Although the market is taking…
U.S. gasoline inventories have fallen…
From 2005 to 2015, global oil usage has only increased from 83 million to 93 million bpd (1.13% CAGR). However, the overall rate at which the Top 10 has increased production has been at a 1.29% CAGR pace, and their production now makes up about 58% of all global production.
The biggest oil and gas companies with the most impressive increases in production are all state-owned. Saudi Aramco, the world's largest producer, increased production from 10.8 million bpd (2004) to 12 million bpd (2014). NK Rosneft' OAO, National Iranian Oil, Petrochina, and Kuwait Petrol Corp all saw sizeable increases. The only company to see a big decrease, however, was also state-owned (Gazprom).
Related: How Driverless Cars Will Upend Energy Markets
(Click to enlarge)
Courtesy of: Visual Capitalist
Related:Texas Production Down, Gas Takes Biggest Hit
Oil and gas continues to make up the majority of the global energy mix with 33% and natural gas at 24%. That said, based on the CAGRs above, it does seem that we are making progress in tapering the growth of production. Human population and the economy are growing at rates higher than 1.13%, so that means oil is giving up ground to other energy sources.
More Top Reads From Oilprice.com:
The leading economics blog online covering financial issues, geopolitics and trading.