Which Countries Produce the Most Natural Gas?


The World’s Largest Oil Producers

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

The world is in the middle of the first energy crisis of the 21st century.

High energy prices, especially for oil, gas, and coal, are driving decades-high inflation in various countries, some of which are also experiencing energy shortages. Russia’s recent invasion of Ukraine has exacerbated the crisis, given that the country is both a major producer and exporter of oil and natural gas.

Using data from BP’s Statistical Review of World Energy, the above infographic provides further context on the crisis by visualizing the world’s largest oil producers in 2021.

Oil Production: OPEC Countries vs. rest of the world

Before looking at country-level data, it’s worth seeing the amount of oil the Organization of Petroleum Exporting Countries (OPEC) produces compared to other organizations and regions.

Region/Organization 2021 Oil Production (barrels per day) % of Total
OPEC 31.7M 35%
North America 23.9M 27%
Commonwealth of Independent States (CIS) 13.8M 15%
rest of the world 20.5M 23%
Total 89.9M 100%

The OPEC countries are the largest oil producers collectively, with Saudi Arabia alone making up one third of OPEC production. It’s also important to note that OPEC production remains below pre-pandemic levels after the organization reduced its output by an unprecedented 10 million barrels per day (B/D) in 2020.

Following the OPEC countries, the US, Canada, and Mexico accounted for just over a quarter of global oil production in 2021. Nearly 70% of North American oil production came from the US, the world’s largest oil producer.

Similarly, within the CISโ€”an organization of post-Soviet Union countriesโ€”Russia was by far the largest producer, accounting for 80% of total CIS production.

The Largest Oil Producers in 2021

Roughly 43% of the world’s oil production came from just three countries in 2021โ€”the US, Saudi Arabia, and Russia. Together, these three countries produced more oil than the rest of the top 10 combined.

Country 2021 Oil Production (barrels per day) % of Total
US ๐Ÿ‡บ๐Ÿ‡ธ 16.6M 18.5%
Saudi Arabia ๐Ÿ‡ธ๐Ÿ‡ฆ 11M 12.2%
Russian Federation ๐Ÿ‡ท๐Ÿ‡บ 10.9M 12.2%
Canada ๐Ÿ‡จ๐Ÿ‡ฆ 5.4M 6.0%
Iraq ๐Ÿ‡ฎ๐Ÿ‡ถ 4.1M 4.6%
China ๐Ÿ‡จ๐Ÿ‡ณ 4.0M 4.4%
United Arab Emirates ๐Ÿ‡ฆ๐Ÿ‡ช 3.7M 4.1%
Iran ๐Ÿ‡ฎ๐Ÿ‡ท 3.6M 4.0%
Brazil ๐Ÿ‡ง๐Ÿ‡ท 3.0M 3.3%
Kuwait ๐Ÿ‡ฐ๐Ÿ‡ผ 2.7M 3.0%
Norway ๐Ÿ‡ณ๐Ÿ‡ด 2.0M 2.3%
Mexico ๐Ÿ‡ฒ๐Ÿ‡ฝ 1.9M 2.1%
Kazakhstan ๐Ÿ‡ฐ๐Ÿ‡ฟ 1.8M 2.0%
Qatar ๐Ÿ‡ถ๐Ÿ‡ฆ 1.7M 1.9%
Nigeria ๐Ÿ‡ณ๐Ÿ‡ฌ 1.6M 1.8%
Algeria ๐Ÿ‡ฉ๐Ÿ‡ฟ 1.4M 1.5%
Libya ๐Ÿ‡ฑ๐Ÿ‡พ 1.3M 1.4%
Angola ๐Ÿ‡ฆ๐Ÿ‡ด 1.2M 1.3%
Oman ๐Ÿ‡ด๐Ÿ‡ฒ 0.97M 1.1%
United Kingdom ๐Ÿ‡ฌ๐Ÿ‡ง 0.87M 1.0%
India ๐Ÿ‡ฎ๐Ÿ‡ณ 0.75M 0.8%
Columbia ๐Ÿ‡จ๐Ÿ‡ด 0.74M 0.8%
Azerbaijan ๐Ÿ‡ฆ๐Ÿ‡ฟ 0.72M 0.8%
Indonesia ๐Ÿ‡ฎ๐Ÿ‡ฉ 0.69M 0.8%
Venezuela ๐Ÿ‡ป๐Ÿ‡ช 0.65M 0.7%
Argentina ๐Ÿ‡ฆ๐Ÿ‡ท 0.63M 0.7%
Egypt ๐Ÿ‡ช๐Ÿ‡ฌ 0.60M 0.7%
Malaysia ๐Ÿ‡ฒ๐Ÿ‡พ 0.57M 0.6%
Ecuador ๐Ÿ‡ช๐Ÿ‡จ 0.47M 0.5%
Australia ๐Ÿ‡ฆ๐Ÿ‡บ 0.44M 0.5%
Thailand ๐Ÿ‡น๐Ÿ‡ญ 0.39M 0.4%
Republic of Congo ๐Ÿ‡จ๐Ÿ‡ฌ 0.27M 0.3%
Turkmenistan ๐Ÿ‡น๐Ÿ‡ฒ 0.25M 0.3%
vietnam ๐Ÿ‡ป๐Ÿ‡ณ 0.19M 0.2%
Gabon ๐Ÿ‡ฌ๐Ÿ‡ฆ 0.18M 0.2%
South Sudan ๐Ÿ‡ธ๐Ÿ‡ฉ 0.15M 0.2%
Equatorial Guinea ๐Ÿ‡ฌ๐Ÿ‡ณ 0.14M 0.2%
Peru ๐Ÿ‡ต๐Ÿ‡ช 0.13M 0.1%
Chad ๐Ÿ‡น๐Ÿ‡ฉ 0.12M 0.1%
Brunei ๐Ÿ‡ง๐Ÿ‡ณ 0.10M 0.1%
Italy ๐Ÿ‡ฎ๐Ÿ‡น 0.10M 0.1%
Syria ๐Ÿ‡ธ๐Ÿ‡พ 0.10M 0.1%
Trinidad & Tobago ๐Ÿ‡น๐Ÿ‡น 0.08M 0.1%
Romania ๐Ÿ‡ท๐Ÿ‡ด 0.07M 0.1%
Yemen ๐Ÿ‡พ๐Ÿ‡ช 0.07M 0.1%
Denmark ๐Ÿ‡ฉ๐Ÿ‡ฐ 0.07M 0.1%
Sudan ๐Ÿ‡ธ๐Ÿ‡ฉ 0.06M 0.1%
Uzbekistan ๐Ÿ‡บ๐Ÿ‡ฟ 0.06M 0.1%
Tunisia ๐Ÿ‡น๐Ÿ‡ณ 0.05M 0.1%
Rest of the World ๐ŸŒ 1.2M 1.4%
Total 89.9M 100.0%

