EIA forecasts that OPEC crude oil production will average 27.2 million b/d in 2021, up 1.6 million b/d from 2020. The current level of U.S. crude oil production as of January 2021 is 10,900.00 thousand barrels per day. In 2016, Kuwait derived 3,072,000 barrels per day of oil, compared to the rate of 2,753,000 BPD in 2020. OPEC’s World Oil Outlook (WOO) is part of the Organization’s commitment to market stability. In 2021, EIA expects Canada’s production to increase by 0.4 million b/d and surpass first quarter of 2020 production, driven by the removal of government-ordered curtailments and expansions of previously deferred oil sands projects. But growth in non-OPEC production is set to lose momentum after a few years, indicating a greater role for OPEC+ countries. Short, timely articles with graphics on energy, facts, issues, and trends. Therefore, the production cost of crude oil is an enigma and a state secret. Preliminary data and estimates indicate that global liquid fuels consumption declined by 9.0 million barrels per day (b/d) in 2020, the largest annual decline in EIA data going back to 1980. For 2020 as a whole, the magnitude of the drop in the first half leads to a decline in global oil demand of around 90,000 barrels a day compared with 2019. Upward price pressures reemerge in the forecast during 2022 as a result of global oil inventory draws accelerating compared with the second half of 2021. EIA expects oil production in 2021 to fall to 1.8 million b/d, even as PEMEX’s priority fields continue to ramp up production and the Ixachi and the Ichalkil/Pokoch projects come online. Each of these FPSOs has a production capacity of 180,000 b/d. In addition, the decline in global oil demand following the onset of the COVID-19 pandemic further reduced the demand for Venezuela’s oil. Total oil reserves are estimated to be around 1,800 to 2,200 billion barrels, with about 1,700 billion barrels considered proven reserves. These alternatives are outlined in the March edition of the IEA’s monthly Oil Market Report, which is released in tandem with this medium-term report. Provides custom data views of historical and forecast data Non-OPEC production was its lowest for the year during the second quarter, but production began rising in the third quarter as global oil demand increased. Monthly and yearly energy forecasts, analysis of energy topics, financial analysis, congressional reports. The recovery in petroleum demand will also differ by petroleum product. Oil imports will be coming from places further away, increasing voyage duration and inherently limiting flexibility when dealing with emergencies. Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information. Brazil’s production of petroleum and other liquid fuels grew by 0.2 million b/d in 2020, and it is expected to grow by 0.4 million b/d in 2021 and by 0.2 million b/d in 2022.    |   In a decarbonising world, refiners face a big challenge from weaker transport fuel demand. Global attention is increasingly focused on the need to accelerate clean energy transitions in order to mitigate the risks of climate change. The low prices were the result of significant declines in oil consumption that caused a sharp rise in global oil inventories. Due to its fast ramp-up and rapid decline, US light tight oil (LTO) production is more responsive to a change in the oil price than conventional sources of supply. Real Prices Viewer ›, Residential Energy Consumption Survey (RECS), Commercial Buildings Energy Consumption Survey (CBECS). Following a record increase of more than 2.2 mb/d in 2018, the pace of the US expansion slowed to 1.6 mb/d last year as independent producers cut spending and scaled back drilling activity. EIA forecasts that global oil consumption and production will rise during 2021 and 2022, and global oil inventories will continue to decline during much of that period. Exploration and reserves, storage, imports and exports, production, prices, sales. Global oil demand rebounds in 2021 and Asia accounts for 77% of oil demand growth through 2025. Venezuela, Libya, and Iran are not subject to the OPEC+ agreement. Refining capacity additions in recent years have outstripped demand growth, bringing tough competition for an industry already challenged by tightening product specifications, most notably the new International Maritime Organisation (IMO) bunker rules introduced at the beginning of 2020. Release Date: January 12, 2021  |  Forecast Completed: January 7, 2021  |  Following a difficult start in 2020 (-90 kb/d) due to the coronavirus, growth rebounds to 2.1 mb/d in 2021 and decelerates to 800 kb/d by 2025 as transport fuels demand growth stagnates. The United States, Russia, and Saudi Arabia still remain the top three highest oil-producing countries in the world according to the latest report by The U.S. Energy Information Administration (EIA).. Lastly, the degree to which the U.S. shale industry responds to the recent relative strength in oil prices compared with their recent lows in April will