![]() ![]() ![]() Reflecting the intensifying fuel shortage, futures prices for ultra-low sulphur diesel (ULSD) delivered in New York Harbor in December are trading at a premium of $60 per barrel over Brent. Since then, the inventory position has tightened even further, with stocks estimated to have fallen to a record seasonal low of fewer than 27 days of demand in October.Ĭhartbook: U.S. In terms of consumption, however, inventories at the end of July were equivalent to just 30 days of demand, the lowest seasonal level in monthly records going back to 1945. The deficit has been worsening steadily since the start of the year when stocks were 15 million barrels (-11% or -1.18 standard deviations) below the ten-year average.īy the end of July, stocks had already fallen to 113 million barrels, the lowest since 1996 and before that 1954, based on the most recent data available from the EIA’s more comprehensive monthly surveys. Energy Information Administration (EIA) started collecting weekly data in 1982.ĭistillate inventories were a massive 26 million barrels (-20% or -1.94 standard deviations) below the seasonal average for the previous ten years (“ Weekly petroleum status report”, EIA, Oct. 21, the lowest for the time of year since the U.S. ![]() Stocks of diesel and other distillate fuel oils were just 106 million barrels on Oct. diesel supplies are becoming critically low with shortages and price spikes likely to occur in the next six months unless and until the economy and fuel consumption slow. These nations have notably smaller populations and fewer vehicles and planes, which decreases their reliance upon oil.LONDON, Oct 27 (Reuters) - U.S. Some of the smallest consumers of crude oil are Niue at 50 barrels per day and Saint Helena at 70 barrels per day. The world’s proven reserves are equivalent to about 46.6 times its annual consumption levels, meaning that the Earth has roughly 53 years of oil left at the current consumption levels. It is estimated that the world consumes more than 88 million barrels of oil per day. There are an estimated 1.73 trillion barrels of proven oil reserves in the world as of 2020. All three of these countries have the three largest populations in the world. The United States, China, and India alone account for over a third of the world’s total oil consumption. This is followed by China, which consumes 14.2 million barrels of oil per day, and India, which consumes about 4.7 million barrels per day. This is approximately 15-20% of the world’s total oil consumption. The United States is both the largest producer of oil, mining approximately 11.5 million barrels per day, and also its largest consumer of oil at more than 17 million gallons per day-more than the entire European Union (9.8 million). ![]() The top ten consumers of oil account for approximately 60% of the world’s total oil consumption, with all other countries combined accounting for about 40% of the world’s total oil consumption. Top 10 Countries that Consume the Most Oil (2020 barrels per day): Venezuela and Saudi Arabia have the largest oil reserves in the world, but approximately half of the countries in the world are oil-producing nations. Oil deposits that have not yet been pumped out of the ground are known as oil reserves. The United States was the world's largest producer of crude oil in 2020, producing about 11.5 million barrels per day, with Texas, New Mexico, and North Dakota ranking as the largest oil-producing states. This number actually represents a decrease in consumption compared to previous years, and is attributed to the COVID-19 pandemic. In 2020, the world used, or consumed, approximately 88.7 million barrels of oil per day. Once extracted from deposits underground, crude oil is processed into products including gasoline, diesel fuel, jet fuel, heating oils, asphalt, and lubricating oils. Crude oil ranges from yellow to black in color and displays variable density and viscosity. Crude oil, or petroleum, is a naturally occurring liquid mineral that is mankind's main source of motor vehicle fuel and, in some parts of the world, heating oil. ![]()
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