How Is Petroleum Used Today?

How Is Petroleum Used Today? – Julianne Geiger is a former editor, writer and researcher and a member of the Creative Professionals Network Group.

How much oil does the world use? By Julianne Geiger – August 20, 2019, 6:00 pm CDT

How Is Petroleum Used Today?

How Is Petroleum Used Today?

The Energy Information Administration (EIA) estimates that the world used 96.92 million barrels per day in 2016, with 10 consumers accounting for 60 percent of all consumption.

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Our top oil consumers – the United States (20%), China (13%), and India (5%) account for more than a third of global consumption. Of the three, the United States is the only largest oil producer. Saudi Arabia and Russia, two of the world’s largest producers, are #5 and #6 when it comes to consumption.

But this is the current daily average as per 2016 EIA data. Today we are estimated to be pumping 100 million barrels a day or more. But that’s not always the case.

According to BP’s Statistical Review of World Energy, consumption has been increasing for decades, reaching about 40 million barrels per day consumed in 1969.

This is the average daily rate. Annually, global consumption is at an all-time high, reaching 36.4 billion barrels in 2018, according to BP. That’s $2.184 trillion worth of oil consumption per year. In gallons, the world’s annual consumption is 1.134 trillion gallons — about half the water in Lake Michigan.

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If you look at total consumption per decade, consumption has increased from about 200 billion barrels in the 1970s to about 350 billion barrels in the last decade.

From 1969 to 2018, a span of fifty years, the world is said to have used 1.306 trillion barrels of oil.

But what about the time before 1969? Since we’re talking about small amounts that information, while unimportant in the grand scheme of things, is hard to track. Six years ago, it was easy to find production data, which was a substitute for fair use because you couldn’t use what you didn’t create, and producers wouldn’t create a bucket that wasn’t used. Related: Shale Funds Better Than Third Quarter of Year

How Is Petroleum Used Today?

From 1950-1969, world oil production reached 151.4 billion barrels. In 1950, total world oil production was 3.8 billion barrels – more than 10 million barrels per day. To compare this to current production levels, the US, Saudi Arabia and Russia produce the most.

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Unfortunately, the world’s data storage capacity is somewhat limited for today’s systems. Not all developed countries keep track of the oil that comes out of the ground, and even fewer keep good records of how much oil they use. Because of this, estimates of how much oil the world used before 1950 vary. And obviously, the ability to save data when you go back in history is even worse. And to find out how much oil the world is using, you have to go back to 1850.

In 2008, a pair of chemists from the Academy of Sciences estimated that the world pumped 100 billion tons of crude oil. This is equivalent to approximately 733 billion barrels of oil. We can assume that these estimates cover production up to 2007. From 2008 to 2018, the world consumed an additional 371.2 billion barrels (BP), bringing all oil used since the beginning to 1.104 trillion – 1.457 less than used. Trillion. The bins in the above calculations are taken from various sources.

No one knows exactly how many barrels have been pulled out of the ground, the difference in how many barrels have been used so far.

But if, according to the above estimate, we have used between 1.1 trillion and 1.5 trillion barrels of oil since the beginning of time, then what else?

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Oil demand growth is expected to slow in the coming years. But reducing the need for growth does not mean zero need for growth, and the cry for “more oil” remains invisible. So while the world now consumes 100 million barrels a day, oil consumption, according to the EIA, is expected to grow by an average of 1.1 million barrels a day in 2019. In 2020, growth should be 1.4 million. barrels per day. These forecasts have been revised frequently, however, and demand growth forecasts have been revised downward in recent weeks as analysts predict economic trade is weak and demand from the US/China trade war.

OPEC predicts an increase of 7.3 million bpd from 2019-2023 and 14.5 million bpd from 2019 to 2040. This means that by 2040 the world will consume about 42 billion barrels per year.

Compare this with how much oil the world has left in storage as of 2018, which according to OPEC was 1.497 trillion barrels of oil, with 79.4% of reserves located in OPEC countries and 64.5% of OPEC reserves. in the Middle East. Venezuela and Iran – the two embargo countries – together hold 30% of OPEC reserves. Nigeria and Libya – which have security risks limiting production – hold another 5%. It has 35% of the world’s oil at risk on land.

How Is Petroleum Used Today?

But while OPEC owns most of the world’s oil, most of the new oil in the next decade will come from the United States.

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The rise of Covid-19’s impact on China’s oil demand in 2023 The fall of Tesla and the rise of Exxon amid the US energy crisis, gas drilling 193 Many people now think of crude oil as the liquid giant that will take our place. The thirst for gasoline is not enough. However, the truth is that each barrel of oil is optimized for different uses such as oil, cosmetics, plastic, rubber and candles.

Today’s data comes from JWN Energy, an oil and gas news organization. Using the chevron as a base, he shows 17 different things that can be created from each barrel of oil.

But not all. After doing all of the above, there are still enough petrochemicals to use as a base for one of the following:

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Oil is not an artificial resource, and the black liquid has thousands of uses. The above serves as an example of how a barrel can be used, but here is a list of many other uses for oil. This includes everything from guitar strings to antibiotics.

Whatever you think about fossil fuels, it’s still amazing what can be produced from each barrel of oil.

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How Is Petroleum Used Today?

Looking at 25 years of lithium production from the country, lithium production has been growing rapidly in the last few years. Which country produces the most lithium and how did this composition evolve?

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The light metal plays an important role in the cathodes of all types of lithium-ion batteries that power EVs. Therefore, the recent increase in EV adoption has sent lithium production to new heights.

The graph above covers 25 years of lithium production by country from 1995 to 2021, based on data from BP Global Research.

In fact, the United States accounted for more than a third of the world’s lithium production in 1995. From then until 2010, Chile became a major producer with increased production at Salar de Atacama, one of the world’s richest lithium brine deposits.

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Global lithium production will exceed 100,000 tonnes for the first time in 2021, a fourfold increase since 2010. Moreover, almost 90% of it is from just three countries.

Australia alone produces 52% of the world’s lithium. Unlike Chile, where lithium is extracted from brines, Australian lithium comes from hard rock for the mineral spodumene.

China, the third largest producer, has a strong foothold in the lithium supply chain. Along with the establishment of local mines, Chinese companies have acquired $5.6 billion worth of lithium assets in countries such as Chile, Canada and Australia over the past decade. It also receives 60% of the world’s lithium processing capacity for batteries.

How Is Petroleum Used Today?

Batteries are one of the key drivers of lithium production growth. But how much of a lithium battery is used and how much goes to other uses?

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Although lithium is best known for its role in rechargeable batteries – and rightfully so – it has many other important uses.

Before EVs and lithium-ion batteries replaced demand for lithium, the end-use metal looked very different than it does today.

In 2010, ceramics and glass accounted for the largest share of lithium consumption at 31%. In ceramics and glass, lithium carbonate increases strength and reduces thermal expansion, which is common.

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