• About Us
      Asia’s 1 st LEED Platinum Rated Campus

      Asia’s 1st LEED Platinum Rated Campus

      About Us

      • Chairman's Message
      • Vice Chairman & CEO
      • Dean's Message
      • Governing Council
      • Business Advisory Council
      • Academic Advisory Council
      • Work With Us
      • Mandatory Disclosure
      • Anti-Ragging Notice

      TERM ZERO

      Media

      • News
      • Events
      • In Media
      • Media Kit

      Rankings

      Accreditations

      NIRF

      Campus

      Blog

      Annual Events

      • Convocation
      • TEDxGLIMChennai
      • L'Attitude
      • Digital Symposium
      • Sangamitra
      • Annual Alumni Meet
      • SWIM
      • IEC
      • Human Capital Management
  • Programs
      Transform and Lead

      Transform and Lead

      Full Time Programs

      PGPM

      One Year MBA for professionals with work experience

      Learn More Apply Now

      PGDM

      Two Year MBA for professionals with 0-2 years of work experience

      Learn More Apply Now

      EXECUTIVE EDUCATION

      Partner with us for customized learning solutions for your organisation

      Learn More

      Corporate Programs

      PGXPM

      Executive program for Mid & Senior Level working professionals

      Learn More Apply Now APP. Deadline: 30th August, 2020

      PGPM Flex

      Weekend management program for young working professionals

      Learn More Apply Now APP. Deadline: 30th August, 2020

      MBA in Business Analytics

      Family Enterprises Management

  • Faculty & Research
      Ranked 6th

      Ranked 6 th

      by NIRF ranking in teaching and learning among all B-Schools in the country

      Faculty

      • Full Time Faculty
      • Visiting Faculty
      • Adjunct Faculty

      Research

      • Faculty Editors
      • Papers & Journal Publications
      • Case Studies & Books
      • Conference Proceedings

      Centers of Excellence

      • Centre For Excellence in Retail Management
      • Great Lakes Centre For Management Research
      • Kotler - Srinivasan Centre for Research in Marketing
      • Centre for Excellence in Business Analytics and Business Intelligence
      • CET
      • Union Bank Centre for Banking Excellence

      Conferences

      • NASMEI
      • Financial Conference
  • Recruiters & Companies

      “Great Location for Talent. We are happy to continue visiting and having budding professionals join us and grow their careers.”

      Anil Visal

      Partner - Deloitte India

      Campus Recruitment

      • Recruitment Process
      • PGDM Class Profile 2018-20
      • PGPM Class Profile 2019-20
      • Past Recuiters
      • Student Achievements
      • Recruiters Speak

      Internships

      • Recruitment Process
      • PGDM Class Profile 2019-21
      • Live Projects

      Placement Reports

      • PGPM
      • PGDM
      • Internship Report

      Leadership Series

      • Titans Speak
      • Industry Lecture Series
      • Thought Leader Series

      Talent Listings

  • Alumni

Oil Production and Global Leadership By Dr. Bobby Srinivasan and Dr. Sudhakar Balachandran

June 12, 2015 | Posted by bobbysrinivasan << back to blog

New sets of data availability will change our knowledge about the oil industry. Let me put them down in point form to ensure simplicity.

 

  1. The US is the largest producer of oil in the world. In 2014, it produced on an average 11.6 million barrels a day as compared to the Saudi Arabian 11.5 million barrels.
  2. Russia ranked third with the annual production 10.8 million barrels a day.
  3. The US surpassed Russia as the largest producer of gas. It produced 1250.4 million tons as against Russia’s 1062 tons.
  4. Thanks to Shale oil the US is occupying the top position in the world in the production of both oil and nature gas.
  5. Turning to consumption the world energy consumption slowed markedly with a growth of 0.9% in 2014. This is the slowest since the 1990’s.
  6. Oil and oil equivalent natural gas consumption ranking

 

China         2972.1 Million tons

USA          2268.7 Million tons

Russia        681.9   Million tons

Japan         456.1   Million tons

India          637.8   Million tons

  1. Indian oil production declined by 1.3% to 8,95,000 barrels per day.
  2. Refining capacity

 

USA          17.79   Million barrels per day.

China         14.09   Million barrels per day.

Russia        6.3       Million barrels per day.

India          4.3       Million barrels per day.

 

Finally oil industry is facing a new reality hitherto not seen. The production of oil has reached new highs, thanks to the US Shale Oil. Further, the consumption has dropped significantly due to global economic slowdown. Many oil producing countries are facing severe budget deficits and so need to pump more oil to balance their budgets. In this environment, higher prices for oil is only a dream. Unless there is a shift upward in the global economic growth the price of oil will only drift down. WTI after touching a high of 115 dollar is currently trading at 61 dollars a barrel. A few months back it hit a low of 44 dollars a barrel. As far as India is concerned, we should be happy about the price decline. Let us wait and see as to how all these will pan out.

<< back to blog

Programs

PGPM - One Year MBA for professionals with 2+ years work experience

Learn More >

PGDM - Two Year MBA for graduates with 0-2 years work experience

Learn More >

Events

Union Bank Finance Conference
Dec 17, 2020

Networking with Champions
Nov 08, 2020

Harry Kraemer on Performance with A Purpose
Oct 08, 2020
Read more

Successful Women in Management (SWIM) Lecture Series
July 05, 2020
Read more

The Great Circle Alumni Talk Series
July 04, 2020
Read more

  • About Us
  • Programs
  • Faculty & Research
  • Recruiters & Companies
  • Alumni
  • Blog
  • Contact Us