The drop in dependency was also supported by the use of 20.4 Mtoe of oil stocks which was the largest yearly draw ever recorded and equivalent to 4.08 % of the gross available energy. The dependency drop in 2021 could be explained by the combined result of changes in exports (+9.21 pp) which increased more than the imports (+3.41 pp) and the increase in gross available energy (+5.25 pp). The dependency on foreign oil had been growing from the lower rates observed in previous decades and from a minimum observed in 1999 (91.66 %). The import dependency for the entire family of crude oil and petroleum products reached a record high in 2020 when the EU relied on net imports for 96.96 % of its energy availability but dropped to 91.67 % in 2021 marking the lowest value in 22 years. Import dependency can be calculated for an aggregate of products or for just one fuel. If positive values are above 100 %, it means that imports surpass the needs of a country and that consequently stocks are being built up. Positive values indicate an import dependency, while negative values indicate a net exporter country. Import dependency on oil is calculated as the ratio of net imports (imports minus exports) to gross available energy of crude oil and petroleum products. Imports from Libya almost tripled from the record low of the previous year placing this origin in the fifth place. Kazakhstan, which had been gaining ground in recent years, decreased -4.3 pp in 2021. Imports of crude from the USA were historically almost irrelevant but have been increasing sharply in the last few years, they jumped 33.6 pp in 2020, and another 6.8 pp in 2021 reaching the record high and making this country the third provider to the EU for the first time. In 2021, they increased by 14.2 percentage points (pp) compared with the previous year. Imports from Norway have more than halved over the period 2000-2012 and then stabilised. Imports from Russia continued declining since their last peak in 2005 (184.7 Mt). The origins of the crude oil imported to the EU have changed over the years. This represents a small increase from the 2020 level which was lowest value in the 31 years time series starting in 1990. dollars per barrel for the first time since 2014 as traders forecast severe supply restraints by Russia.In 2021, total imports of crude oil to the EU amounted to 446.5 Mt. In late February 2022, weekly crude oil prices topped 100 U.S. Whereas 2020 was marked by a rapid decline in oil prices due to the economic fallout from the pandemic, greater demand prospects and Russia’s invasion of Ukraine have seen benchmark prices surge to an 8-year high. Oil benchmark rollercoaster in light of the Russia-Ukraine war As it has no notable reserves domestically, China is also the world’s leading oil importer. is the country with the highest oil consumption worldwide, followed by China, which has seen oil demand steadily increase over the past decade. remains biggest consumerĭespite growing concerns over fossil fuel use, oil consumption has remained at an all-time high. Although many oil companies had reported financial struggles throughout 2020 due to the coronavirus pandemic, three other oil majors were also ranked among the 20 largest companies.Ĭhina is the world’s largest oil importer, but the U.S. In 2021, Chinese state-owned China National Petroleum Corporation (CNPC) and the Sinopec Group ranked fourth and fifth, respectively in a list of the largest company in the world based on revenue. With oil serving such a great number of purposes, it is unsurprising that oil (and gas) companies are among the largest corporations worldwide. Over four billion metric tons of oil is produced worldwide every year, with the Middle East housing the greatest share of proved oil reserves, at close to 50 percent. Through their exploration of shale oil and oil sands, the United States and Canada have become major oil-producing countries. As an increasing number of conventional reserves such as underground reservoirs were depleted, unconventional means of oil extraction have become more viable. Due to the time it takes for crude oil to form, it is considered a fossil fuel, and its reserves are finite. Crude oil is formed over millions of years by organic materials decomposing in a low oxygen, high pressure environment.
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