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The tonne of oil equivalent (toe) is a unit of energy defined as the amount of energy released by burning one tonne of crude oil. It is approximately 42 gigajoules or 11.630 megawatt-hours, although as different crude oils have different calorific values, the exact value is defined by convention; several slightly different definitions exist.
Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl).
The table lists worldwide PE and the countries producing most (76%) of that in 2021, using Enerdata. The amounts are rounded and given in million tonnes of oil equivalent per year (1 Mtoe = 11.63 TWh (41.9 petajoules), where 1 TWh = 10 9 kWh) and % of Total. Renewable is Biomass plus Heat plus renewable percentage of Electricity production ...
According to the American Petroleum Institute (API), a standard barrel of oil is the amount of oil that would occupy a volume of exactly 1 barrel (158.99 L) at reference temperature and pressure conditions of 60 °F (15.6 °C) and 14.696 psi (1,013.25 hPa). This standard barrel of oil will occupy a different volume at different pressures and ...
The United States is the world's second-largest producer of energy. It produces 16% of the world's energy, about three-fourths as much as China. [ 3 ] Since 2019, the country has been a net exporter of energy. In 2021, 97.8 quads were produced and net exports were 3.9% of production.
Daily oil consumption by region from 1980 to 2006. This is a list of countries by oil consumption.[ 1 ][ 2 ] In 2022, the International Energy Agency (IEA) announced that the total worldwide oil consumption would rise by 2% [ 3 ] year over year compared to 2021 despite the COVID-19 pandemic. [citation needed] United States. European Union. China.
Although some oil was produced commercially before 1859 as a byproduct from salt brine wells, the American oil industry started on a major scale with the discovery of oil at the Drake Well in western Pennsylvania in 1859. US crude oil production initially peaked in 1970 at 9.64 million barrels (1,533,000 m 3) per day.
Although the US proved oil reserves grew by 3.8 billion barrels in 2011, even after deducting 2.07 billion barrels of production, only 8% of the 5.84 billion barrels of the newly booked oil was due to new field discoveries (US EIA) Within the petroleum industry, proven crude oil reserves in the United States were 44.4 billion barrels (7.06 × ...