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The world is addicted to crude oil

Crude oil production

Crude oil production legend Crude oil production chart

Takeaways:

  • Worldwide production is increasing, not decreasing
  • Saudi Arabia has consistently been the largest crude oil producer in the world
  • Production slows are visible in 2001-2002 (Iraq war) and 2009-2010 (American recession)
  • Brazil’s production capacity is maturing

Crude oil exports

Crude oil-exporting legend Crude oil-exporting chart

Takeaways:

  • There was a large drop in crude oil exports following the 2008 recession. Saudi Arabia accounted for a significant portion of this drop
  • Iraq’s exports are growing since the 2003 U.S.-led invasion that toppled Saddam Hussein’s regime
  • The United States and China are not significant exporters of crude oil (not shown). Their production is mostly used domestically
  • Canada is committed to many climate agreements yet is increasing their export of crude oil every year
  • Norway is also committed to many climate agreements yet is still one of the largest crude oil exporters in the world

Conclusion

Many countries are making the transition from fossil fuels to renewable sources in response to the climate crisis. However, the worldwide production and export of crude oil have been steadily increasing. Oil is a large (and growing) revenue stream in most countries. It is also a vital resource in developing countries. It is hard to wean countries and their economies off of crude oil.

While Canada and Norway are committed to hitting climate change emissions targets, they remain large exporters of crude oil. The Paris Climate Accord (<1.5ºC) does not account for a countries’ crude oil export. Canada and Norway may very well hit their emissions targets and meet the Paris Climate Accord (Norway loves Teslas), but we all share the same atmosphere.

Crude oil isn’t going away anytime soon. So plant a tree.

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