Oil Statistics

According to oil statistics, 78 million barrels of crude oil are produced per day (mbpd). Fossil fuels like oil and gas meet about 88 percent of world’s energy needs. Crude oil alone accounts for 37 percent, while natural gas accounts for 24 percent. World oil consumption grew at a compounded annual growth rate (CAGR) of 1.38 percent during 1994–2003. The CAGR of natural gas consumption for the same period was 2.2 percent.
                   
The global oil and gas industry can be divided into upstream and downstream segments. Upstream activities comprise exploration and production while downstream activities include refining and marketing. The major integrated oil producers are British Petroleum (BP), ExxonMobil, ConocoPhillips, ChevronTexaco and Royal Dutch\Shell Group.

Between 1994 and 2003, oil statistics accounted for growth of the upstream oil sector at a CAGR of 1.36 percent in volume terms. Major producers in the upstream segment are OPEC countries, contributing close to 40 percent, while non-OPEC countries like Russia and the US contribute around 11.4 percent   and 9.2 percent respectively.

In the same period, the upstream gas sector grew at a CAGR of 2.23 percent in terms of volume. The major producer of gas is Russia, which contributes more than 22 percent to the world gas production, followed by the US and Canada with a share of 21 percent and 7 percent respectively.

Between 1994 and 2003, the downstream oil sector grew at a CAGR of 1.38 percent in terms of volume. The refinery output rose 1.43 percent while installed capacity grew at a CAGR of 1.02 percent. The capacity utilization levels also improved from 81 percent to 85 percent around the globe.

Major countries in the downstream sector of the oil industry are the US, China and Japan. The US accounts for 20.2 percent of the world’s refining capacity and 25 percent of total worldwide oil demand. China follows with a 6.6 percent share of world refining capacity and 7.6 percent share of world oil demand. Needless to say, China has become the second largest consumer of oil in the world in 2003. China consumes 5,982 thousand barrels per day (tbpd) while Japan uses 5,451 tbpd. According to oil statistics, China’s oil market is growing at a CAGR of 6.64 percent while Japan, the third largest- market for oil, has been on a downtrend for the last decade.