![]() Without local demand, much of the Permian Basin and Western Canadian growth will need to make its way to the export docks along the Gulf Coast. Two major refineries in Louisiana closed in 2021, and a shutdown of a third in Houston is planned for 2023, representing a combined loss of approximately 750,000 BPD. Gulf Coast refining capacity has shrunk since the prior oil production peak. While there are ample pipelines to deliver growing oil production to the Gulf Coast, there is little room for refiners to consume more volume there. Western Canadian production delivery capabilities to the Gulf Coast have also been expanded. Over 5 million barrels per day of pipeline space was added since then, much of which connects production directly to the Gulf Coast. In 2018, shale production outpaced the construction of pipelines, filling regional storage tanks to capacity and causing the nearby price for Argus WTI Midland to hit a low of -17.43 dollars per barrel on Aug. The regional prices for light sweet crude also reflect ample space for production growth, with the futures curves for Argus WTI Midland and Argus WTI Houston trading at narrow spreads to NYMEX WTI and to each other. Major pipeline operators from the Permian, including Plains All American, Magellan Midstream, and Enterprise Products, pointed to rising system utilization in their latest investor materials, with forecasts through 2025 still highlighting spare crude oil pipeline capacity from the area. While China's share in global oil consumption stood at 14.3% in 2019, India's share registered at 5.4%, the report showed.Graphic: Permian Basin Crude Oil Production Outlooks – North American oil production growth is expected to be led by the Permian Basin, where volumes are seen exceeding pre-COVID highs this year. India ranked third in oil consumption, which increased 3.1% year-over-year, consuming 5.27 million bpd of oil in 2019, compared to 5.11 million bpd in 2018. It consumed 19.4 million bpd of oil in 2019, while global oil consumption averaged 98.27 million bpd last year - a 0.9% increase from 97.34 million bpd in 2018.Ĭhina, in second place, saw its oil consumption last year rise to 14.05 million bpd from 13.37 million bpd in 2018, marking a 5.1% jump. Last year, the US consumed a whopping 19.7% of global oil. The country has been the top oil consumer in the world since 1965. ![]() The report showed the US also led the world in oil consumption once again last year. US consumes almost 20% of the world’s oil Last year, Saudi Arabia's share of global oil production was 12.4%, while Russia's stood at 12.1%, according to the report. Russia was rated third in oil production last year, with an output of 11.54 million bpd from approximately 11.44 million bpd the year before, marking a 0.9% increase. In oil production, Saudi Arabia followed the US, which saw a 3.5% year-over-year decrease in output that fell to 11.83 million bpd in 2019, from 12.26 million bpd in 2018. Global oil production declined slightly by 0.1% from 95.25 million bpd in 2018 to 95.19 million bpd last year, according to the data. Last year, the US produced around 17.9% of the world's oil. Rich with shale oil resources, it was the sixth consecutive year the US led the world in oil production. Oil production in the US increased by 11% to reach 17.04 million barrels per day (bpd) in 2019, from the previous year's level of 15.36 million bpd, the report released on Wednesday showed. ![]() ![]() The US led the world once again in oil production and consumption in 2019, according to data compiled by Anadolu Agency from British energy giant BP's Statistical Review of World Energy 2020 report.
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