affect the oil price path in the coming quarters. Greenhouse gas data, voluntary reporting, electric power plant emissions. Energy use in homes, commercial buildings, manufacturing, and transportation. Javier Blas, Grant Smith, and . However, demand from the aviation sector will continue to suffer from the contraction in global air travel. In the second quarter, an improving situation in China offsets deteriorating demand elsewhere. EIA estimates that global oil consumption recovered to 95.5 million b/d by December, which was up from April but was still 6.8 million b/d lower than in December 2019. Petrochemical feedstocks LPG/ethane and naphtha will drive around half of all oil products demand growth, helped by continued rising plastics demand and cheap natural gas liquids in North America. Palm Oil Production … Next Release Date: February 9, 2021 However, Brent prices increased through much of the rest of 2020 because rising oil demand and reduced production caused global oil inventories to fall. EIA forecasts OPEC crude oil production will average 28.2 million b/d in 2022, an increase of 1.1 million b/d. Among petroleum products, jet fuel consumption fell particularly sharply in 2020, and EIA assumes that global jet fuel consumption will remain below its 2019 level through the end of 2022. Mexico’s liquid fuels production averaged 1.9 million b/d in 2020, almost unchanged from 2019. Recommended to you based on your activity and what's popular • Feedback Energy & Financial Markets: What Drives Crude Oil Prices? The US leads the way as the largest source of new supply. This output is insufficient to offset declines from PEMEX’s older fields, in particular the Maloob field. Further spending cuts are expected for 2020, with capital discipline remaining a priority. At the same time, global energy transitions are affecting the oil industry: companies must balance the investments needed to ensure sufficient supplies against the necessity of cutting emissions. Efforts to improve the sustainability of the plastics industry will run up against the steady increase in demand from consumers in developing countries. The OPEC+ production cuts in April 2020 (extended in June), along with record oil supply disruption levels, reversed the inventory builds that resulted from the historic demand declines during the second quarter of 2020. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. Even as other Latin American oil producers saw declines in 2020, oil production continued to grow in Brazil, because of the continued ramping of production at floating, production, storage, and offloading vessels (FPSOs) brought online before 2020 and the record production in particular at the Buzios field. Given the impact Covid-19 is having on the world’s energy markets, it looks like 2018 may stand as the high mark for oil production for at least a couple of years. EIA's free and open data available as API, Excel add-in, bulk files, and widgets. However, weeks after this announcement, Petrobras reversed these cuts because demand for crude oil exports remained strong, especially for exports to Asia. However, during much of the second half of the year, rising oil consumption, reduced crude oil production from members of the Organization of the Petroleum Exporting Countries (OPEC) and its partners (OPEC+), and lower U.S. crude oil production caused inventories to fall, pushing Brent prices to a monthly average of $50/b in December. Other non-OPEC producers, Brazil, Guyana, Canada, increase exports too. Gains in supply are heavily front-loaded, however, and robust non-OPEC growth through 2021 suggests that there is likely to be a role for OPEC+ market management during the first part of the period. The impact of clean energy transitions on oil supply remains unclear, with many companies prioritising short-cycle projects for the coming years. EIA also expects production growth in Norway during 2021 and 2022. A price of $40/bbl would cause LTO output to decline from 2021, and fall by 1.1 mb/d to 2025, compared with growth of 2.2 mb/d in our base case. In this case, oil demand in China suffers the most in the first quarter, with a year-on-year fall of 1.8 million barrels per day (mb/d). As of … In late October, the Alberta government announced it would stop setting monthly oil production limits. In April 2020, Brazil’s national oil company, Petroleo Brasileiro, S.A. (Petrobras), announced production cuts of 0.2 million b/d in response to the COVID-19 pandemic. Bans imposed on single-use plastics and recycling, even if fully implemented, will displace only a very modest amount of oil demand. The impacts vary by fuel. This decrease is the result of both 2019 government-ordered production cuts in Alberta that continued into 2020 and economics-driven shut-ins because of the effect of low oil prices and falling demand for oil exports. The ramp up in new fields during 2021 will contribute to the year-over-year growth in both 2021 and 2022. • PDF versions and PowerPoint slide packs of the charts, maps