- The world's emergency oil reserves are rapidly depleting
- Diesel and petrol account for 74 percent of net energy
- A major shortage is likely to occur soon
New Delhi : The world's emergency oil reserves are rapidly depleting. Due to wars and supply disruptions, governments and companies have withdrawn more than 1 billion barrels of oil from their reserves. Now, the world has less than 6 billion barrels of oil left in commercial reserves. Only 10 percent or less of that oil is available for immediate use.
Now the market has very little room to withstand shocks. If a new supply crisis emerges, the oil market could be extremely vulnerable to its consequences. The upward pressure on prices is already mounting. What is the world's daily oil consumption? How much do Indians use? And, most importantly, what is the calculation of total oil reserves? These are the questions. However, this report is about emergency oil stocks, not total oil stocks. Currently, the world has enough oil reserves. According to statistics, the world consumes approximately 10.3 to 10.5 million barrels of oil per day.
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On a per capita basis, this amounts to approximately 0.53 US gallons per day, or about 2.5 liters per person. Diesel has the highest share in this total consumption. According to EIA data, the daily consumption of diesel and gasoil is estimated at 28.7 to 29 million barrels, which is approximately 27 to 28 percent of the total demand. It can be called the backbone of the global economy, as heavy machinery, long-haul trucks, cargo ships, agricultural tractors and public transport all run on it.
Petrol, Motor Gasoline second
Petrol, or motor gasoline is second. According to EIA data, its daily consumption is estimated at 26.5 to 27 million barrels, which is about 25 percent of the total demand. It is mainly used in private cars, motorcycles and light trucks. Its growth rate has slowed due to the rise in demand for electric vehicles in Western countries, but global demand for petrol remains high.
Diesel and petrol account for 74 percent of net energy
Diesel and petrol account for about 74 percent of the net energy used in transportation. One-third share is from petrochemical feedstock. The rest, about 250 million barrels per day, consists of products such as residual fuel oil, asphalt and grease, used to power large ships, build roads and lubricate engines.