Energy
Visualizing the Rise of the U.S. as Top Crude Oil Producer
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Visualizing the Rise of the U.S. as Top Crude Oil Producer
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Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia.
This infographic illustrates the rise of the U.S. as the biggest oil producer, based on data from the U.S. Energy Information Administration (EIA).
U.S. Takes Lead in 2018
Over the last three decades, the United States, Saudi Arabia, and Russia have alternated as the top crude producers, but always by small margins.
During the 1990s, Saudi Arabia dominated crude production, taking advantage of its extensive oil reserves. The petroleum sector accounts for roughly 42% of the country’s GDP, 87% of its budget revenues, and 90% of export earnings.
However, during the 2000s, Russia surpassed Saudi Arabia in production during some years, following strategic investments in expanding its oil infrastructure. The majority of Russia’s oil goes to OECD Europe (60%), with around 20% going to China.
Crude Oil Production | United States | Saudi Arabia | Russia |
---|---|---|---|
1992 | 11.93% | 13.97% | 12.74% |
1993 | 11.50% | 13.68% | 11.35% |
1994 | 10.96% | 13.32% | 10.50% |
1995 | 10.60% | 13.17% | 9.96% |
1996 | 10.21% | 12.87% | 9.49% |
1997 | 9.84% | 12.73% | 9.29% |
1998 | 9.39% | 12.58% | 9.05% |
1999 | 9.06% | 11.99% | 9.33% |
2000 | 8.67% | 12.33% | 9.64% |
2001 | 8.65% | 11.89% | 10.45% |
2002 | 8.63% | 11.49% | 11.53% |
2003 | 8.05% | 12.92% | 12.10% |
2004 | 7.46% | 12.74% | 12.67% |
2005 | 7.00% | 13.21% | 12.82% |
2006 | 6.85% | 13.00% | 12.90% |
2007 | 6.84% | 12.38% | 13.29% |
2008 | 6.71% | 12.44% | 12.56% |
2009 | 7.32% | 11.28% | 12.98% |
2010 | 7.37% | 11.31% | 13.03% |
2011 | 7.55% | 12.81% | 13.02% |
2012 | 8.50% | 13.04% | 12.94% |
2013 | 9.76% | 12.86% | 13.10% |
2014 | 11.18% | 12.60% | 12.86% |
2015 | 11.67% | 12.77% | 12.66% |
2016 | 10.92% | 13.12% | 13.02% |
2017 | 11.53% | 12.68% | 13.05% |
2018 | 13.21% | 12.77% | 12.96% |
2019 | 14.90% | 12.15% | 13.20% |
2020 | 14.87% | 12.37% | 12.97% |
2021 | 14.59% | 12.06% | 13.10% |
2022 | 14.73% | 13.17% | 12.76% |
Over the 2010s, the U.S. witnessed an increase in domestic production, much of it attributable to hydraulic fracturing, or “fracking,” in the shale formations ranging from Texas to North Dakota. It became the world’s largest oil producer in 2018, outproducing Russia and Saudi Arabia.
The U.S. accounted for 14.7% of crude oil production worldwide in 2022, compared to 13.1% for Saudi Arabia and 12.7% for Russia.
Despite leading petroleum production, the U.S. still trails seven countries in remaining proven reserves underground, with 55,251 million barrels.
Venezuela has the biggest reserves with 303,221 million barrels. Saudi Arabia, with 267,192 million barrels, occupies the second spot, while Russia is seventh with 80,000 million barrels.
Energy
Charted: 4 Reasons Why Lithium Could Be the Next Gold Rush
Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.
4 Reasons Why You Should Invest in Lithium
Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.
In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.
1. Lithium Prices Have Dropped
One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:
Date | LiOH·H₂O* | Li₂CO₃** |
---|---|---|
Feb 2023 | $76 | $71 |
March 2023 | $71 | $61 |
Apr 2023 | $43 | $33 |
May 2023 | $43 | $33 |
June 2023 | $47 | $45 |
July 2023 | $44 | $40 |
Aug 2023 | $35 | $35 |
Sept 2023 | $28 | $27 |
Oct 2023 | $24 | $23 |
Nov 2023 | $21 | $21 |
Dec 2023 | $17 | $16 |
Jan 2024 | $14 | $15 |
Feb 2024 | $13 | $14 |
Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate MB-LI-0033
**Lithium carbonate MB-LI-0029
2. Lithium-Ion Battery Prices Are Also Falling
The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.
In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.
Year | Price per KWh |
---|---|
2023 | $139 |
2022 | $161 |
2021 | $150 |
2020 | $160 |
2019 | $183 |
2018 | $211 |
2017 | $258 |
2016 | $345 |
2015 | $448 |
2014 | $692 |
2013 | $780 |
3. EV Adoption is Sustainable
One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.
According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.
Manufacturer | September 2022 | September 2023 |
---|---|---|
BMW | $69,000 | $72,000 |
Ford | $54,000 | $56,000 |
Volkswagon | $54,000 | $56,000 |
General Motors | $52,000 | $53,000 |
Tesla | $68,000 | $51,000 |
4. Electricity Demand in Transport is Growing
As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:
Transport Type | 2022 | 2025 | 2030 |
---|---|---|---|
Buses 🚌 | 23,000 GWh | 50,000 GWh | 130,000 GWh |
Cars 🚙 | 65,000 GWh | 200,000 GWh | 570,000 GWh |
Trucks 🛻 | 4,000 GWh | 15,000 GWh | 94,000 GWh |
Vans 🚐 | 6,000 GWh | 16,000 GWh | 72,000 GWh |
The Lithium Investment Opportunity
Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.
With prices dropping and demand skyrocketing, now is the time to invest in lithium.
EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.
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