US oil consumption 2024 flat at 19million bpd. Down about 30K bpd out of 19million
World oil consumption up 1% to 101 million bpd. Both Russia and Saudi Arabia production down slightly in accordance with OPEC+ agreements they are both party to. Russia remains about 10.5 million bpd. No collapse of production. Russia Consumption up a tad to 3.7 mbpd from 3.6 mbpd.
China oil consumption flat at 16.37 mbpd. India up 2% to 5.6 mbpd. Both rates are lower than typical. The two add to more than US consumption.
Oh, and Russian gas production rose 7%.
It occurred to me late in life that humans will always find a next productive use of energy when it is made available at an economical price. Literally, the wealth and health of the species is governed by how much power is set in front of it.
Cheap electricity? We’ll make more better cheaper things for people. Cheaper hydrocarbons? Same.
We are a species limited by few things. Our imaginations and capabilities will expand to productively consume energy.
DRILL BABY, DRILL!!!
One of the only things bp does consistently and well. I once looked forward to the annual volume and kept a copy on my visitor table.
This is a political document for offical British Bankers use and reference. It bears no true relationship to actual national outputs.
The US is still in no position to us oil as a weapon against Russia. This arguement and falacy was exposed over the amount of the diplomatic traffic involved over the 12-day war, last week when OIL became the most important commodity for a moment....
The loss of 2m barrels a day would hurt the world’s economy.
The only thing that happens with sanctions is that it creates middlemen who must be used in order for transit legally per the sanction regime. Sanctions are literally kickbacks for political supporters - somebody is going to be the middlemen.
Lindsay Graham’s sanctions are going nowhere.
The US is in a bind. The Petro-Dollar is dead; the EURO was a competitive oil instrument, and it too is in trouble. The US is and EU are trying to control the world’s natural resource wealth by treaties, sanctions, and war - which is the old British imperial model of divide and conquer.... The US is trying to protec the TRADE DOLLAR. SWIFT is a component of that.
Whenever these western documents are produced, it is usually based on Western trade, or the SWITF Banking and USD/Euro-Oil dollar numbers. The real numbers would show that most of the gas and much of the oil the EU uses comes thru middlemen in Turkey or India, who add 1-2% of different product to sanctioned-oil.
Were Russia and Iran to both stop sending out oil, the west could not replace it in time to advert collaspe. The OPEC cartel would not backfill the necessary oil.
The US is a few years from having have oil in sufficient quanity to off-set geo-political events and disruptions in the world markets to stabilize our important partners internationally.
The EU itself is in dire straights as the amount of oil they have purchased since publically banning Russian oil has increased in quanity and value.
If US oil consumption is down 19m bpd - that is less than 40 tankers if they transport 500k each. We have not yet got into the summer driving so by next quarter we will have surpassed the previous year’s consumption based on those projections.
later