With more than $100bn invested in oil and gas in the US and UK, the market is primed to boom in the years ahead.
Here’s everything you need to know about it.1.
The Oil Industry is the Biggest Business in the WorldThe US is the biggest oil producer in the world, with about 1.6 billion barrels per day (bpd) of output, and China is second.
However, these numbers are a bit misleading.
The US produces only about 6.5 per cent of the world’s oil, and Chinese production is just under 20 per cent.
The US’s share of global production has fallen over the past decade, to about 15 per cent in 2012.
This means that, in the first half of 2014, China accounted for more than a quarter of US oil production, with the rest of the oil going to Saudi Arabia, Iraq, Russia, and Nigeria.
But in the same year, the US had an increase of less than 0.2 per cent, and Saudi Arabia’s share was almost identical.2.
The UK is the second-largest oil producer, with nearly 6.2 billion bpd of output.
The United States, which is a major exporter, has a relatively small share of UK production, accounting for just 2.1 per cent – or roughly a third of UK oil production.
But this is still quite impressive when you consider that it accounts for less than 1 per cent and Iraq has the largest share of its oil production in the whole of the Middle East.3.
The Royal Dutch Shell is the largest oil producer by a long way, with more than 7 billion barrels of production.
The rest of its output comes from Saudi Arabia and its other major oil producers.
But it is by far the largest company in the UK.
Its share of the UK’s oil output is more than 60 per cent as a whole, and that is thanks to a whopping 90 per cent share of British oil produced in the past five years.4.
Norway is the third-largest producer of oil and its share of oil production is slightly less than 10 per cent according to Statoil.
It is worth noting that Norway’s share is relatively low compared to other oil producing countries such as Kuwait, Qatar, and the UAE.5.
The world’s second-biggest exporter of crude oil is Russia, with 1.9 billion barrels a day of output in 2014.
But Russia also has a smaller share of world oil production than the US, the UK, and France combined.6.
Saudi Arabia is the world largest exporter and its oil output in the second half of this year was around 5 per cent higher than in the previous year.7.
US shale production has increased by over 100 million barrels a year since 2012, with US production of shale oil rising by about 200 million barrels per year over the same period.
This is mostly due to a surge in shale oil production that is mostly happening in the Permian Basin of Texas, Oklahoma, and New Mexico.8.
The oil industry is one of the largest and most profitable in the OECD, accounting to around 15 per to 20 per 10 per 10 billion barrels.
Its growth in 2014 was the highest in recent years, and its contribution to the global economy is expected to rise to around 10 per to 15 per 10 to 15 billion barrels by the end of the decade.9.
Norway, Russia and Saudi Arabian Arabia are the main producers of natural gas in Europe.
Their gas supplies are also increasingly in demand as the EU is grappling with the rise of low-carbon energy and its reliance on gas.10.
Saudi Aramco is the only major oil company in Saudi Arabia with a presence in Germany, Italy, France, the Netherlands, Belgium, Spain, the Czech Republic, Slovakia, and Ukraine.11.
China is the fifth-largest exporter in the EU, with 3.6 trillion barrels of oil produced, or more than double the US.
The Chinese share of worldwide oil production rose by 1.2 percentage points in 2014, but it is still below the US’s 4 per cent contribution.12.
Russia, which produces about 6 per cent to 9 per cent less oil than the world average, is the fourth-largest petroleum producer in terms of total oil production and is the main supplier of crude to Europe.13.
The largest US shale producer, Texas-based Eagle Ford, is one-third owned by Exxon Mobil, and a third by Chevron.
The third-bigger US producer, Occidental Petroleum, is owned by Total.14.
US crude oil production has declined by about 10 per per cent over the last decade, with a big part of the decline taking place in the last three years.15.
The European Union has been under pressure over its energy policy, with its production targets and policies being undermined by a combination of low oil prices and the US shale boom.
The EU’s production target of about 1 million barrels of crude a day is