Sharp drop in crude oil production in the United Kingdom.
Global crude oil output rose by less than 1% in 2021 after a 7.4% drop in 2020.
In a context of global economic recovery, with increasing COVID-19 vaccination rates and loosening pandemic-related restrictions, oil demand expanded more rapidly than supply. Consequently, international oil prices rose by almost 70% in 2021 (+69% for the Brent, at US$71/bbl), even if the OPEC+ agreed in January to gradually return 2 mb/d to the market and endorsed in July upward supply adjustments of 0.4 mb/d every month starting in August until phasing out of the 5.8 mb/d production cuts. In 2021, the US crude oil production (17% of global output) increased by 1.3%. Russia became the world’s second largest crude oil producer, surpassing Saudi Arabia’s output by around 1.5%. Overall, oil production grew in the Middle East (+1.6%), leaded by Iran with +17.6% despite sanctions, in North America (+2.5%), including +5.9% in Canada, in CIS (+1.8%), and in Asia (+3.3%). Output continued to decline in Latin America (-0.5%, with -1.1% in Brazil) and in Africa (-5.3%), driven down by Nigeria (-11.4%).
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