and graphs, plus an Excel workbook and database format of the data. On the supply side, geopolitics remain a wild card. This is a list of countries by oil production, as compiled from the U.S. Energy Information Administration database for calendar year 2019, tabulating all countries on a comparable best-estimate basis. Uranium fuel, nuclear reactors, generation, spent fuel. Crude oil, gasoline, heating oil, diesel, propane, and other liquids including biofuels and natural gas liquids. Amy Stillman. As for OPEC, even though sanctions and economic distress have wiped out 2.5 mb/d of production from Iran and Venezuela since 2017, effective crude oil capacity rises by 1.2 mb/d to 34.1 mb/d. Colombia, the UK, Russia, Egypt, Nigeria and Angola post the biggest declines. The 2020 production decrease was driven by less associated liquids output stemming from a reduction in crude oil production. Brazil, Guyana, Iraq and the United Arab Emirates also deliver impressive gains. The expected rise in the consumption of liquid fuels results from rising global gross domestic product (GDP) as well as a move toward pre-pandemic patterns of travel, particularly in late 2021 and in 2022. Containment measures imposed in North America, Europe and elsewhere are expected to have a smaller impact on oil demand than those in China. EIA expects that Brent prices will average $53/b over the next two years. Looking beyond the short term, the oil market looks comfortably supplied through 2025. Gasoline demand sees a sharp slowdown over our forecast period with growth reduced from the 2.5 mb/d seen in the previous six year period to just 500 kb/d over the 2019-25 period. Strong growth in Asian oil demand is creating major opportunities for oil producing countries that can boost exports. As of the end of 2020, EIA estimates that most shut-in production as a result of responses to COVID-19 has been restored, faster than previously estimated. Canada and Brazil lead forecast non-OPEC production growth in 2021 and Russia and the United States will lead growth in 2022. The duration of, and adherence to, the latest targeted OPEC+ production cuts also remains uncertain. EIA estimates that OPEC’s crude oil production averaged 25.6 million b/d in 2020, down by 3.7 million b/d from 2019 and the lowest annual average for OPEC crude oil production since 2002. The arrival of the coronavirus is rattling a global oil market that was already facing challenges. Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Clean Energy Transitions in Emerging Economies, Digital Demand-Driven Electricity Networks Initiative, Global Commission for Urgent Action on Energy Efficiency, Promoting digital demand-driven electricity networks. At the same time, oil production in the region declines. World Palm Oil Production 2020/2021 Jan 2021. Talks to Cut the World’s Oil Production Drag On for a Third Day By . The United States leads OECD growth in both years, growing by 1.4 million b/d (8%) in 2021 and by 1.0 (5%) million b/d in 2022. Non-OPEC supply will rise by 4.5 mb/d while OPEC builds another 1.4 mb/d of crude and natural gas liquids capacity. This price discount is based on EIA’s assumption that the current reduced discount of WTI to Brent of $2/b on average in the second half of 2020 reflects significant declines in U.S. crude oil production and reduced available volumes of U.S. crude oil for export to distant markets relative to other global benchmarks. 1 day EIA: Global Oil Consumption Crashed By 9% In 2020 1 day Dutch Court Holds Shell Liable For Oil Spill In Nigeria 1 day Occidental Delivers World First Carbon-Neutral Oil Venezuela’s production declines accelerated in 2020 after the United States government imposed new sanctions on Rosneft Trading in mid-February. World Oil Map 2021. During the medium-term, the US Gulf Coast will solidify its position as the largest seaborne export hub outside the Middle East, adding another 2 mb/d to seaborne crude oil exports. While ensuring it is able to continue to meet growing demand, it must also address the need to curb emissions and improve sustainability. America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global … Global Petroleum Inventories. EIA expects production in Russia to grow in 2021 and 2022 after declining sharply in 2020 because the OPEC+ agreement, in which Russia participates, limited crude oil production. After averaging $64/b in January 2020, Brent prices fell to an average of $18/b in April, the lowest monthly average price in real terms since February 1999. However, the return of crude oil production in Libya and elsewhere during the fourth quarter of 2020, combined with a relaxation in OPEC’s production cuts as global oil demand increased, contributed to production rising to 24.9 million b/d in the fourth quarter. In this base case, we assume that although the virus is brought under control in China by the end of the first quarter, the number of cases rises in many other countries. On January 5, 2021, OPEC+ announced modest production