What is the energy usage due to crude oil in 2017 as per the data given?
Answers
Explanation:
Crude oil prices ended 2017 at $60/barrel (b), the highest end-of-year price since 2013. West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year $6/b higher than at the end of 2016. Brent prices have moved up $10/b since the end of 2016 and ended the year at $65/b, widening the Brent-WTI spread to $5/b at the end of the year, the largest difference since 2013.
Despite relatively high U.S. crude oil production, curtailments in production by members of the Organization of the Petroleum Exporting Countries (OPEC) and robust global demand supported crude oil price increases in 2017. The OPEC agreement to curtail crude oil production in 2017 and subsequent extension of that agreement through 2018 tightened crude oil supplies, which put upward pressure on crude oil prices.
The price spread between Brent and WTI was significantly greater in 2017 than in 2016. Lower domestic crude oil prices made U.S. crude oil more competitive in international markets and supported record U.S. crude oil exports. Domestic demand was also higher: U.S. product supplied for crude oil and petroleum products was the highest level since 2007.
- The world consumes 35,442,913,090 barrels of crude oil in year 2017, equivalent to 97,103,871 barrels per day.
- Global oil consumption per capita is 5 barrels of oil (0.5 gallons) per person yearly .