Energy

Visualizing the Flow of Oil Around the World

Published

8 years ago

January 18, 2016

Jeff Desjardins

Visualizing the Flow of Oil Around the World

Every day, 93 million barrels of oil are consumed by the world economy.

While a handful of countries are fortunate enough to have sufficient domestic production, many others must go to the $3 trillion global crude market for their energy needs.

We previously showed how oil prices affect the currencies of net oil importers and exporters, but today’s map and corresponding data from BP looks more specifically at how oil changes hands on the global market.

Imports and exports of oil

The Middle East was the biggest exporter of crude oil with 850.1 million tonnes shipped in 2014. Other major exporters include Russia (294.8), West Africa (213.9), and Canada (148.6).

Many countries in this category, such as Canada, are having their currencies hammered to historic lows.

Here is how major currencies did over 2015 – near the bottom of the list, you will see the currencies of many of the significant oil exporters such as Russia, Mexico, Canada, and Norway.

Currency performance in 2015

It is also worth noting that Venezuela, another significant exporter, is experiencing hyperinflation right now. However, the country’s tight capital controls mean that inflation information has to be extrapolated from black markets outside the country. DolarToday is a good source for this.

Related Topics:currency oil exports imports trade crude

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Energy

Who’s Building the Most Solar Energy?

China’s solar capacity triples USA, nearly doubles EU.

Published

1 day ago

May 5, 2024

Bruno Venditti

Chart showing installed solar photovoltaic (PV) capacity in China, the EU, and the U.S. between 2010 and 2022, measured in gigawatts (GW).

Who’s Building the Most Solar Energy?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In 2023, solar energy accounted for three-quarters of renewable capacity additions worldwide. Most of this growth occurred in Asia, the EU, and the U.S., continuing a trend observed over the past decade.

In this graphic, we illustrate the rise in installed solar photovoltaic (PV) capacity in China, the EU, and the U.S. between 2010 and 2022, measured in gigawatts (GW). Bruegel compiled the data..

Chinese Dominance

As of 2022, China’s total installed capacity stands at 393 GW, nearly double that of the EU’s 205 GW and surpassing the USA’s total of 113 GW by more than threefold in absolute terms.

Installed solar capacity (GW)	China	EU27	U.S.
2022	393.0	205.5	113.0
2021	307.0	162.7	95.4
2020	254.0	136.9	76.4
2019	205.0	120.1	61.6
2018	175.3	104.0	52.0
2017	130.8	96.2	43.8
2016	77.8	91.5	35.4
2015	43.6	87.7	24.2
2014	28.4	83.6	18.1
2013	17.8	79.7	13.3
2012	6.7	71.1	8.6
2011	3.1	53.3	5.6
2010	1.0	30.6	3.4

Since 2017, China has shown a compound annual growth rate (CAGR) of approximately 25% in installed PV capacity, while the USA has seen a CAGR of 21%, and the EU of 16%.

Additionally, China dominates the production of solar power components, currently controlling around 80% of the world’s solar panel supply chain.

In 2022, China’s solar industry employed 2.76 million individuals, with manufacturing roles representing approximately 1.8 million and the remaining 918,000 jobs in construction, installation, and operations and maintenance.

The EU industry employed 648,000 individuals, while the U.S. reached 264,000 jobs.

According to the IEA, China accounts for almost 60% of new renewable capacity expected to become operational globally by 2028.

Despite the phasing out of national subsidies in 2020 and 2021, deployment of solar PV in China is accelerating. The country is expected to reach its national 2030 target for wind and solar PV installations in 2024, six years ahead of schedule.