Oil continues to be the top source for energy worldwide as renewables have remained stagnant. But, there have been changes in the pecking order among nations producing & consuming oil. For example, the U.S. has emerged as a major producer over the past decade.
Oil is still the king
The share of renewables as an energy source has had a feeble increase in the past few years. While the dependence on oil has come down, coal and natural gas have both seen a rise. Here’s a look at the trend.
Reshaping the future
Worldwide, proven oil reserves have risen 46% in the past decade. Until 1997, West Asia
led by a huge margin in proven reserves, but has reached a plateau. North, Central & South America have caught up since the turn of the millenium. A look at the net addition of reserves in the past two decades:
Power shift
The period between 2007 and 2017 saw a big shift in both production and consumption patterns for oil. The below graphs show the percentage share of oil production and consumption for the top 15 countries over the years. Each circle indicates a country.
Oil production patterns worldwide
Oil consumption worldwide
