{"id":429,"date":"2014-01-15T08:12:02","date_gmt":"2014-01-15T08:12:02","guid":{"rendered":"http:\/\/www.asadkarim.co.uk\/?p=429"},"modified":"2014-01-15T08:12:02","modified_gmt":"2014-01-15T08:12:02","slug":"big-oil","status":"publish","type":"post","link":"https:\/\/www.asadkarim.co.uk\/?p=429","title":{"rendered":"Big Oil"},"content":{"rendered":"<p>Despite the term &#8220;<strong>Big Oil<\/strong>&#8221; which is referring to the largest energy companies in the world, the famous names like <em><strong>BP, Shell, Statoil, ExxonMobil, Chevron, Total, Repsol, ConocoPhillips<\/strong><\/em>,\u00a0 etc, the numbers actually tell the real story.<\/p>\n<p>The so called &#8220;<strong>Big Oil<\/strong>&#8221; companies only account for <strong>25% of oil production<\/strong>.<\/p>\n<p><strong>OPEC<\/strong> (The Oil Production Exporting Companies) account for <strong>75% of oil production<\/strong>.<br \/>\nYes, <em><strong>Saudi Arabia, Oman\u00a0the UAE, Qatar, Iraq and Kuwait<\/strong> <\/em>dominate oil production.<\/p>\n<p>Reading the BP Statistical Review of World Energy one gets a grip on the numbers<br \/>\n[<a title=\"BP Statistical Oil Review\" href=\"http:\/\/www.bp.com\/content\/dam\/bp\/pdf\/statistical-review\/statistical_review_of_world_energy_2013.pdf\" target=\"_blank\">http:\/\/www.bp.com\/content\/dam\/bp\/pdf\/statistical-review\/statistical_review_of_world_energy_2013.pdf<\/a>]<\/p>\n<p>Total Oil Production = <strong>86,152,000<\/strong> barrels a day.<br \/>\nA barrel of oil is about <strong>US $111<\/strong>.<\/p>\n<p>Thus crude oil production per day is worth a staggering $9,562,872,000 = <strong>\u00a35,814,890,000 a day<\/strong><\/p>\n<p>Total Oil Consumption = 89,774,000 barrels a day.<br \/>\nA barrel of oil is about US $111.<\/p>\n<p>Thus crude oil\u00a0consumption per day is worth a staggering $9,964,914,000<br \/>\n= <strong>\u00a36,059,360,000 a day<\/strong><\/p>\n<p>And note consumption is based on production, and the production of <strong>\u00a35,814,890,000 per day (\u00a35.8 billion) over 75%<\/strong> of this is from OPEC. The interesting fact is that we consume more oil than we produce, meaning we are pulling against oil reserves to meet consumption demand.<\/p>\n<p>The so called oil majors that make up \u201c<strong>Big Oil<\/strong>\u201d <strong>are actually oil minors<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the term &#8220;Big Oil&#8221; which is referring to the largest energy companies in the world, the famous names like BP, Shell, Statoil, ExxonMobil, Chevron, Total, Repsol, ConocoPhillips,\u00a0 etc, the numbers actually tell the real story. The so called &#8220;Big Oil&#8221; companies only account for 25% of oil production. OPEC (The Oil Production Exporting Companies) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-429","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=429"}],"version-history":[{"count":1,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/429\/revisions"}],"predecessor-version":[{"id":430,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/429\/revisions\/430"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}