The world is in the midst of the first energy crisis of the 21st century. High energy prices, especially for oil, natural gas and coal, have been driving high inflation for decades 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 infographic above provides further context for 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 looking at the amount of oil produced by the Organization of the Petroleum Exporting Countries (OPEC) compared to other organizations and regions. Region/Organization2021 Oil Production (bbl/day)% of OPEC Total31.7M35% North America23.9M27% Commonwealth of Independent States (CIS)13.8M15% Rest of World20.5M23% Total89.9M100% OPEC countries are the largest oil producers collectively, with Saudi Arabia alone accounting for a third of OPEC production. It is also important to note that OPEC production remains below pre-pandemic levels, after the organization cut production by 10 million barrels per day (B/D) in 2020. After OPEC countries, the US, Canada and Mexico accounted for just over a quarter of global oil production in 2021. Almost 70% of North American oil production came from the US, the world’s largest oil producer. Similarly, within the CIS—an organization of countries of the post-Soviet Union—Russia was by far the largest producer, accounting for 80% of total CIS production.
The largest oil producers in 2021
About 43% of global oil production came from just three countries in 2021 — 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 USA 🇺🇸16.6 million 18.5% Saudi Arabia 🇸🇦11 million 12.2% Russia 🇷🇺10.9 million 12.2% Canada 🇨🇶 4% 6% China 🇨🇳4.0M4.4% UAE 🇦🇪3.7M4.1% Iran 🇮🇷3.6M4.0% Brazil 🇧🇷3.0M3.3% Kuwait 🇰🇼2.7M.2M3M3. 3% Mexico 🇲🇽1.9M2.1% Kazakhstan 🇰🇿1.8M2.0% Qatar 🇶🇦1.7M1.9% Nigeria 🇳🇬1.6M1.8% Algeria 🇩🇿1%1.4Mya1. Angola 🇦🇴1.2M1.3% Oman 🇴🇲0.97M1.1% United Kingdom 🇬🇧0.87M1.0% India 🇮🇳0.75M0.8% Colombia.80M. 🇮🇩0.69M0.8% Venezuela 🇻🇪0.65M0.7% Argentina 🇦🇷0.63M0.7% Egypt 🇪🇬0.60M0.7% Malaysia 🇲🇾🇪7.50M. 0.44M0.5% Thailand 🇹🇭0.39M0.4% Republic of Congo 🇨🇬0.27M0.3% Turkmenistan 🇹🇲0.25M0.3% Vietnam 🇻🇳0.19M0.2% 1M Gabon 🇩0.00 ,15M0.2% Equatorial Guinea 🇬🇳0.14M0.2% Peru 🇵🇪0.13M0.1% Chad 🇹🇩0.12M0.1% Brunei 🇧🇳0.10M🇳0.10M. 0.10M0.1% Trinidad & Tobago 🇹🇹0.08M0.1% Romania 🇷🇴0.07M0.1% Yemen 🇾🇪0.07M0.1% Denmark 🇩🇰0. 07M0.1% Sudan 🇸🇩0.06M0.1% Uzbekistan 🇺🇿0.06M0.1% Tunisia 🇹🇳0.05M0.1% Rest of World 🌍1.2M1.4% Total89.9%M100. In recent decades, US oil production has been on a rollercoaster of troughs and peaks. After falling from a 1970 peak of 11.3 million B/D, it hit an all-time low of 6.8 million B/D in 2008. However, after a recovery in the 2010s, the country has since surpassed Saudi Arabia as the largest oil producer. As of 2021, however, the US remained a net importer of crude oil while exporting refined petroleum products. Saudi Arabia and Russia produced about 11 million B/D each in 2021 and were the world’s two largest oil exporters. In both countries, state-owned oil companies (Saudi Aramco and Gazprom, respectively) were the most valuable oil and gas producers. Of Europe (excluding Russia), only Norway was in the top 15 oil producers, accounting for 2.3% of global production. The lack of regional production partly explains the European Union’s dependence on Russian oil and gas, exacerbating the region’s energy crisis.
How the energy crisis affects oil production
After a deep dive in 2020, oil demand is resurfacing and is now above pre-pandemic levels. In addition, supply constraints due to sanctions on Russian oil and natural gas are tightening the market and supporting high oil prices. While the impact has been felt globally, European countries have been hit hard due to their dependence on Russian fossil fuel exports, with some getting almost all of their energy fuel from Russia. To combat the oil crisis, the rest of the world is increasing oil supply through increased production or the release of Strategic Petroleum Reserves (SPRs). US oil production is expected to rise by 1 million B/D in 2022 to a record level. At the same time, Western nations are calling on OPEC members to increase production to ease prices. However, OPEC nations are sticking to their planned production increases, with output still below early 2020 levels. “We had a good discussion about ensuring global energy security and sufficient oil reserves to support global economic growth. And that will start soon.” – US President Joe Biden during 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 IOC’s collective release of 120 million barrels. But with oil demand expected to hit a new record high in 2023, it remains to be seen whether these efforts to increase supply will be enough to contain the crisis.
