Volatile fuel prices have become a global concern. So we thought of drilling into an oil dataset and see what we can dig up. There are many ways of looking at the data we got and we will bring them to you with time. We will start off with this view. There are some insights at the end of the visualization that you might find interesting.

Insights

The gap between production and demand

Demand for crude oil has been increasing at a faster rate than production from the 1970s onwards. This means 2 things; Countries will increasingly compete for their required crude oil quota and as a result, crude oil prices will keep on rising.

Covid 19 Effect

Both demand and production took a significant decline in 2020 during Covid 19. This is due to most countries going into lockdown and thereby the need for transportation and industries that use oil also coming to a standstill. Due to this, demand fell and producers adjusted accordingly by reducing their production.

After-effects of Covid 19

As Covid 19 eased and countries opened up, the demand for oil also increased. Unfortunately, the production could not keep up with the sudden rebound in demand. Hence, the a larger gap between production and demand in 2021. This resulted in sudden price increases around the world among other reasons.

Venezuela’s Woes

Venezuela is 1st in the Top 5 Reserves in the world, but it only stands at number 20 on the top exporters’ list (not visualized). While Venezuela’s decades-long mismanagement of their state oil company has resulted in domestic troubles for them, their misery has been compounded by economic sanctions put on them. As a result, Venezuela is finding it hard to export the little oil they produce.

USA on Both Lists

USA has managed to creep into the Top 5 Exporters list and also to the Top 5 Importers list. This is because, while USA produces their own share of crude oil, the quality of the crude oil differs from digging location and also according to the use it is put to, meaning they still have to import oil apart from what they produce. All in all, due to multiple complexities in the world of oil, USA is in a sweet trajectory of closing the gap between its imports and exports.

China’s Huge Import Bill

Did you notice the long red line at the top of the Top 5 Importers list? That’s China. China’s import quantity is so big, that it is equal to the next 2 biggest importers combined. It is also almost equal to the exports of the top 2 exporters combined, which means, if the conditions allow, China can single-handedly drain all the exports of both Saudi Arabia and Russia combined.

What other points did you gather from this data viz?

Leave yours in the comment section below. And share this with your friends who might find this data viz interesting.