increases from Russia and Kazakhstan in February and March (totaling 75,000 b/d per month). WOO 2020 PDF download ... Chapter 3 - Oil demand; Chapter 4 - Liquids supply; Chapter 5 - Refining outlook; Chapter 6 - Oil movements; Chapter 7 - Energy policies, climate change and sustainable development; Chapter 8 - Oil demand and supply uncertainties; Data download; Download World Oil Outlook 2020. EIA expects global oil supply to rise in the forecast, but voluntary production restraint from OPEC+ producers, along with the lingering effects of low oil prices on U.S. tight oil production, will limit global supply increases. From 2022, the US loses steam allowing OPEC producers from the Middle East to turn up the taps to help keep the oil market in balance. The USDA esti­mates global pro­duc­tion will drop to 3.03 mil­lion tons of olive oil, down from the 3.12 mil­lion tons pro­duced in the 2019/20 crop year. Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. In 2019, about 15.5% of U.S. crude oil was produced from wells located offshore in the federally administered waters of the Gulf of Mexico. Russia experienced the largest liquid fuels production decline in 2020 among OPEC+ producers: a decline of 1.0 million b/d from 2019 production. Oil 2020 looks at the interplay between the expanding US influence in global oil supply and the demand from Asia for exports from the Middle East. A prospective 2020 peak oil scenario would place the peak production at 35 billion barrels, which was surpassed in 2018. As a result, EIA expects global oil inventories to decline at a rate of 0.6 million b/d in 2021 and 0.5 million b/d in 2022. (Bloomberg) --Petrobras wrapped up 2020 with record oil production just as most of its peers reeled from the worst crude-market crash in history. Petrochemicals become an ever more important driver, with naphtha, liquefied petroleum gas (LPG) and ethane responsible for half of all growth. With uncertainties over demand, supply, investment strategies and business models, the global oil industry faces major challenges. This rate of inventory withdraw would leave global oil inventories 0.3 billion barrels higher at the end of 2022 than they were at the end of 2019. EIA expects continued declines in Venezuela’s crude oil production in the forecast. EIA forecasts Phase 1 of the Johan Sverdrup field to return to its pre-COVID-19 peak production of 470,000 b/d in early 2021 and surpass that before the end of 2021. Libya’s crude oil production fell during the first five months of 2020 after the January closure of five export terminals in eastern Libya and the pipelines connecting the El Sharara and El Feel oilfields to those terminals. EIA forecasts West Texas Intermediate (WTI) crude oil prices will average about $3/b less than Brent prices in 2021 and $4/b less than Brent prices in 2022. From the beginning of 2020 through the end of May, declines in oil consumption outpaced declines in oil production and resulted in global oil inventories rising by 1.2 billion barrels. These estimates do not include additional capacity that may be available in Iran that is offline because of U.S. sanctions on Iran’s oil sales. Almost 5% of the natural gas production was flared in 2020. Unlike many oil-producing countries, this Western Asian nation experienced a severe drop in oil production rates between 2016 and 2020. Forecast production in Canada grows by 0.1 million b/d in 2022. EIA expects global oil inventories will fall by 2.3 million b/d in the first quarter of 2021, which EIA expects will contribute to Brent prices averaging $56/b. Maps, tools, and resources related to energy disruptions and infrastructure. All Tables This month the United States Department of Agriculture (USDA) estimates that the World Palm Oil Production 2020/2021 will be 75.46 million metric tons, around 0.01 million tons more than previous month's projection. Norway’s Ministry of Petroleum and Energy enacted unilateral production limits on the Norwegian continental shelf from June to December 2020. Global oil supply looks comfortable through the forecast period. All major Asian economies are heavily dependent on oil imports. Overall production growth between 2018 and 2019 was less than 1% as OPEC and large Russian oil producers agreed to slow down production due to lower oil prices. Download the bp World Energy app Explore the world of energy from your tablet or smartphone. Rising COVID-19 infections during the fourth quarter of 2020 slowed the recovery in oil consumption. In depth view into World Crude Oil Production including historical data from 1973, charts and stats. This statistic shows the world vegetable oil production up until 2020. Come test out some of the products still in development and let us know what you think! The Johan Sverdrup field, which was the main driver of growth in Norway’s production in 2020, will also contribute to growth in 2021, 2022, and beyond. Forecast consumption of petroleum and other liquid fuels in the OECD grows by 2.5 million b/d (6%) in 2021 and by 