Oil & Gas Industry Quick-Fire Facts

You would be hard-pressed to find anyone telling you the Oil and Gas Industry is not an essential part of our everyday lives.

Without it, the world’s economy would almost certainly come to a screeching halt.

E-line wireline services and e-line tools are only one facet of this industry, but just like all the other parts and pieces, they each have incredible importance in the function of the Oil and Gas Industry.

Let’s look at the facts:

The 13 members of OPEC (the Organization of the Petroleum Exporting Counries) share 79.4% of the global crude oil reserves. They also account for 39% of the total global crude oil production.

In 2019, the global oil production for the members of OPEC was 95.2 million barrels per day.

As of 2019, the United States holds roughly 19% of the total world’s oil.

According to the U.S. Energy Information Administration, the 10 largest oil producers of 2019 are the United States, Saudia Arabia, Russia, Canada, China, Iraq, United Arab Emirates, Brazil, Iran and Kuwait.

Oil & Gas Industry Stats in the US:

In 2019, the United States produced 19.41 million barrels of crude oil per day. When compared to 2015 at roughly 9.4 million barrels a day, that is an increase of 106.5% in just four years.

The United States leads the world in total petroleum production, producing over 12.5 million barrels a day in May 2019, ahead of Saudi Arabia and Russia.

Oil & Gas Industry Through the Years:

600 B.C. — The first recorded history of oil discovery. Found by the Chinese and was transported in pipelines built from bamboo.

1901 — The Spindletop discovery in Texas sets the stage for the beginnings of the new oil economy.

1930s — The Seven Sisters were formed. They included Exxon (originally Standard Oil), Royal Dutch/Shell, BP, Mobil, Texaco, Gulf and Chevron.

1960 — Venezuela, Saudi Arabia, Kuwait, Iraq and Iran form the Organization of the Petroleum Exporting Countries (OPEC).

October 1973 — OPEC issues an embargo halting exports of oil to the U.S.

March 18, 1974 — At an OPEC meeting, seven of its 10 members lifted the ban on exports to the United States.

December 22, 1975 — In response to the embargo, President Gerald Ford signed into law the “Energy Policy and Conservation Act.” It states the country must keep a stockpile of one million barrels of petroleum. This is currently the largest emergency supply in the world.

September 22, 2008 — Oil prices have the biggest one-day increase ever, increasing from $16.37 to $120.92 a barrel.

2016 — The U.S. is estimated to have the largest volume of oil reserves in the world at 264 billion barrels.

2017 — The upstream oil and gas investment for the U.S. increased 53% when compared to 2016.

December 2018 — The U.S. becomes a net oil exporter for the first time.

August 2020 — PetroChina announces $4.36 billion net loss due to the Coronavirus pandemic.

November 2020 — Concerning the ongoing pandemic, Equinor predicts worldwide oil demand to hit peak by 2027 or 2028. This is roughly two to three years earlier than their previous estimate.

In our current timeline, businesses around the world are having to adjust to a new normal of life with the pandemic. As the world adjusts to this new normal, so to will businesses like the Oil & Gas Industry.

For more information on tools manufactured by Eltech’s e-line and wireline company in Lafayette, LA, contact us here.

Originally published at https://www.elinetools.com.

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Nicole Lorraine

New Orleans native, Irish descent. Copywriter. Editor. SEO fledgling. I know a little about a lot and a lot about a little.