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Gulf Insider
16-07-2025
- Business
- Gulf Insider
Global Oil Consumption Reaches All-Time High
Global oil consumption reached an all-time high in 2024, driven primarily by non-OECD countries, with the U.S. remaining the largest consumer. The U.S. continues to lead the world in total oil production, contributing to a record global output despite a slowdown in its growth rate. The 2025 Statistical Review reveals key shifts including declining production in Russia and Saudi Arabia, surging demand in India, and the significant rise of Guyana as an oil producer. Each year, the Statistical Review of World Energy offers important insights into global energy trends. Now published by the Energy Institute in collaboration with KPMG and Kearney, the 2025 edition—reflecting full-year 2024 data—reveals that global oil production and consumption remained relatively steady, but there are meaningful shifts underway. These shifts reflect not only changing geopolitics and economic recovery patterns but also longer-term questions around energy security, investment priorities, and the uneven global evolution toward decarbonization. In 2024, global oil consumption–which excludes biofuels but includes coal and natural gas derivatives–reached 101.8 million barrels per day (bpd). The represents an all-time high that slightly surpassed the 2023 level by 0.7%. On average, oil demand has increased by 1% per year over the past decade, driven almost entirely by non-OECD countries. The U.S. remains the world's largest oil consumer, accounting for 18.7% of global demand. Daily consumption in the U.S. fell slightly from 2023, but over the past decade it increased by 0.5% per year on average. China was the world's second-largest oil consumer, accounting for 16.1% of global demand. Its daily consumption fell 1.2% to 16.4 million bpd in 2024. This decline is a marked departure from the average 4% gain per year over the past decade, which means China's oil demand may be showing signs of plateauing. With economic growth slowing and a push toward electrification of transportation underway, some analysts speculate China may be approaching its long-term oil demand peak. Meanwhile, India's oil consumption continues to surge, jumping 3.1% year-over-year to 5.6 million bpd. The nation's economic expansion and rising middle class continue to drive growth, putting India on track to become the third-largest oil consumer globally within a few years. OECD nations saw modest changes in oil demand (+0.1%) while non-OECD nations saw demand jump by 1.2%. On the production side, global oil output (including natural gas liquids and other liquids) hit a record 96.9 million barrels per day. That's 1.8 million barrels more than the pre-pandemic peak, and about 9% higher than the lows seen during the COVID-19 downturn. On the surface, it's a story of resilience and recovery. But dig a little deeper, and the numbers reveal a more complicated picture. The United States continues to lead the world in total oil production, clocking in at 20.1 million barrels per day. But that headline figure includes a sizable share of natural gas liquids—byproducts like ethane and propane that aren't typically directly used as transportation fuels but may function as refinery feedstock. Strip those out, and U.S. production of crude oil and condensate—the type of output most analysts consider 'true oil'—comes in at 13.2 million barrels per day. Although this was yet another production record, the 2% increase from 2023 was less than half the 4.2% average annual gain over the previous decade, which could be an indication that U.S. production is close to a plateau. Russia follows in second place at 10.2 million barrels per day of crude plus condensate. That was down 3.1% from 2023, largely due to the impact of Western sanctions and logistical constraints. However, Russian exports to China and India remained robust, helping the country maintain relevance in global energy markets despite diplomatic isolation. Saudi Arabia also saw production fall by 4.2%. Saudi was in third place in 2024 with 9.2 million barrels per day, the lowest level since 2011. The drop reflects both voluntary production cuts to support prices and long-term questions about the Kingdom's spare capacity amid heavy domestic investments in refining and petrochemicals. The Statistical Review also sheds light on global oil reserves, although those are only available for the end of 2020. At that time, the world's proven oil reserves stood at 1.7 trillion barrels—enough to sustain current production levels for roughly 53.5 years. However, the distribution of those reserves remains