With the world consuming nearly 100 million barrels of oil every single day while releasing over 36 gigatonnes of CO2 annually, a closer look at the staggering scale of our fossil fuel dependence reveals both the immense wealth of resources we still rely on and the profound environmental cost of this global addiction.
Key Takeaways
- Global proven oil reserves stood at 1,731.9 billion barrels at the end of 2022
- Proven natural gas reserves worldwide reached 187 trillion cubic meters by end-2022
- Coal reserves globally were estimated at 1,074 billion tonnes in 2022
- Global oil demand reached 99.7 mb/d in 2022
- US oil consumption was 19.0 mb/d in 2022
- China oil demand hit 15.1 mb/d in 2022
- Oil emitted 11.6 gigatonnes (Gt) CO2 in 2022 globally
- Coal combustion released 14.5 Gt CO2 worldwide in 2022
- Natural gas contributed 7.4 Gt CO2 emissions in 2022
- Global oil production market value reached $3.2 trillion in 2022
- Natural gas trade value was $1.1 trillion globally in 2022
- Coal export value hit $250 billion worldwide in 2022
- IEA projects fossil fuels to meet 73% of energy demand in 2025
- Net zero by 2050 requires 75% drop in fossil fuel demand by 2050
- OPEC forecasts oil demand to reach 110 mb/d by 2045
Despite huge reserves, fossil fuels are declining as the world shifts to cleaner energy.
Consumption and Demand
- Global oil demand reached 99.7 mb/d in 2022
- US oil consumption was 19.0 mb/d in 2022
- China oil demand hit 15.1 mb/d in 2022
- India oil consumption grew to 5.4 mb/d in 2022
- EU oil demand fell to 12.6 mb/d in 2022
- Japan's oil consumption was 3.2 mb/d in 2022
- Transportation sector accounted for 54% of global oil demand in 2022
- Global natural gas demand increased 0.6% to 3,942 bcm in 2022
- Europe natural gas demand dropped 9.5% to 412 bcm in 2022
- US natural gas consumption reached 903 bcm in 2022
- China gas demand surged 8.7% to 364 bcm in 2022
- Russia gas consumption was 474 bcm in 2022
- Power generation used 38% of global natural gas in 2022
- Global coal demand rose 1.1% to 8,250 Mt in 2022
- China consumed 4,597 Mt of coal in 2022
- India coal demand hit 1,192 Mt in 2022
- US coal consumption fell to 474 Mt in 2022
- Electricity production consumed 73% of EU coal in 2022
- Global road transport oil use was 42 mb/d in 2022
- Petrochemical feedstock demand grew 3.5% to 15 mb/d oil equivalent in 2022
- Aviation fuel demand recovered to 6.5 mb/d globally in 2022
- US gasoline consumption averaged 8.8 mb/d in 2022
- Global fossil fuels supplied 80.2% of primary energy in 2022
Consumption and Demand Interpretation
The world's addiction to fossil fuels, despite our clean energy promises, is alarmingly robust, with oil demand nearly hitting 100 million barrels a day and fossil fuels stubbornly supplying over 80% of our energy while the transportation sector guzzles more than half of that oil.
Economic Statistics
- Global oil production market value reached $3.2 trillion in 2022
- Natural gas trade value was $1.1 trillion globally in 2022
- Coal export value hit $250 billion worldwide in 2022
- OPEC oil revenues surged to $1.2 trillion in 2022
- US fossil fuel production value: $800 billion in 2022
- Brent crude oil average price was $100/bbl in 2022
- Henry Hub natural gas averaged $6.45/MMBtu in 2022
- Newcastle coal price peaked at $400/tonne in 2022
- Global oil refining capacity: 102 mb/d in 2022
- Fossil fuel subsidies reached $1.3 trillion globally in 2022
- Saudi Aramco market cap: $2.3 trillion as of 2022 end
- ExxonMobil revenue from fossil fuels: $413 billion in 2022
- Global LNG trade value: $450 billion in 2022
- Russia fossil fuel export revenues: $380 billion in 2022
- Australia coal exports: $65 billion in FY2022
- US shale gas economic impact: $500 billion GDP contribution 2010-2022
- Global upstream oil investment: $530 billion in 2022
- Petrochemicals industry revenue: $600 billion in 2022
- Norway sovereign wealth fund from oil/gas: $1.4 trillion assets 2022
- Global fossil fuel employment: 12 million direct jobs in 2022
- Oil price volatility index averaged 25% annualized in 2022
- Global fossil fuels share of GDP: 4.5% direct in 2022 estimates
- China coal import value: $70 billion in 2022
- EU natural gas import bill: $450 billion in 2022
- Global fossil fuel R&D spending: $25 billion public in 2022
Economic Statistics Interpretation
Even as the world talks of transition, the cold, hard truth of 2022 is that the old energy order remains a multi-trillion-dollar beast whose every shiver sends fortunes and gas bills soaring.
