the 92.5 mbpd that was recorded in 2017, according to the data.

In oil production, the U.S. was followed by Saudi Arabia. The kingdom saw a 3.3% of year-over-year increase in output that climbed to 12.28 mbpd in 2018, from 11.89 mbpd the year before. Russia came in third place in oil production last year, as its output reached 11.43 mbpd from 11.25 mbpd in 2017, marking a 1.6% increase.

- US consumes 20.5% of world oil

The report showed that the U.S. also led the world in oil consumption once again last year. The country has been the top oil consumer in the world since 1965. Last year, the U.S. consumed a whopping 20.5% of oil around the world. In 2018, the global oil production came at 99.84 mbpd -- a 1.5% increase from 98.4 mbpd in 2017.

China was in second place in oil consumption, which rose to 13.52 mbpd last year, from 12.84 mbpd the year before, to mark a 5.3% jump. India saw its oil consumption soar by 5.9% year-over-year, and consumed 5.16 mbpd oil in 2018, which stood at 4.87 mbpd in 2017.

(Anadolu Agency)

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