highly uneven. Venezuela still holds the largest proved reserves, at 304 billion barrels, but much of that oil is heavy and difficult to extract. Saudi Arabia is second with 298 billion barrels, followed by Iran at 158 billion. The U.S., by contrast, holds 69 billion barrels—reflecting both a mature production base and a reserve classification system that tends to be more conservative. A few notable trends emerged from this year's data: Saudi Arabia's Output Decline : The drop in Saudi production is significant not only because it's the lowest in more than a decade, but also because it signals a shift in how the Kingdom may balance price stability with market share. : The drop in Saudi production is significant not only because it's the lowest in more than a decade, but also because it signals a shift in how the Kingdom may balance price stability with market share. U.S. Efficiency and NGLs : While the U.S. continues to be the top oil producer, a growing share of that output is in the form of natural gas liquids, which are not suitable for all applications and require different refining infrastructure. This evolution has implications for and refining strategies. : While the U.S. continues to be the top oil producer, a growing share of that output is in the form of natural gas liquids, which are not suitable for all applications and require different refining infrastructure. This evolution has implications for and refining strategies. Flat Growth in Global Reserves : The relative lack of reserve growth despite strong consumption reflects an investment hesitancy across much of the industry. This could pose long-term supply challenges if demand doesn't moderate. : The relative lack of reserve growth despite strong consumption reflects an investment hesitancy across much of the industry. This could pose long-term supply challenges if demand doesn't moderate. India's Ascent : India's rise as a major demand center—with relatively little domestic production—makes it one of the most strategically important countries in the oil market. Its policy choices on storage, refining, and renewables will shape future demand dynamics. : India's rise as a major demand center—with relatively little domestic production—makes it one of the most strategically important countries in the oil market. Its policy choices on storage, refining, and renewables will shape future demand dynamics. Guyana's Rise: Guyana's meteoric rise from zero to over 600,000 barrels daily in just five years is one of the fastest production ramps in oil industry history. With reserves now estimated at 11 billion barrels, Guyana is projected to reach 1 million barrels daily soon, potentially becoming a top-five global producer within the decade. Oil markets in 2024 were defined by an uneasy equilibrium. On the one hand, production and consumption were closely matched, and price volatility was relatively contained. On the other, the factors holding that balance together—OPEC+ coordination, U.S. shale resilience, and subdued global demand growth—are all subject to disruption. Looking ahead, several questions loom: Will China's oil demand begin to decline in absolute terms? Can U.S. shale sustain output without massive reinvestment? Will geopolitical risks in the Middle East, Russia, or elsewhere upset the delicate supply-demand balance? These aren't just market questions—they are strategic ones that affect global inflation, trade, and energy security. The 2025 Statistical Review confirms that oil is still very much at the center of the global economy. Demand is growing in the developing world, production remains concentrated among a handful of players, and supply vulnerabilities persist. In the coming weeks, I'll continue to unpack key findings from the Statistical Review, including natural gas, coal, renewables, and nuclear power trends. But one thing is clear from the oil data: in a world increasingly focused on energy transition, the importance of oil—economically and geopolitically—hasn't gone anywhere. Also read: OPEC Says Global Oil Consumption Will Hit 123 Million BPD By 2050
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First Post
15-07-2025
- Business
- First Post
India sets clean energy record, achieves Paris Agreement target 5 years before deadline
