As the world sits atop a staggering 1,731 billion barrels of oil, 187 trillion cubic meters of gas, and over a trillion tonnes of coal, this deep dive into the hard numbers reveals a fossil-fueled reality that is vast, entrenched, and more geopolitically charged than ever.
Key Takeaways
- Global proved reserves of crude oil stood at 1,731.9 billion barrels at the end of 2021, with Venezuela holding the largest share at 303.8 billion barrels.
- Proved natural gas reserves worldwide reached 187 trillion cubic meters at year-end 2021, led by Russia with 37.4 trillion cubic meters.
- Coal reserves globally were estimated at 1,074 billion tonnes in 2021, with the United States possessing 249.8 billion tonnes.
- Global oil production averaged 94.0 million barrels per day in 2022.
- US oil production reached a record 20.1 million b/d including biofuels in 2023.
- Saudi Arabia produced 11.1 million b/d of crude oil in 2022.
- Global primary energy demand from oil was 227.9 exajoules in 2022.
- Oil consumption worldwide averaged 99.7 million b/d in 2022.
- US oil consumption was 19.0 million b/d in 2022.
- Global energy-related CO2 emissions from fossil fuels reached 36.8 Gt in 2022.
- Coal accounted for 40% of fossil CO2 emissions globally in 2022.
- Oil contributed 32% to global CO2 emissions from energy in 2022.
- Fossil fuel industry value added $4.7 trillion to global GDP in 2022.
- Oil and gas revenues for OPEC countries: $1.1 trillion in 2022.
- Global fossil fuel trade value exceeded $2.5 trillion in 2022.
The post outlines vast global fossil fuel reserves, production figures, and their significant environmental impacts.
Consumption
- Global primary energy demand from oil was 227.9 exajoules in 2022.
- Oil consumption worldwide averaged 99.7 million b/d in 2022.
- US oil consumption was 19.0 million b/d in 2022.
- China oil demand reached 15.1 million b/d in 2022.
- India oil consumption grew to 5.4 million b/d in 2022.
- EU-27 oil use fell to 12.8 million b/d in 2022.
- Japan's oil consumption was 3.2 million b/d in 2022.
- South Korea oil demand at 2.6 million b/d in 2022.
- Saudi Arabia consumed 4.0 million b/d of oil domestically in 2022.
- Global natural gas consumption rose 0.4% to 3,942 billion cubic meters in 2022.
- Europe gas consumption dropped 9.5% to 662 billion cubic meters in 2022.
- US gas consumption increased 4.1% to 861 billion cubic meters in 2022.
- China gas use grew 1.3% to 377 billion cubic meters in 2022.
- Russia domestic gas consumption was 486 billion cubic meters in 2022.
- Japan gas consumption fell to 96 billion cubic meters in 2022.
- Global coal consumption increased 1.1% to 8,500 million tonnes in 2022.
- China coal consumption was 4,618 million tonnes in 2022.
- India coal use reached 1,192 million tonnes in 2022.
- US coal consumption declined 11.3% to 479 million tonnes in 2022.
- EU coal consumption rose 7.3% to 425 million tonnes in 2022 due to gas crisis.
- Transportation sector accounted for 54% of global oil consumption in 2022.
- Power generation used 40% of global coal consumption in 2022.
- Industry sector consumed 38% of natural gas globally in 2022.
- Buildings sector gas use was 25% of total in OECD countries 2022.
- Aviation fuel demand recovered to 66% of 2019 levels in 2022.
- Road transport diesel use grew 2% globally in 2022.
- Petrochemical feedstock oil demand up 3.5% to 14 mb/d in 2022.
- Global fossil fuel share of primary energy was 80.2% in 2022.
- Oil's share of global energy consumption was 31.1% in 2022.
- Natural gas share rose to 23.7% of primary energy in 2022.
- Coal share was 25.4% of global primary energy consumption in 2022.
Consumption Interpretation
Despite a few hopeful flickers of transition, the world's energy system in 2022 was still overwhelmingly an engine running on the fossilized past, with China and the US guzzling the most petrol, Europe burning more coal in a panic, and our collective addiction clocking in at a stubborn 80% reliance on oil, gas, and coal.
Economics
- Fossil fuel industry value added $4.7 trillion to global GDP in 2022.
- Oil and gas revenues for OPEC countries: $1.1 trillion in 2022.
- Global fossil fuel trade value exceeded $2.5 trillion in 2022.
- US shale revolution added $300 billion annually to economy since 2010.
- Coal mining employs 8 million people worldwide, contributing $1 trillion GDP.
- Average Brent crude price was $100/bbl in 2022.
- Henry Hub natural gas average price $6.45/MMBtu in 2022.