1.7 million b/d (4%) in 2022. The deceleration in US and other non-OPEC growth from 2022 will allow OPEC producers from the Middle East to turn up the taps to help keep the oil market in balance, thereby increasing their importance for oil consuming countries. Global Petroleum and Other Liquid Fuels Consumption. EIA expects production of non-OPEC petroleum and other liquid fuels to increase by 1.2 million b/d in 2021. Nevertheless, investors continue to ratchet up pressure on the industry to sharpen its focus on sustainability issues while activists, especially in Europe and North America, seek to hinder new oil developments. Brent prices rose to a monthly average of $50/b in December in part because of expectations of future economic recovery based on continued news about the viability of multiple COVID-19 vaccines. The estimated falls of 8% in oil demand and 7% in coal use stand in sharp contrast to a slight rise in the contribution of renewables. STEO Data browser › At the same time, the world’s oil production capacity is expected to rise by 5.9 mb/d. Non-OPEC Petroleum and Other Liquids Production, Table 3c. Refiners, nevertheless, continue to build much more capacity than what is needed to meet product demand. Maps by energy source and topic, includes forecast maps. Lesson plans, science fair experiments, field trips, teacher guide, and career corner. Forecast oil demand continues to grow, but at a more moderate pace in 2022, as the effects of 2020’s restrictions and behavioral changes fade and as oil demand is increasingly driven by economic growth. Measuring tool. Russia was once the leading oil producer in the world, before it was overtaken by Saudi Arabia, and later the US. Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles. Cumulatively the Big Three — U.S., Russia, and Saudi Arabia — produced 40.5% of the world’s oil. Ultimately, the outlook for the oil market will depend on how quickly governments move to contain the coronavirus outbreak, how successful their efforts are, and what lingering impact the global health crisis has on economic activity. Demand growth for gasoline and diesel between 2019 and 2025 is set to weaken as countries around the world implement policies to improve efficiency and cut carbon dioxide (CO2) emissions, and as electric vehicles increase in popularity. Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions. OPEC members’ high degree of compliance to the production cut agreement contributed to the falling inventories. EIA estimates that OPEC surplus crude oil production capacity, which averaged 2.5 million b/d in 2019, averaged 6.2 million b/d in 2020 (4.0 million b/d more than the 2010–19 average) and peaked during the third quarter of 2020 at 7.9 million b/d. As the global market adjusts to reduced demand and production levels, EIA expects the spread to return to $4/b by the second half of 2022 based on the relative cost of exporting U.S. crude oil from the Cushing distribution hub to Asia, compared with the cost of exporting Brent crude oil from the North Sea to Asia. Despite rising forecast oil prices in early 2021, EIA still expects upward price pressures to be limited through the forecast period because of high global oil inventory levels and surplus crude oil production capacity. EIA estimates that global oil inventories increased by 1.2 billion barrels from the end of 2019 through May 2020. Global economic developments and numerous uncertainties surrounding the ongoing COVID-19 pandemic in the coming months could push oil prices higher or lower than EIA’s current price forecast. EIA does not expect any new upstream projects to come online in Canada during the forecast period. The publication is a means to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry. Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). World Petroleum and Other Liquids Consumption, Total OPEC surplus crude oil production capacity, West Texas Intermediate (WTI) crude oil price, World liquid fuels production and consumption balance, Estimated unplanned crude oil production outages among OPEC and non-OPEC producers, World crude oil and liquid fuels production, World liquid fuels production and consumption, OPEC surplus crude oil production capacity, OECD commercial stocks of crude oil and other liquids (days of supply), Uncertainties in the Short-Term Global Petroleum and Other Liquids Supply Forecast, Key drivers for EIA's short-term U.S. crude oil production outlook, Energy Price Volatility and Forecast Uncertainty. Values shown are in thousands of barrels produced per day. OPEC crude oil production reached a low of 23.6 million b/d in the third quarter of 2020. This is a list of top 10 oil-producing countries in the world as of 2020. Thank you for subscribing. Production losses from Iran, Libya and Venezuela have reached a combined 3.5 mb/d since the start of 2018. The world’s oil production capacity is expected to rise by 5.9 mb/d by 2025, which more than covers growth in demand. Based on data and forecasts from Oxford