The Ministry of New and Renewable Energy said that 242.8GW gigawatts out of India's total installed power capacity of 484.8 gigawatts came from non-fossil fuels read more India officially draws 50 per cent of its installed electricity capacity from non-fossil fuel sources, reaching a landmark in its clean energy goals, the central government said on Tuesday. The Ministry of New and Renewable Energy said in a press release that the feat was achieved five years ahead of the target set under its Nationally Determined Contributions (NDCs) to the Paris Agreement. The ministry said that 242.8GW gigawatts out of India's total installed power capacity of 484.8 gigawatts came from non-fossil fuels. The Energy Institute's Statistical Review of World Energy has said that India produced 2,030 terawatt-hours of electricity in 2024 and out of this, 240.5 TWh was drawn from renewable sources of energy. STORY CONTINUES BELOW THIS AD 'India is showing the way' 'In a world seeking climate solutions, India is showing the way. Achieving 50% non-fossil fuel capacity five years ahead of the 2030 target is a proud moment for every Indian. Prime Minister Shri Narendra Modi's leadership continues to drive Bharat's green transformation — paving the path towards a self-reliant and sustainable future,' Union Energy Minister Pralhad Joshi said. In a world seeking climate solutions, India is showing the way. Achieving 50% non-fossil fuel capacity five years ahead of the 2030 target is a proud moment for every Indian. Hon'ble PM Shri @narendramodi ji's leadership continues to drive Bharat's green transformation — paving… — Pralhad Joshi (@JoshiPralhad) July 14, 2025 How was this achieved? India's clean energy ambitions were accelerated by schemes like PM-KUSUM, the PM Surya Ghar: Muft Bijli Yojana, solar park development, and the National Wind-Solar Hybrid Policy, all of which have played a key role in the achievement. The Pradhan Mantri Kisan Urja Suraksha Utthaan Mahabhiyan (PM-KUSUM) scheme has provided solar-powered pumps to hundreds of thousands of farmers, helping promote sustainable and energy-secure agriculture. Meanwhile, the PM Surya Ghar scheme, launched in 2024, paved the way for rooftop solar panel installations. It aims to bring solar power to one crore households, encouraging decentralised energy generation and enabling citizens to become active participants in the clean energy economy.
Yahoo
14-07-2025
- Business
- Yahoo
Global Oil Consumption Reaches All-Time High
Each year, the Statistical Review of World Energy offers important insights into global energy trends. Now published by the Energy Institute in collaboration with KPMG and Kearney, the 2025 edition—reflecting full-year 2024 data—reveals that global oil production and consumption remained relatively steady, but there are meaningful shifts underway. These shifts reflect not only changing geopolitics and economic recovery patterns but also longer-term questions around energy security, investment priorities, and the uneven global evolution toward decarbonization. In 2024, global oil consumption–which excludes biofuels but includes coal and natural gas derivatives–reached 101.8 million barrels per day (bpd). The represents an all-time high that slightly surpassed the 2023 level by 0.7%. On average, oil demand has increased by 1% per year over the past decade, driven almost entirely by non-OECD countries. The U.S. remains the world's largest oil consumer, accounting for 18.7% of global demand. Daily consumption in the U.S. fell slightly from 2023, but over the past decade it increased by 0.5% per year on average. China was the world's second-largest oil consumer, accounting for 16.1% of global demand. Its daily consumption fell 1.2% to 16.4 million bpd in 2024. This decline is a marked departure from the average 4% gain per year over the past decade, which means China's oil demand may be showing signs of plateauing. With economic growth slowing and a push toward electrification of transportation underway, some analysts speculate China may be approaching its long-term oil demand peak. Meanwhile, India's oil consumption continues to surge, jumping 3.1% year-over-year to 5.6 million bpd. The nation's economic expansion and rising middle class continue to drive growth, putting India on track to become the third-largest oil consumer globally within a few years. OECD nations saw modest changes in oil demand (+0.1%) while non-OECD nations saw demand jump by 1.2%. On the production side, global oil output (including natural gas liquids and other liquids) hit a record 96.9 million barrels per day. That's 1.8 million barrels more than the pre-pandemic peak, and about 9% higher than the lows seen during the COVID-19 downturn. On the surface, it's a story of resilience and recovery. But dig a little deeper, and the numbers reveal a more complicated picture. The United States continues to lead the world in total oil production, clocking in at 20.1 million barrels per day. But that headline figure includes a sizable share of natural gas liquids—byproducts like ethane and propane that aren't