The U.S. Remained The World’s Top Oil Producer In 2020

The U.S. Remained The World’s Top Oil Producer In 2020

ANDREWS, TX - JANUARY 20: An oil pumpjack works at dawn in the Permian Basin oil field on January ... [+] 20, 2016 in the oil town of Andrews, Texas. (Photo by Spencer Platt/Getty Images) Earlier this month BP released its Statistical Review of World Energy 2021. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Each year, I do a series of articles covering the Review's findings. In the previous article, I discussed the trends in global carbon dioxide emissions. Today, I want to cover the production and consumption of petroleum. A Record Decline in Oil Demand For 2020, the Review reported the largest decline in oil1 consumption on record. After nine consecutive years of increase, the Covid-19 pandemic caused global consumption of crude oil to decline by more than 9 million barrels per day (BPD) in 2020 to 88. 5 million BPD. Global oil consumption in 2020. The United States remains the world's top oil consumer, averaging 17. 2 million BPD in 2020. China was second at 14. 2 million BPD, and was the only country in the Top 10 to report an increase in oil consumption in 2020.