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In 2021, global crude oil production increased by 1.4 million barrels per day (b/d), and consumption increased by 5.3 million b/d (still below 2019).

OPEC+ accounted for more than three-quarters of the increase in oil production.Libya (840,000 b/d), Iran (540,000 b/d) and Canada (300,000 b/d) saw the largest increase, whereas Nigeria (-200,000 b/d), the UK (-170,000 b/d) and Angola (-150,000 b/d) reported the biggest decline.

The majority of the oil consumption growth came from gasoline (1.8 million b/d) and diesel (1.3 million b/d). Regionally, most of the growth took place in the U.S. (1.5 million b/d), China (1.3 million b/d) and the EU (570,000 b/d).

The demand for natural gas grew by 5.3% in 2021, and the supply of LNG grew 5.6% (+26 Bcm) to 516 Bcm (billion cubic metres).

China surpassed Japan as the world’s largest LNG importer and accounted for close to 60% of global LNG demand growth in 2021.

Russia supplied close to 167 Bcm of natural gas to the EU in 2021, a decrease of 8.2% (-12 Bcm). Natural gas exports to Europe from Algeria and Azerbaijan saw a significant rise of +13 Bcm and +6 Bcm, respectively.

(1 barrel of oil = 0.138 tonnes)

 

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