typically directly used as transportation fuels but may function as refinery feedstock. Strip those out, and U.S. production of crude oil and condensate—the type of output most analysts consider 'true oil'—comes in at 13.2 million barrels per day. Although this was yet another production record, the 2% increase from 2023 was less than half the 4.2% average annual gain over the previous decade, which could be an indication that U.S. production is close to a plateau. Russia follows in second place at 10.2 million barrels per day of crude plus condensate. That was down 3.1% from 2023, largely due to the impact of Western sanctions and logistical constraints. However, Russian exports to China and India remained robust, helping the country maintain relevance in global energy markets despite diplomatic isolation. Saudi Arabia also saw production fall by 4.2%. Saudi was in third place in 2024 with 9.2 million barrels per day, the lowest level since 2011. The drop reflects both voluntary production cuts to support prices and long-term questions about the Kingdom's spare capacity amid heavy domestic investments in refining and petrochemicals. The Statistical Review also sheds light on global oil reserves, although those are only available for the end of 2020. At that time, the world's proven oil reserves stood at 1.7 trillion barrels—enough to sustain current production levels for roughly 53.5 years. However, the distribution of those reserves remains highly uneven. Venezuela still holds the largest proved reserves, at 304 billion barrels, but much of that oil is heavy and difficult to extract. Saudi Arabia is second with 298 billion barrels, followed by Iran at 158 billion. The U.S., by contrast, holds 69 billion barrels—reflecting both a mature production base and a reserve classification system that tends to be more conservative. A few notable trends emerged from this year's data: Saudi Arabia's Output Decline: The drop in Saudi production is significant not only because it's the lowest in more than a decade, but also because it signals a shift in how the Kingdom may balance price stability with market share. U.S. Efficiency and NGLs: While the U.S. continues to be the top oil producer, a growing share of that output is in the form of natural gas liquids, which are not suitable for all applications and require different refining infrastructure. This evolution has implications for and refining strategies. Flat Growth in Global Reserves: The relative lack of reserve growth despite strong consumption reflects an investment hesitancy across much of the industry. This could pose long-term supply challenges if demand doesn't moderate. India's Ascent: India's rise as a major demand center—with relatively little domestic production—makes it one of the most strategically important countries in the oil market. Its policy choices on storage, refining, and renewables will shape future demand dynamics. Guyana's Rise: Guyana's meteoric rise from zero to over 600,000 barrels daily in just five years is one of the fastest production ramps in oil industry history. With reserves now estimated at 11 billion barrels, Guyana is projected to reach 1 million barrels daily soon, potentially becoming a top-five global producer within the decade. Oil markets in 2024 were defined by an uneasy equilibrium. On the one hand, production and consumption were closely matched, and price volatility was relatively contained. On the other, the factors holding that balance together—OPEC+ coordination, U.S. shale resilience, and subdued global demand growth—are all subject to disruption. Looking ahead, several questions loom: Will China's oil demand begin to decline in absolute terms? Can U.S. shale sustain output without massive reinvestment? Will geopolitical risks in the Middle East, Russia, or elsewhere upset the delicate supply-demand balance? These aren't just market questions—they are strategic ones that affect global inflation, trade, and energy security. The 2025 Statistical Review confirms that oil is still very much at the center of the global economy. Demand is growing in the developing world, production remains concentrated among a handful of players, and supply vulnerabilities persist. In the coming weeks, I'll continue to unpack key findings from the Statistical Review, including natural gas, coal, renewables, and nuclear power trends. But one thing is clear from the oil data: in a world increasingly focused on energy transition, the importance of oil—economically and geopolitically—hasn't gone anywhere. By Robert Rapier More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-07-2025
- Business
- Yahoo
Who Is The World's Top Natural Gas Producer?
