Global Oil and Gas Market
Share of major hydrocarbon consuming countries in total consumption in 2014 (consumption calculated in mn TOE)
Global oil consumption grew 1% in 2014. According to the International Energy Agency, the consumption of liquid hydrocarbons will grow by an average of 1.3% per year.
In 2013, oil consumption by emerging markets surpassed consumption by developed nations. The share of emerging markets in global oil consumption is expected to continue increasing.
China business activity index (PMI)
Since 2004, rapidly growing consumption in China was the main factor determining the situation on the global oil market. In mid-2014, the Chinese economy experienced a slowdown that affected the dynamics of global oil consumption. At the same time, a decline in global economic growth rates was seen, which became particularly apparent in the third quarter of 2014. These factors had a negative effect on oil prices.
Share of major oil producing countries in total production in 2014 (consumption calculated in mn TOE)
Thanks to active growth in oil production from low-permeability rocks, the U.S. increased oil production by 1.21 mn barrels/day in 2014 and reached an average level of 8.65 mn barrels/day, meeting 45% of its demand for oil and significantly reducing imports.
In 2014, U.S. oil production exceeded the 2008 production level by more than 70%. Over the period from 2008 to 2014, U.S. oil production increased by 3.64 mn barrels/day, while over the same period global oil consumption grew by 6.58 mn barrels/day. This combined with other factors influenced the price situation on the oil market.
Weekly crude oil production in the U.S., mn barrels/day
Production and consumption ratio
Global liquid hydrocarbons in 2014