- Global coal export price averaged $190/tonne in 2022.
- Fossil fuel investment globally totaled $1.1 trillion in 2022.
- Saudi Aramco market cap $2.3 trillion as of 2023.
- ExxonMobil revenue $413 billion in 2022.
- Chevron net income $35.5 billion in 2022 from oil/gas.
- Shell profits $39.9 billion in 2022.
- BP earnings $27.7 billion in 2022.
- Global upstream oil/gas spending $530 billion in 2022.
- Downstream refining margins averaged $12/bbl in 2022.
- LNG spot prices in Europe hit $70/MMBtu average 2022.
- Fossil fuel royalties and taxes: $700 billion for US federal/state in 2022.
- Russia fossil export revenues $383 billion in 2022 pre-sanctions peak.
- Australia coal/LNG exports worth $130 billion in 2022.
- Qatar LNG revenues over $50 billion in 2022.
- Global fossil subsidies $7 trillion including externalities in 2022.
- Explicit fossil subsidies $1.3 trillion in 2022 per IMF.
- Oil price volatility: standard deviation 30% in 2022.
- Energy poverty: 675 million without electricity, mostly reliant on fossils/wood.
- Fossil fuels 82% of energy investment return globally.
- Global oil demand projected to peak at 105 mb/d by 2028 per IEA.
Economics Interpretation
In a world addicted to its own energy, the fossil fuel economy emerges as a colossally profitable yet deeply indebted patient, simultaneously recording trillions in GDP and corporate profits while quietly footing a $7 trillion bill for its own side effects.
Environmental Impact
- Global energy-related CO2 emissions from fossil fuels reached 36.8 Gt in 2022.
- Coal accounted for 40% of fossil CO2 emissions globally in 2022.
- Oil contributed 32% to global CO2 emissions from energy in 2022.
- Natural gas was responsible for 21% of energy CO2 emissions in 2022.
- China emitted 11.9 Gt CO2 from fossil fuels in 2022, 32% of global.
- US fossil CO2 emissions totaled 4.8 Gt in 2022.
- EU-27 CO2 emissions from fossils fell 2.5% to 2.4 Gt in 2022.
- India fossil CO2 rose 5.5% to 2.8 Gt in 2022.
- Oil and gas sector methane emissions: 120 Mt CH4 equivalent in 2021.
- Coal mining methane emissions totaled 43 Mt in 2021 globally.
- Fossil fuel combustion caused 75% of global SO2 emissions in 2020.
- NOx emissions from fossil fuels account for 70% of anthropogenic total.
- Global PM2.5 from fossil fuel combustion averages 10-20 ug/m3 in cities.
- Coal power plants emit 0.9-1.2 kg CO2 per kWh generated.
- Natural gas plants emit 0.4-0.5 kg CO2/kWh.
- Oil-fired generation emits 0.7-0.8 kg CO2 per kWh.
- Fossil fuels responsible for 89% of total energy CO2 emissions in 2022.
- Ocean acidification from fossil CO2 absorption: pH drop 0.1 units since 1800.
- Fossil fuel use linked to 75% of ice sheet mass loss since 1990s.
- Coal ash ponds contaminate 50% of US coal plants' water sources.
- Oil spills from tankers averaged 2.2 million tonnes annually 2010-2019.
- Fracking wastewater in US: 1.5 trillion liters produced 2012-2016.
- Global fossil fuel subsidies reached $7 trillion in 2022.
- Air pollution from fossils causes 8.7 million premature deaths yearly.
- Fossil fuels contribute to 70% of mercury emissions from human sources.
- Global fossil fuel extraction causes 20% of biodiversity loss hotspots.
- Cumulative CO2 from fossils since 1850: 2,390 GtCO2 by 2022.
Environmental Impact Interpretation
The grim orchestra of fossil fuels, led by coal's heavy bass, oil's slick rhythm, and gas's deceptive melody, plays a symphony of climate chaos and human cost that is reaching a deafening and unsustainable crescendo.
Production
- Global oil production averaged 94.0 million barrels per day in 2022.
- US oil production reached a record 20.1 million b/d including biofuels in 2023.
- Saudi Arabia produced 11.1 million b/d of crude oil in 2022.
- Russia oil output was 10.8 million b/d in 2022 before sanctions impact.
- Canada crude oil production hit 5.7 million b/d in 2022.
- China produced 4.1 million b/d of oil in 2022.
- Iraq oil production averaged 4.4 million b/d in 2022.
- UAE produced 4.2 million b/d of crude in 2022.
- Brazil oil production rose to 3.7 million b/d including NGLs in 2022.
- Global natural gas production increased 0.7% to 4,119 billion cubic meters in 2022.
