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English: Oil consumption in daily barrels per region from 1980 to 2006; vertical extents indicate barrels of oil consumed per day, and the horizontal scale shows years from 1980 to 2007. Date 25 October 2008
2008-10-24 20:32 84user 600×450× (103638 bytes) {{Information |Description=Daily oil consumption by region from 1980 to 2006; vertical scale shows thousands of barrels per day, and the horizontal scale shows years from 1980 to 2007. Related charts: [[Image:World oil price in dollars from 1978 to 2008-1
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
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]
The list is incomplete; there are more than 25,000 oil and gas fields of all sizes in the world. [1] However, 94 % of known oil is concentrated in fewer than 1,500 giant and major fields. [ 2 ] Most of the world's largest oilfields are located in the Middle East , but there are also supergiant (>10 billion bbls ) oilfields in Brazil, Mexico ...
Production from the field peaked in 1979 at 500 thousand barrels per day (79 thousand cubic metres per day), well above early predictions. The Forties field produced 41,704 barrels of oil and 10million cubic feet of associated gas per day during as of November 2013. It was the second highest producing field in the UK, after the Buzzard field. [14]
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The Jimmy Carter administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel ($100/m 3). Starting with the Iranian revolution, the price of crude oil rose to $39.50 per barrel ($248/m 3) over the next 12 months (its all-time highest real price until March 3, 2008). [11]