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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.

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