Environmental Emissions
- Oil emitted 11.6 gigatonnes (Gt) CO2 in 2022 globally
- Coal combustion released 14.5 Gt CO2 worldwide in 2022
- Natural gas contributed 7.4 Gt CO2 emissions in 2022
- Fossil fuels accounted for 89% of global CO2 emissions from energy in 2022
- Global energy-related CO2 emissions rose 0.9% to 36.8 Gt in 2022
- China fossil fuel CO2 emissions reached 11.9 Gt in 2022
- US energy CO2 emissions fell 0.8% to 4.8 Gt in 2022
- EU CO2 emissions dropped 2.5% to 2.6 Gt from fossil fuels in 2022
- India fossil fuel CO2 rose 5.5% to 2.7 Gt in 2022
- Coal power plants emitted 70% of power sector CO2 in 2022 globally
- Global methane emissions from fossil fuels were 120 Mt CH4 in 2021
- Oil and gas sector leaked 35-45 Mt methane annually pre-2022 efforts
- Coal mining methane emissions totaled 47 Mt CH4 in 2021
- Fossil fuel combustion caused 8.7 million premature deaths globally in 2021
- PM2.5 from fossil fuels led to 4.5 million deaths from coal alone in 2021
- Global SO2 emissions from coal fell 10% to 20 Mt in 2022
- NOx emissions from fossil fuels totaled 25 Mt globally in 2022 estimates
- Oil spills from tankers averaged 2.5 million tonnes per year 2018-2022
- US coal plants emitted 1.2 billion tonnes CO2 cumulatively since 2010
- Global fossil fuel water use for cooling power plants: 500 billion m3/year
- Acid rain precursors from fossil fuels peaked at 100 Mt SO2 equivalent in 1980s
- Arctic sea ice loss linked to black carbon from fossil fuels: 20% contribution
- Global fossil CO2 responsible for 75% of ocean acidification since industrialization
- US fracking wastewater from shale gas: 1 trillion gallons 2005-2022
Environmental Emissions Interpretation
In 2022, humanity collectively and quite expertly baked the planet with 36.8 gigatonnes of CO2, a grim masterpiece where fossil fuels held the brush for 89% of the canvas, coal played the lead villain, and the tragic subplot included millions of premature deaths written in particulate matter.
Policy and Projections
- IEA projects fossil fuels to meet 73% of energy demand in 2025
- Net zero by 2050 requires 75% drop in fossil fuel demand by 2050
- OPEC forecasts oil demand to reach 110 mb/d by 2045
- BP sees fossil fuels at 65% of energy mix by 2050 in STEPS scenario
- IEA Stated Policies Scenario: coal demand peaks 2025 at 8,200 Mt
- US Inflation Reduction Act cuts fossil subsidies by $20 billion/year
- EU REPowerEU plan reduces gas demand 155 bcm by 2027
- China 14th Five-Year Plan targets coal cap at 4,100 Mt/year
- India aims for net zero 2070 with fossil fuels 50% by 2030
- Global oil demand peaks at 105 mb/d in late 2020s per IEA APS
- Natural gas demand grows 15% to 5,200 bcm by 2040 in IEA STEPS
- Coal phase-out by 2030 in EU power sector policy
- Russia fossil exports projected down 40% by 2025 due to sanctions
- Global methane pledge targets 30% cut from fossil fuels by 2030
- US permits 2,500 new oil/gas wells/month in 2023 policy
- Paris Agreement NDCs imply 2.4°C warming with fossil reliance
- Net zero scenarios: oil production falls 75% by 2050 to 24 mb/d
- Hydrogen from fossil fuels with CCUS: 40% of low-carbon H2 by 2050
Policy and Projections Interpretation
The future of fossil fuels is a chaotic tug-of-war, where the loud, ambitious plans for a clean energy transition are currently being drowned out by the quiet, relentless chug of business-as-usual.
Production and Reserves
- Global proven oil reserves stood at 1,731.9 billion barrels at the end of 2022
- Proven natural gas reserves worldwide reached 187 trillion cubic meters by end-2022
- Coal reserves globally were estimated at 1,074 billion tonnes in 2022
- Venezuela holds the largest proven oil reserves at 303.8 billion barrels as of 2022
- Saudi Arabia's proven oil reserves were 267.0 billion barrels in 2022
- Iran had 208.6 billion barrels of proven oil reserves at end-2022
- Canada's oil sands contribute to its 168.1 billion barrels proven reserves in 2022
- Iraq's proven oil reserves totaled 145.0 billion barrels in 2022
- Russia's proven oil reserves were 107.8 billion barrels as of 2022
- United Arab Emirates had 111.0 billion barrels proven oil reserves in 2022
- Global oil production reached 99.0 million barrels per day (mb/d) in 2022
- US oil production hit a record 11.9 mb/d in 2022
- Saudi Arabia produced 10.7 mb/d of oil in 2022
- Russia oil output was 10.1 mb/d in 2022 despite sanctions
- Canada crude oil production increased to 5.0 mb/d in 2022
- China oil production was 4.1 mb/d in 2022
- Global natural gas production grew 0.4% to 4,047 billion cubic meters (bcm) in 2022
- US natural gas production reached 1,035 bcm in 2022
- Russia produced 691 bcm of natural gas in 2022
- Iran natural gas output was 256 bcm in 2022
- Global coal production rose 3.5% to 8,254 million tonnes (Mt) in 2022
- China coal production hit 4,314 Mt in 2022
- India coal output reached 903 Mt in 2022
- Indonesia produced 651 Mt of coal in 2022
- Australia coal production was 467 Mt in 2022
- US shale oil production accounted for 64% of total US crude output in 2022
- Permian Basin produced 5.9 mb/d of oil in 2022
- Global technically recoverable tight oil resources estimated at 2,175 billion barrels
- Marcellus Shale natural gas reserves in US estimated at 410 trillion cubic feet
- World coal resources total 15,410 billion short tons
Production and Reserves Interpretation
We have meticulously counted and secured enough fossil fuel to thoroughly cook our own goose, yet we still argue over who gets to light the match.
Sources & References
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