- US natural gas production hit 1,035 billion cubic meters in 2022.
- Russia gas production was 598 billion cubic meters in 2022.
- Iran produced 256 billion cubic meters of natural gas in 2022.
- Qatar gas output reached 177 billion cubic meters in 2022.
- China natural gas production was 206 billion cubic meters in 2022.
- Australia LNG production contributed to 160 billion cubic meters total gas in 2022.
- Global coal production fell 1.6% to 8,277 million tonnes in 2022.
- China coal production was 4,314 million tonnes in 2022.
- India coal output reached 903 million tonnes in 2022.
- Indonesia produced 659 million tonnes of coal in 2022.
- US coal production declined to 540 million tonnes in 2022.
- Australia coal production was 432 million tonnes in 2022.
- Russia coal output totaled 430 million tonnes in 2022.
- South Africa coal production was 226 million tonnes in 2022.
- Permian Basin accounted for 45.5% of US crude oil production in 2022.
- Haynesville shale gas production surged 7% in 2022 to over 100 Bcf/d.
- Powder River Basin coal production in US was 131 million short tons in 2022.
- Global LNG production capacity reached 482 million tonnes per annum by end-2022.
- Qatar's North Field expansion to boost LNG production by 85 mtpa by 2027.
- US shale oil production share of total crude was 65% in 2022.
- Global oil rigs averaged 758 in 2022 per Baker Hughes.
- Marcellus shale gas output hit 35 Bcf/d in 2022.
- Global coal mine production costs averaged $50-70/tonne in 2022.
- OPEC+ production cuts totaled 3.66 million b/d implemented from late 2022.
Production Interpretation
The world's energy system remains stubbornly addicted to fossil fuels, as evidenced by the relentless gusher of oil, the steady flow of gas, and the stubbornly massive pile of coal, proving that while we may be talking a green game, the planet is still largely powered by yesterday's fuels.
Reserves
- Global proved reserves of crude oil stood at 1,731.9 billion barrels at the end of 2021, with Venezuela holding the largest share at 303.8 billion barrels.
- Proved natural gas reserves worldwide reached 187 trillion cubic meters at year-end 2021, led by Russia with 37.4 trillion cubic meters.
- Coal reserves globally were estimated at 1,074 billion tonnes in 2021, with the United States possessing 249.8 billion tonnes.
- Saudi Arabia's proved oil reserves were 267.0 billion barrels as of end-2021, accounting for 15.4% of global total.
- Iran's proved oil reserves totaled 208.6 billion barrels in 2021, ranking third globally.
- Canada's oil sands contribute significantly to its 168.1 billion barrel proved reserves as of 2021.
- Russia's proved oil reserves were 107.8 billion barrels at end-2021.
- Iraq held 145.0 billion barrels of proved oil reserves in 2021.
- UAE's proved oil reserves stood at 111.0 billion barrels end-2021.
- Kuwait's oil reserves were 101.5 billion barrels as of 2021.
- Turkmenistan led Asia with 13.9 trillion cubic meters of natural gas reserves in 2021.
- Qatar's natural gas reserves were 23.9 trillion cubic meters end-2021.
- Iran's gas reserves totaled 33.9 trillion cubic meters in 2021.
- US proved gas reserves increased to 13.2 trillion cubic meters by end-2021.
- China's coal reserves were 149.8 billion tonnes in 2021.
- Australia's coal reserves stood at 147.4 billion tonnes end-2021.
- India's coal reserves were 111.1 billion tonnes in 2021.
- Russia's coal reserves totaled 162.2 billion tonnes as of 2021.
- Global technically recoverable oil resources are estimated at 3,299 billion barrels by USGS.
- Undiscovered oil resources in the Middle East assessed at 878 billion barrels by USGS 2012.
- Arctic region holds 90 billion barrels of undiscovered oil per USGS.
- Global shale oil technically recoverable resources: 345 billion barrels.
- US shale gas technically recoverable: 665 trillion cubic feet.
- Global coalbed methane resources estimated at 258 trillion cubic meters.
- Proved reserves-to-production ratio for oil was 49.5 years in 2021.
- Natural gas R/P ratio globally was 49.3 years end-2021.
- Coal R/P ratio worldwide stood at 132.4 years in 2021.
- OPEC countries hold 79.3% of global proved oil reserves as of 2021.
- Non-OPEC reserves account for 20.7% of world oil reserves in 2021.
- Libya's oil reserves were 48.4 billion barrels end-2021.
Reserves Interpretation
Despite the staggering, almost comedic wealth of fossil fuels still buried beneath us—enough to keep us merrily cooking the planet for another half-century in oil and gas, and over a century in coal—the real trick will be leaving the party before the house burns down.
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