March 4, 2021

USA It was the country that increased its production of oil in all history


The United States responded last year to the reduction of OPEC oil production and its allies and the consequent increase in prices with an excessive increase in oil production using the "fracking" technique. It was the country that increased its production in all history, said the president of BP Spain, Luis Aires, in the presentation of the "Statistical Review of World Energy". The increase of 7 million barrels per day is the same amount exported by Saudi Arabia.

Aires explained that the US acts as a cushion in the oil market before the price increases. In his opinion, the increase in the fracking industry responds to its technological development since 2011, "not for President Trump."

Precisely, OPEC announced yesterday that global oil consumption will grow next year by 1.14%, to 101.01 million of daily barrels, thus exceeding for the first time the barrier of 100 million barrels per day, thanks to the boost of demand from emerging economies such as India and China.

According to the "Statistical Review of World Energy", the demand for energy in the world grew last year by 2.9%. China recorded, one more year, the largest increase, with 34%, ranking second in the USA. (20%) and in third place India (15%). The fact that the USA has been squeezed between China and India is due to its economic growth (2.9%) and the greatest number of days with extreme temperatures, both heat and cold, recorded so far.

For this last reason, demand for natural gas for electricity generation increased due to the increase in air conditioning and heating systems. «The demand for gas in the US it was 2.5 times the total demand of Spain », Luis Aires said.

Gas consumption also increased in China, where in the past two years 10 million coal boilers have been replaced by gas boilers, especially in large cities, and because it is replacing the electric generation of coal with natural gas.

However, coal production increased again in 2018 in the world, especially in China and India. It represented the highest percentage (38%) in the electricity generation mix.

This was one of the reasons why in 2018, gas emissions increased again for the second year in a row. In this case, 2%, which is equivalent to 600 million tons, that is, twice the emissions of Spain. "It is also as if 300 million cars were added to the 900 million now circulating around the world," said the president of BP Spain.

Renewables continued to increase their presence, although they only covered 25% of the world's energy demand. There are already 60 countries that have renewables, but only in 13 – and 12 are Europeans, including Spain – accounts for more than 20% of the mix of electricity generation.

Luis Aires said that "we are facing a unsustainable path in which both the demand for energy and carbon emissions grow at a faster rate than in previous years ».

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