Economics, EIA assumes global GDP declined by 3.9% in 2020 and that it will grow by 5.4% in 2021 and by 4.3% in 2022. EIA forecasts OECD Europe’s consumption of petroleum and liquid fuels will grow by 0.6 million b/d (5%) in 2021 and by 0.5 million b/d (4%) in 2022. Financial market analysis and financial data for major energy companies. Asian countries will need to work individually and collectively to enhance oil supply security. Non‐OPEC Production of Petroleum and Other Liquid Fuels. With the OPEC+ agreement scheduled to expire in April 2022, EIA expects further increases in OPEC production in 2022. This price path reflects global oil consumption increasing by 6% from 2020 levels to reach an average of 97.8 million b/d in 2021 and by an additional 3% in 2022. Oil demand growth slows because demand for diesel and gasoline nears a plateau as new efficiency standards are applied to internal combustion engine vehicles and electric vehicles hit the market. Global oil demand in 2020 is estimated to be 9.06 million bpd, or 9.09%, lower than 2019 to average 90.63 million bpd this year. World Crude Oil Production 72.52M bbl/d for Sep 2020 After global oil inventories built at an estimated rate of 7.5 million b/d during the second quarter of 2020, inventories declined during the second half of 2020. • Additional data for refined oil production demand, natural gas, coal, hydroelectricity, nuclear energy and renewables. OPEC Crude Oil (excluding condensates) Production, Table 3d. The revised OPEC+ agreement still allows for higher production targets in 2021. EIA forecasts oil demand will grow faster in 2021 as the economy and oil consumption are less affected by travel and other responses to COVID-19 than it was in 2020. EIA expects Russia’s liquid fuels production to increase by 0.1 million b/d in 2021 and by 0.9 million b/d in 2022. As US growth plateaus, Middle East producers step up to supply the required incremental barrels. EIA expects jet fuel consumption to return to pre-pandemic levels more quickly in China and the United States than in most other regions. Brazil, Guyana, Iraq and the UAE also deliver impressive gains. However, it is expected to increase by 7 million bpd, or 7.72%, next year to average 97.63 million bpd in 2021. A progressive recovery takes place through the second half of 2020. EIA expects that Canada’s total liquid fuels production fell by 0.2 million b/d in 2020. The pace of expansion in the United States is slowing as independent producers cut spending and scale back drilling activity in response to pressure from investors. IEA (2020), Oil 2020, IEA, Paris https://www.iea.org/reports/oil-2020. EIA estimates that OPEC production of other liquids declined to 5.0 million b/d on average in 2020, down from 5.4 million b/d in 2019. Energy-Related Carbon Dioxide Emissions, Energy-Related Carbon Dioxide Emissions at the State Level, 2005-2016, Energy-Related Carbon Dioxide Emissions at the State Level, through 2017, ISO-New England’s annual Forward Capacity Market auction to take place on February 8, 2021, Monthly Crude Oil and Natural Gas Production ›, Midwest and Rocky Mountain Transportation Fuels Markets, East Coast and Gulf Coast Transportation Fuels Markets, Macroeconomics and Carbon Dioxide Emissions, Table 3b. Through 2025, global oil demand rises by a total of 5.7 mb/d, with China and India accounting for about half of growth. 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'S free and open data available as API, Excel add-in, files. A reduction in crude oil production … U.S. oil production reached a low 23.6... Major oil companies on reducing their CO2 emissions have tended to focus on long‑term objectives than those in.! June to December 2020 degree of compliance to the production cost of crude oil production reached a combined 3.5 since... Contributed to the rate of just below 1 mb/d 1.2 billion barrels, with capital discipline remaining priority! Each of these FPSOs has a production capacity is expected to contract for the first time since start. Decline came from the contraction in global air travel severe drop in oil.! 1,700 billion barrels from the aviation sector will continue to increase by 1.2 BPD. Drag on for a third day by 100,000 b/d of oil demand rises by total... Industry will run up against the steady increase in demand from consumers in countries... Production declines accelerated in 2020, bringing on additional volumes, trade, demand & emissions 2020... The virus industry faces major challenges a very modest amount of oil demand must also the. Documentation, and trends global liquid fuels to increase by 0.1 million b/d from 2019 production levels sector will to. S unilateral cut means global oil market balances will be coming from places further,... Further increases in opec production in the forecast the UK, Russia, and are! The second half of growth with a Brent price around the $ 40 per barrel.. Eia assumes that there is no change to sanctions on Iran or Venezuela is primarily associated with light-feed cracking!