This article was first published on Rigzone here According to the Energy Institute's (EI) latest statistical review of world energy, which was released recently, the world's top natural gas producer last year was the United States. The U.S. produced 37.19 exajoules of natural gas in 2024, which represented a yearly reduction of 0.3 percent and 25.0 percent of total natural gas output last year, the review outlined. From 2014 to 2024, U.S. production of natural gas has grown by an average rate of 3.9 percent per year, the review showed. U.S. natural gas production came in at 25.37 exajoules in 2014, 26.65 exajoules in 2015, 26.18 exajoules in 2016, 26.90 exajoules in 2017, 30.27 exajoules in 2018, 33.41 exajoules in 2019, 33.29 exajoules in 2020, 34.00 exajoules in 2021, 35.67 exajoules in 2022, and 37.19 exajoules in 2023, according to the EI's review. Russia was shown to be the second biggest natural gas producer last year in the EI's latest statistical review of world energy, which pointed out that the country produced 22.68 exajoules of natural gas in 2024. That figure represented a 7.1 percent year on year increase and 15.3 percent of global natural gas production last year, the review pointed out. From 2014 to 2024, Russia has seen its natural gas output increase by an average rate of 0.6 percent every year, the review highlighted. Iran ranked as the third biggest natural gas producer in 2024 in the EI's review, with 9.46 exajoules. That figure marked a year on year increase of 0.9 percent and 6.4 percent of global natural gas production last year, according to the review, which outlined that, from 2014 to 2024, Iran's natural gas output has grown by an average rate of 4.1 percent every year. Total world natural gas production came in at 148.48 exajoules in 2024, according to the EI's latest statistical review of world energy, which outlined that OECD countries delivered 39.3 percent of the total output and non-OECD countries delivered 60.7 percent. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> The total world natural gas production figure in the EI's latest statistical review of world energy was a 1.2 percent year on year increase, the report showed. From 2014 to 2024, total world natural gas output has grown by an average of 1.8 percent every year, the review highlighted. In its review, the EI pointed out that its natural gas production figures exclude gas flared or recycled and include natural gas produced for gas to liquids transformation. 'In 2024, global gas production increased by 1.2 percent to 4,124 billion cubic meters,' the EI stated in its review. 'The four largest producers are the U.S., Russia, Iran, and China who, together, account for 53 percent of total global production,' it added. A release posted on EI's website last month announcing the launch of the review noted that the EI statistical review of world energy analyzes data on world energy markets from the prior year. 'It has been providing timely, comprehensive and objective data to the energy community since 1952, originally from BP and, since 2023, under the custodianship of the EI and its co-authors KPMG and Kearney,' the release stated. 'The statistical review continues to be full, first, and free: the fullest, most reliable account of energy production, consumption, trade and emissions; the first data source to provide a complete global picture of the previous year; and completely free to access for users,' the release continued. The EI released its first, and the overall 72nd, annual edition of the Statistical Review of World Energy back in June 2023. The latest statistical review of world energy marks the overall 74th edition of the resource. To contact the author, email More From The Leading Energy Platform: Cyprus Announces New Gas Discovery in Block 10 Iberdrola Approves Supplemental Dividend for 2024 Great British Energy Gets Permanent CEO How Close Did Iran Come to Shutting Strait of Hormuz? >> Find the latest oil and gas jobs on << Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
08-07-2025
- Business
- Forbes
Global Oil Output Steady, But Subtle Shifts Hint At Changes Ahead
FILE - Pumpjacks work in a field near Lovington, N.M. (AP Photo/Charlie Riedel, File) Each year, the Statistical Review of World Energy offers important insights into global energy trends. Now published by the Energy Institute in collaboration with KPMG and Kearney, the 2025 edition—reflecting full-year 2024 data—reveals that global oil production and consumption remained relatively steady, but there are meaningful shifts underway. These shifts reflect not only changing geopolitics and economic recovery patterns but also longer-term questions around energy security, investment priorities, and the uneven global evolution toward decarbonization. Global Oil Consumption Hits New High In 2024, global oil consumption--which excludes biofuels but includes coal and natural gas derivatives--reached 101.8 million barrels per day (bpd). The represents an all-time