Industry “Fueling the World: A Look at the Global Oil & Gas Industry

The global oil and gas industry has been a major source of economic growth and energy for the world. Despite the tremendous advances in renewable energy sources, oil and gas remain the most important energy sources for countries around the world. Oil and gas are a necessity for virtually every nation since it is the primary source of energy used in transportation, industrial manufacturing, across a wide variety of sectors, and everyday life. In 2020, global oil and gas consumption reached a record 98.3 million barrels per day, representing just over a third of the world’s primary energy demand. Oil and gas are still the pillars of the energy mix. Despite the growth of renewable energy in the past few years, oil has remained the largest source of energy and is forecasted to remain the main source of energy for the foreseeable future. The top five countries consuming the highest volume of oil in 2020 were the United States, China, India, Japan, and Russia. These countries accounted for more than 50 percent of global oil consumption, demonstrating their importance to the global energy mix. The United States is the largest consumer of oil and gas in the world, followed by China. The US alone accounted for around 21.3 million barrels per day in 2020, making up 11 percent of the global primary energy demand. China is the second biggest market for oil and gas and consumed 14.3 million barrels per day in 2020. Nationally, China plans to reduce oil and natural gas consumption by 2.3 percent annually between 2020 and 2025, and shift to more renewable energy sources. India is the third largest consumer of oil and gas in the world with an estimated 11.5 million barrels per day. India is projected to become the largest consumer of oil and gas by 2030 due to its large population size, fast-growing economy, and increasing demand for transportation and energy needs. Japan and Russia are the fourth and fifth largest consumers, with an estimated 5.5 and 5.4 million barrels per day respectively. Japan is one of the world’s largest economies and has a strong economy with a large demand for energy. The global oil and gas industry is one of the most important sources of global energy. Countries around the world depend on oil and gas to fuel their economies and for everyday use. While the industry has come under much scrutiny due to its environmental impact, it is projected to be a major source of energy for the foreseeable future.