Global oil production increased by 1.3% in 2021

[ Time:2022-02-17 | Hits:484 ]

The US oil and Gas Journal (OGJ) recently released the global oil and gas reserves report in 2021. According to OGJ estimates, driven by the sharp rebound in oil and gas prices, global oil production rebounded moderately in 2021, increasing by 1.3% to 4.423 billion tons compared with 2020. OPEC's output was 1.541 billion tons, an increase of 2.3% over 2020, accounting for 34.9% of global output.

According to the data of remaining proved reserves (hereinafter referred to as reserves) updated by various countries in 2021, the global oil and natural gas reserves decreased slightly compared with the average year of 2020, and China's oil reserves were 236.23 billion tons, a decrease of 0.2%; Natural gas reserves were 205.3 trillion cubic meters, down 0.5%. OPEC's oil reserves were 169.44 billion tons, an increase of 0.8%, accounting for 71.7% of global reserves; Natural gas reserves reached 73.7 trillion cubic meters, an increase of 0.7%, and the global share increased slightly to 35.9%.

China's oil production has increased for three consecutive years, with an increase of 2.5%, rising to 204 million tons, surpassing Iraq and ranking fifth in the world. According to China's mineral resources report in 2021, benefiting from intensive exploration and development activities, by the end of 2020, China's oil reserves had reached 3.62 billion tons, a year-on-year increase of 1.8%, still ranking 13th in the world; Natural gas reserves reached 7 trillion cubic meters, an increase of 5.2%, which was surpassed by the UAE and dropped to No. 8.

Global oil production increased by 1.3%, and the increment was mainly contributed by "OPEC +"

In 2021, the global oil output was about 4.423 billion tons, with a year-on-year increase of 1.3%. The increase was mainly from "OPEC +" countries. Since April 2021, with the rapid recovery of oil prices, "OPEC +" began to gradually increase production, of which Russia's annual oil production increased by 2% to 534 million tons; Iran's output increased significantly by 16.3% to 155 million tons; Libya's military conflict subsided, a transitional government was established, oil exports were restarted, and production doubled to 65 million tons; The output of Saudi Arabia, Iraq and the United Arab Emirates decreased.

The oil production of major oil producing countries is basically stable. In 2021, despite the sharp rise in oil prices, U.S. oil and gas production activities did not return to the pre epidemic level. U.S. crude oil production decreased by 1.3% to 557 million tons year-on-year, and light hydrocarbon (NGL) production continued to increase by 3.4% to 268 million tons. The total oil production was about 825 million tons, the same as that of the previous year, and it is still the world's largest oil producer. Russia's output increased by 2%, ranking second in the world. Saudi Arabia reduced production by 1.1% to 530 million tons.

Among the major oil producing countries, Canada's output increased by 5.3% to 270 million tons, while China maintained a high degree of exploration and development, with output increasing by 2.5%; Norway benefited from the commissioning of Johan Sverdrup project in the North Sea, and its output increased by 2.5%; Nigeria's output decreased significantly by 11.4%; Angola's output fell by 9.8%; Affected by the pipeline accident in the UK, the output decreased by 11.5%; Colombia's output decreased by 6.5%; The output of other countries has changed little.

The output of Western Europe has declined, and the output of Africa has recovered significantly. In terms of regions, the Middle East and the Americas each account for 1 / 3 of the global output, followed by Eastern Europe and the former Soviet Union, and Africa, Asia Pacific and Western Europe contribute less to the output. In 2021, the output of Iran and Qatar alone increased in the Middle East, while the domestic output of other major oil producers decreased slightly, with an overall increase of 0.7%; Driven by Canada's increase in production, the overall increase in production in the Americas was 1.2%; Europe and the former Soviet Union were mainly affected by Russia's output growth, with an overall increase of 1.4%; African output recovered from the sharp drop of the previous year, with a year-on-year increase of 6.9%; The output of the Asia Pacific region is equivalent to that of the previous year; Only the output of Western Europe decreased significantly, and the overall output decreased by 1.8%.

Global oil and gas reserves have declined

In 2021, global oil reserves decreased by 0.2% to 236.23 billion tons, with a reserve production ratio of 53.4; Natural gas reserves decreased by 0.5% to 205.3 trillion cubic meters. OPEC's oil reserves increased by 0.8% to 169.44 billion tons, accounting for 71.7% of global reserves, and the reserve production ratio increased to 110; Natural gas reserves increased by 0.7% to 73.2 trillion cubic meters, accounting for 35.9% of the world. The pattern of global oil and gas resources remains unchanged. Oil reserves are still mainly concentrated in the Middle East and the Americas, and natural gas reserves are still mainly concentrated in the Middle East, Eastern Europe and the former Soviet Union.

In terms of countries, the renewal reserves of most countries have decreased significantly. Among the major oil and gas producing countries, the United Arab Emirates increased oil reserves by 9.4% and natural gas reserves by 27% due to major oil and gas discoveries in Abu Dhabi; China's oil and gas reserves increased by 1.8% and 5.2% respectively; Canada's natural gas reserves increased by 13.8%; Mexico's oil and gas reserves increased by 3.6% and 8.2% year-on-year.

Most of other countries with renewable reserves have decreased significantly. In 2021, the EIA updated U.S. oil and gas reserves report showed that the U.S. oil and gas reserves in 2019 were basically the same as that of the previous year. However, due to the reserve correction caused by the price decline, the oil reserves decreased by 12% year-on-year and the natural gas reserves decreased by 7%; Australia updated its oil and gas reserves data in 2019. The oil reserves decreased by 26.3% and the natural gas reserves decreased by 15.4% compared with 2015; The oil and gas reserves in 2020 updated by the Norwegian Petroleum Administration decreased by 4.6% and 6.7% respectively compared with the previous year; At the end of 2020, the UK's oil and gas reserves decreased significantly by 20% and 27.3% compared with the previous year; Due to reserve correction and output, the reserves of the Netherlands decreased by 47% and 30.3% year-on-year in 2020; In 2020, Indonesia's oil and gas reserves decreased by 1.6% and 12.4% year-on-year respectively; India's oil and gas reserves decreased by 20.3% and 21.7% year-on-year in 2020; Brazil's oil and gas reserves decreased by 6.5% and 7.1% respectively; Angola's oil and gas reserves decreased by 7.1% and 12.2% respectively.

From a regional perspective, only the oil and gas reserves in the Middle East increased. Oil reserves in the Middle East increased by 1.4% and natural gas reserves increased by 0.9%; Oil and gas reserves in the Americas decreased by 2% and 3.2% respectively; Oil and gas reserves in Western Europe continued to decline sharply, decreasing by 6.6% and 9.5% respectively; Asia Pacific oil and gas reserves decreased by 2.4% and 4.1% respectively; There is little change in oil and gas reserves in Africa, Eastern Europe and the former Soviet Union. The top five oil and gas reserves in resource countries still account for more than 60%. The top five resource countries have not changed. The top five oil reserves are still Venezuela, Saudi Arabia, Iran, Canada and Iraq. The total reserves of the five countries are 148.89 billion tons, accounting for 63% of the global reserves. The top five natural gas reserves are still Russia, Iran, Qatar, the United States and Turkmenistan. The total reserves of the five countries are 129.2 trillion cubic meters, accounting for 63% of the global reserves.