How Much Crude Oil Has The World Really Consumed?
The Energy Information Administration (EIA) estimates that the world consumed 96.92 million barrels per day in 2016, with the top 10 consumers accounting for 60 percent of the total consumption. That’s nearly 100 million barrels per day. The top three oil consumers—the United States (20%), China (13%), and India (5%) account for more than a third of the world’s consumption. Of those three, only the United States is a major oil producer. Saudi Arabia and Russia, who are two of the three top oil producers in the world, rank #5 and #6 when it comes to consumption.
Oil rise more than 1%, buoyed by US stock drawdown
Crude oil futures rose on Wednesday after industry data showed a larger than expected drop in U.S. crude inventories, but gains were capped by lingering worries about a possible global recession. U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.
Russian Oil Exports to U.S. Soar to 6-Year High
Russia’s oil and petroleum sales to the United States have reached six-year highs, according to U.S. Energy Information Administration data analyzed by the RBC news website. The U.S. imported 61.75 million barrels of crude oil and petroleum products from Russia in January-May 2019, up from 56 million barrels in January-May 2018. Russia’s Federal Customs Service, according to RBC, says oil sales to the U.S. have reached nearly $3 billion during the first half this year versus $1.6 billion over the same period last year.
Electric Cars Hardly Guaranteed To Beat Oil
J.D. Power’s Mobility Confidence Index shows that Americans are still not exactly in love with the machines that we are supposed to just assume will end oil’s century of dominance in transport. Consumers are not as optimistic about the future of plug-in cars and self-driving vehicles as analysts and the media are portraying. Among other concerns, electric cars are too expensive, rely on a precarious supply chain (some immorally using child labor), lack a significant used car market, and have worrying short-range issues.