It would have also had to beat out Russia, which was producing about 10.8 million barrels a day in 2018.
"Regardless, one day doesn’t matter much in oil production," he said.Īnd to become the world's largest oil producer at the time, Texas would have needed to do more than surpass Saudi Arabia. There is no publicly available data on oil production for specific days, but it's unlikely Texas ever topped Saudi Arabia "unless that day was somehow extraordinary," said Ted Kury, director of energy studies for the University of Florida's Public Utility Research Center. But that's less than half of what Saudi Arabia produced at the time, according to the Energy Information Administration. Texas was producing about 4.7 million barrels of oil a day in October 2018 – the time period referenced in the post. USA TODAY reached out to the user who shared the post for comment.įollow us on Facebook! Like our page to get updates throughout the day on our latest debunks Texas produces less oil than Russia, Saudi Arabiaīy any measure, Texas was not the "largest oil producer in the world" in 2018, as the claim states. still holds the top spot and accounted for 14.5% of crude oil production worldwide last year, compared to 13.1% for Russia and 12.1% for Saudi Arabia, according to data from the Energy Information Administration. as a whole – not Texas alone – became the world’s largest oil producer in 2018, outproducing Russia and Saudi Arabia. Texas produced about 1.6 billion barrels of oil in 2018, according to The Railroad Commission of Texas, which is the state agency that oversees the oil and natural gas industry. Saudi Arabia, though, produced more than twice that, turning out more than 3.7 billion barrels for the year. 5 post, which was shared more than 4,500 times in six days.īut the claim is false for a few reasons. “On this day, in 2018 Texas was the largest oil producer in the world, surpassing Saudi Arabia,” reads the Oct. Texas churned out 1.7 billion barrels of oil in 2021, by far the most of any state in the U.S.īut a widely viewed Facebook post claims Texas was at one point in time the world’s largest oil producer, outperforming even oil-rich Saudi Arabia. The bulletin serves as an important source of reliable information for research analysts and academics, as well as policymakers and other industry stakeholders, according to OPEC.Watch Video: Biden considering 'alternatives' after OPEC oil production cuts The claim: Texas was the largest oil producer in the world in 2018, surpassing Saudi Arabia OPEC’s 2019 ASB is the 54 th edition of the study. “In our long-term outlook we currently see oil demand growing steadily in the 2020s and peaking in the late-2030s, as we incorporate moderate technological shifts and accelerated efficiency gains that will flatten on-road transportation demand and petrochemical feedstock demand growth towards 2040,” Rystad Energy’s Chief Oil Analyst Bjornar Tonhaugen said in a statement sent to Rigzone in January. Global oil demand growth is projected to slow to 0.7 percent per year from 2020 to 2030, before dropping to -0.2 percent per year from 2030 to 2040 and -0.6 percent per year from 2040 to 2050, the Reference Case highlights.Īccording to Rystad Energy’s long term-outlook released in January, oil demand will grow steadily in the 2020s and peak in the late 2030s.
Oil demand growth is expected to slow significantly from next year, according to McKinsey Energy Insights’ (MEI) Global Energy Perspective 2019 Reference Case, which was launched in February. OECD (organization for economic cooperation and development) oil demand was said to have grown “solidly” for the fourth consecutive year in 2018, while oil demand in OPEC member countries declined “slightly” after increasing during 2017. The largest increases were recorded for the Asia and Pacific region, particularly China and India, and North America, the ASB revealed.
World oil demand grew by 1.5 percent year on year to average 98.73MMbpd in 2018, the ASB highlighted. The top three crude oil producing countries last year were the United states with 10.96MMbpd, Russia with 10.53MMbpd and Saudi Arabia with 10.32MMbpd, according to the ASB. The rise marked the highest annual growth since 2015, according to the ASB, which revealed that OPEC crude oil output declined year on year by 415,000 barrels per day, while crude production by non-OPEC countries grew by 1.628MMbpd. Total world crude oil production increased by 1.213 million barrels per day (MMbpd) in 2018 to reach 75.78MMbpd, according to OPEC’s latest Annual Statistical Bulletin (ASB).
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