Over the last few decades, US oil production has been on a rollercoaster of troughs and peaks. After falling from its 1970 peak of 11.3 million B/D, it reached a historic low of 6.8 million B/D in 2008. However, following a turnaround in the 2010s, the country has since surpassed Saudi Arabia as the largest oil producer. As of 2021, though, the US remained a net importer of crude oil while exporting refined petroleum products.

Saudi Arabia and Russia each produced roughly 11 million B/D in 2021 and were the two largest oil exporters globally. In both countries, state-owned oil firms (Saudi Aramco and Gazprom, respectively) were the most valuable oil and gas producing companies.

From Europe (excluding Russia), only Norway made the top 15 oil producers, accounting for 2.3% of global production. The lack of regional output partly explains the European Union’s dependence on Russian oil and gas, worsening the region’s energy crisis.

How the Energy Crisis is Affecting Oil Production

After a deep dive in 2020, oil demand is resurfacing and is now above pre-pandemic levels. Furthermore, supply constraints due to sanctions on Russian oil and gas tighten the market and support high oil prices.

While the impact has been felt globally, European countries have been hit hard due to their reliance on Russia’s fossil fuel exports, with some getting almost all of their energy fuels from Russia.

To combat the oil crunch, the rest of the world is ramping up oil supply through increased production or releasing strategic petroleum reserves (SPRs). US oil production is expected to rise by 1 million B/D in 2022 to a record-high. Simultaneously, Western nations are calling on OPEC members to increase their output to ease prices. However, OPEC nations are sticking to their planned production hikes, with output still below early 2020 levels.

โ€œWe had a good discussion on ensuring global energy security and adequate oil supplies to support global economic growth. And that will begin shortly.โ€โ€“ US President Joe Biden on his recent visit to Saudi Arabia

The US is releasing 180 million barrels of oil from its SPR, of which 60 million barrels will contribute to the IEA’s collective release of 120 million barrels. But with oil demand expected to reach a new all-time high in 2023, it remains to be seen whether these efforts to increase supply will be enough to curb the crunch.



Source link

Leave a Comment