high that slightly surpassed the 2023 level by 0.7%. On average, oil demand has increased by 1% per year over the past decade, driven almost entirely by non-OECD countries. Global Oil Consumption 1965-2024. The U.S. remains the world's largest oil consumer, accounting for 18.7% of global demand. Daily consumption in the U.S. fell slightly from 2023, but over the past decade it increased by 0.5% per year on average. China was the world's second-largest oil consumer, accounting for 16.1% of global demand. Its daily consumption fell 1.2% to 16.4 million bpd in 2024. This decline is a marked departure from the average 4% gain per year over the past decade, which means China's oil demand may be showing signs of plateauing. With economic growth slowing and a push toward electrification of transportation underway, some analysts speculate China may be approaching its long-term oil demand peak. Meanwhile, India's oil consumption continues to surge, jumping 3.1% year-over-year to 5.6 million bpd. The nation's economic expansion and rising middle class continue to drive growth, putting India on track to become the third-largest oil consumer globally within a few years. OECD nations saw modest changes in oil demand (+0.1%) while non-OECD nations saw demand jump by 1.2%. U.S. Leads All Producers to New Record On the production side, global oil output (including natural gas liquids and other liquids) hit a record 96.9 million barrels per day. That's 1.8 million barrels more than the pre-pandemic peak, and about 9% higher than the lows seen during the COVID-19 downturn. On the surface, it's a story of resilience and recovery. But dig a little deeper, and the numbers reveal a more complicated picture. The United States continues to lead the world in total oil production, clocking in at 20.1 million barrels per day. But that headline figure includes a sizable share of natural gas liquids—byproducts like ethane and propane that aren't typically directly used as transportation fuels but may function as refinery feedstock. Strip those out, and U.S. production of crude oil and condensate—the type of output most analysts consider 'true oil'—comes in at 13.2 million barrels per day. Although this was yet another production record, the 2% increase from 2023 was less than half the 4.2% average annual gain over the previous decade, which could be an indication that U.S. production is close to a plateau. Russia follows in second place at 10.2 million barrels per day of crude plus condensate. That was down 3.1% from 2023, largely due to the impact of Western sanctions and logistical constraints. However, Russian exports to China and India remained robust, helping the country maintain relevance in global energy markets despite diplomatic isolation. Saudi Arabia also saw production fall by 4.2%. Saudi was in third place in 2024 with 9.2 million barrels per day, the lowest level since 2011. The drop reflects both voluntary production cuts to support prices and long-term questions about the Kingdom's spare capacity amid heavy domestic investments in refining and petrochemicals. Proved Reserves The Statistical Review also sheds light on global oil reserves, although those are only available for the end of 2020. At that time, the world's proven oil reserves stood at 1.7 trillion barrels—enough to sustain current production levels for roughly 53.5 years. However, the distribution of those reserves remains highly uneven. Venezuela still holds the largest proved reserves, at 304 billion barrels, but much of that oil is heavy and difficult to extract. Saudi Arabia is second with 298 billion barrels, followed by Iran at 158 billion. The U.S., by contrast, holds 69 billion barrels—reflecting both a mature production base and a reserve classification system that tends to be more conservative. Unusual Developments and Emerging Themes A few notable trends emerged from this year's data: Outlook: Stability or Strain? Oil markets in 2024 were defined by an uneasy equilibrium. On the one hand, production and consumption were closely matched, and price volatility was relatively contained. On the other, the factors holding that balance together—OPEC+ coordination, U.S. shale resilience, and subdued global demand growth—are all subject to disruption. Looking ahead, several questions loom: These aren't just market questions—they are strategic ones that affect global inflation, trade, and energy security. Final Thoughts The 2025 Statistical Review confirms that oil is still very much at the center of the global economy. Demand is growing in the developing world, production remains concentrated among a handful of players, and supply vulnerabilities persist. In the coming weeks, I'll continue to unpack key findings from the Statistical Review, including natural gas, coal, renewables, and nuclear power trends. But one thing is clear from the oil data: in a world increasingly focused on energy transition, the importance of oil—economically and geopolitically—hasn't gone anywhere.