title: “Which Countries Produce The Most Natural Gas " ShowToc: true date: “2022-12-24” author: “Joanne Davis”
The world is in the midst of the first energy crisis of the 21st century. High energy prices, especially for oil, natural gas and coal, have been driving high inflation for decades 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 infographic above provides further context for 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 looking at the amount of oil produced by the Organization of the Petroleum Exporting Countries (OPEC) compared to other organizations and regions. Region/Organization2021 Oil Production (bbl/day)% of OPEC Total31.7M35% North America23.9M27% Commonwealth of Independent States (CIS)13.8M15% Rest of World20.5M23% Total89.9M100% OPEC countries are the largest oil producers collectively, with Saudi Arabia alone accounting for a third of OPEC production. It is also important to note that OPEC production remains below pre-pandemic levels, after the organization cut production by 10 million barrels per day (B/D) in 2020. After OPEC countries, the US, Canada and Mexico accounted for just over a quarter of global oil production in 2021. Almost 70% of North American oil production came from the US, the world’s largest oil producer. Similarly, within the CIS—an organization of countries of the post-Soviet Union—Russia was by far the largest producer, accounting for 80% of total CIS production.
The largest oil producers in 2021
About 43% of global oil production came from just three countries in 2021 — 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 USA 🇺🇸16.6 million 18.5% Saudi Arabia 🇸🇦11 million 12.2% Russia 🇷🇺10.9 million 12.2% Canada 🇨🇶 4% 6% China 🇨🇳4.0M4.4% UAE 🇦🇪3.7M4.1% Iran 🇮🇷3.6M4.0% Brazil 🇧🇷3.0M3.3% Kuwait 🇰🇼2.7M.2M3M3. 3% Mexico 🇲🇽1.9M2.1% Kazakhstan 🇰🇿1.8M2.0% Qatar 🇶🇦1.7M1.9% Nigeria 🇳🇬1.6M1.8% Algeria 🇩🇿1%1.4Mya1. Angola 🇦🇴1.2M1.3% Oman 🇴🇲0.97M1.1% United Kingdom 🇬🇧0.87M1.0% India 🇮🇳0.75M0.8% Colombia.80M. 🇮🇩0.69M0.8% Venezuela 🇻🇪0.65M0.7% Argentina 🇦🇷0.63M0.7% Egypt 🇪🇬0.60M0.7% Malaysia 🇲🇾🇪7.50M. 0.44M0.5% Thailand 🇹🇭0.39M0.4% Republic of Congo 🇨🇬0.27M0.3% Turkmenistan 🇹🇲0.25M0.3% Vietnam 🇻🇳0.19M0.2% 1M Gabon 🇩0.00 ,15M0.2% Equatorial Guinea 🇬🇳0.14M0.2% Peru 🇵🇪0.13M0.1% Chad 🇹🇩0.12M0.1% Brunei 🇧🇳0.10M🇳0.10M. 0.10M0.1% Trinidad & Tobago 🇹🇹0.08M0.1% Romania 🇷🇴0.07M0.1% Yemen 🇾🇪0.07M0.1% Denmark 🇩🇰0. 07M0.1% Sudan 🇸🇩0.06M0.1% Uzbekistan 🇺🇿0.06M0.1% Tunisia 🇹🇳0.05M0.1% Rest of World 🌍1.2M1.4% Total89.9%M100. In recent decades, US oil production has been on a rollercoaster of troughs and peaks. After falling from a 1970 peak of 11.3 million B/D, it hit an all-time low of 6.8 million B/D in 2008. However, after a recovery in the 2010s, the country has since surpassed Saudi Arabia as the largest oil producer. As of 2021, however, the US remained a net importer of crude oil while exporting refined petroleum products. Saudi Arabia and Russia produced about 11 million B/D each in 2021 and were the world’s two largest oil exporters. In both countries, state-owned oil companies (Saudi Aramco and Gazprom, respectively) were the most valuable oil and gas producers. Of Europe (excluding Russia), only Norway was in the top 15 oil producers, accounting for 2.3% of global production. The lack of regional production partly explains the European Union’s dependence on Russian oil and gas, exacerbating the region’s energy crisis.
How the energy crisis affects oil production
After a deep dive in 2020, oil demand is resurfacing and is now above pre-pandemic levels. In addition, supply constraints due to sanctions on Russian oil and natural gas are tightening the market and supporting high oil prices. While the impact has been felt globally, European countries have been hit hard due to their dependence on Russian fossil fuel exports, with some getting almost all of their energy fuel from Russia. To combat the oil crisis, the rest of the world is increasing oil supply through increased production or the release of Strategic Petroleum Reserves (SPRs). US oil production is expected to rise by 1 million B/D in 2022 to a record level. At the same time, Western nations are calling on OPEC members to increase production to ease prices. However, OPEC nations are sticking to their planned production increases, with output still below early 2020 levels. “We had a good discussion about ensuring global energy security and sufficient oil reserves to support global economic growth. And that will start soon.” – US President Joe Biden during 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 IOC’s collective release of 120 million barrels. But with oil demand expected to hit a new record high in 2023, it remains to be seen whether these efforts to increase supply will be enough to contain the crisis.
