For U.S. companies, it was the equivalent of 18% of proven reserves. The prediction, which sees oil demand … Strong growth in Asian oil demand is creating major opportunities for oil producing countries that can boost exports. Petrochemicals become an ever more important driver, with naphtha, liquefied petroleum gas (LPG) and ethane responsible for half of all growth. For 2020, OPEC predicts total oil demand will be slashed by nearly 10% — nowhere near the large-scale pivot away from fossil fuels that scientists say is necessary to fight climate change. Here are the 10 countries with the highest oil consumption: The World Factbook Refined Petroleum Products - Consumption. 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. The overall demand estimate for 2020 is largely unchanged at 91.7 mb/d (down 8.4 mb/d versus 2019), as is the estimate for 2021 at 97.2 mb/d, (up 5.5 mb/d year-on-year). EIA forecasts OPEC crude oil production will average 27.5 million barrels per day (b/d) in 2021, up from an estimated 25.6 million b/d in 2020. 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. Oil imports will be coming from places further away, increasing voyage duration and inherently limiting flexibility when dealing with emergencies. Further spending cuts are expected for 2020, with capital discipline remaining a priority. The increase reflects OPEC's announced potential increases to production targets and production increases in Libya. At the same time, oil production in the region declines. Thank you for subscribing. Through 2025, global oil demand rises by a total of 5.7 mb/d, with China and India accounting for about half of growth. This assumes that there is no change to sanctions on Iran or Venezuela. Brazil, Guyana, Iraq and the United Arab Emirates also deliver impressive gains. Oil Consumption by Country (2020) Examination of the oil consumption commitment of countries. In our base case, that assumes $60/bbl Brent, growth is expected to grind to a halt in the early 2020s and production will plateau around 20 mb/d – 2.5 mb/d higher than in 2019. As US growth plateaus, Middle East producers step up to supply the required incremental barrels. Oil reserves denote the amount of crude oil located in a particular region that can be recovered using current technological constraints and at a cost that is feasible at the current oil prices. 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. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. Due to the coronavirus outbreak weighing on economic growth, OPEC now sees global oil demand rising by mere 60,000 bpd in 2020 after it has slashed … The projection, contained in OPEC's closely watched monthly oil market report, follows the International Energy Agency's analysis released Monday that forecast a contraction in global demand for 2020 of 90,000 b/d -- which would be the first shrinkage in consumption since the financial crisis in 2009. Efforts to improve the sustainability of the plastics industry will run up against the steady increase in demand from consumers in developing countries. Oil remains the lifeblood of any war effort today and drives many components of the modern military complex including aircraft, vehicles, warships, small arms, and general industry. OPEC downwardly revised its outlook for global oil demand growth to 0.99 million barrels per day (bpd) in 2020. This is about 20% of the world’s total oil consumption. “Our OPEC outlook for 2020 oil demand is now slightly above 90 million bpd. In 2018, the world used approximately 99.3 million barrels of oil per day. The oil market will suffer a long-lasting blow from the coronavirus, with demand taking years to recover and peaking at a lower level, the International Energy Agency said. In 2018, the United States became the largest producer of crude oil, surpassing both Russia and Saudi Arabia, producing about 12.1 million barrels per day. The situation remains very fluid, however, making it extremely difficult to assess the full impact of the virus. 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. 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