Oil is the world’s black gold . Oil moves the world. With it, gasoline, plastic Although there are many oil producing countries, Spain is not an oil producing country. A minimum amount has not yet been included. It suffers from price volatility for its purchase, which takes up most of the annual budget.
For example, the last two years oil prices have hit record lows , creating huge savings for importing countries like Spain. But if they increase, it will affect the life of the country, starting with gasoline.
How is the price of oil determined?
Oil prices are set per barrel, rather than liters or gallons, because oil is a stable commodity, so its price is set based on demand. Everything is due to the efforts of Venezuela, the five largest countries in the world in 1960. They met and established in Baghdad. Organization of Petroleum Exporting Countries . There are currently 13 countries representing 45 percent of world production.
This organization controls the amount of oil in the world to set prices based on production. As happened with the oil crisis in the United States in the 1970s, it destabilized global stability.
On the other hand, countries outside the organization such as Russia have unilaterally controlled their production and prices. They do the same with natural gas, using their client countries as an economic weapon. The most important oil-producing countries, as we will see later , are s.
Major oil producing countries
Major oil nations were not members of the previous organization.
The list of major oil producing countries is not always the same. In fact, Venezuela has recently been one of the top ten countries, so it has been the subject of debate whether it is a cause or a symptom. Venezuela crisis.
According to information from the CIA, we present the main oil-producing countries of the world.
Kuwait
It is the 10th largest oil producer in the world . 4 Its production is about 2.7 million barrels of oil, which is about 3% of the world’s total production. The war was sparked by an “investigation” of Saddam Hussein’s country in 1990, a notable war in the Persian Gulf.
4 Its deposits are estimated to be 100 years old and are a solid revenue base for the country.
Mexico
Mexico is the 11th largest exporter in the world and can produce about 2.85 million barrels of oil.
Income from oil exports accounts for 10% of the country’s total income.
Iran
Iran produces 3.4 million barrels and is considered a country of so-called ‘superpowers’ thanks to its reserves and untapped wells.
That 3.4 million barrels represents 5.1% of the world’s total daily oil flow. The money earned from these exports represents 60% of Iran’s total income.
In addition, it does not have to depend on its reserves, which guarantee large amounts of income not only with oil but also with electricity and natural gas. It will give you a lot to talk about Iran
United Arab Emirates
The United Arab Emirates is in the Arab world, Abu Dhabi, Ajman Dubai Fujirara, Ras al-Strong Composed of Sarjah and Umm al-Qaywayn.
Together they produce about 3.5 million barrels. mainly Abu Dhabi; Dubai and Sarji. Primarily extracting liquids from the United Arab Emirates
They have about 100 billion barrels. They have a lot of money, So they allowed each other to save each other.
Dubai is, after all, preparing to transition away from oil, based on a booming economy. It depends on tourism and businesses.
Iraq
Iraq’s geopolitical problems, Internal and external conflicts Al-Qaeda The recent Daesh attack and more than ten years of military intervention have been severely punished.
Despite this, Iraq has the fifth largest oil reserves in the world, and despite having mainly intact farmland, it produces about 4 million barrels of oil, which provides 94% of the country’s energy and 66% of the country’s total income.
A great future is expected when the country’s problems are solved.
Canada
Another North American country on the list is one of the most important oil producing countries.
Canada has only 0.5% of the world’s population, but produces more than 5% of the world’s oil.
It produces 4.5 million barrels and its reserves reach 180,000 million barrels, the world’s third-largest oil reserve.
Canada’s ‘problem’ is that most of its resources are tar pits, which complicates extraction. Canada’s crude oil production will grow when technology makes extraction technology cheaper.
China
China’s crude oil production has grown steadily over the past 50 years. Unexpected growth in the past 15 years due to the government’s opening up of the economy.
It produces 4.6 million barrels of crude oil, but its consumption is brutal even as the country imports crude oil from Russia and other Asian and Arab countries.
Although reserves are modest at about 20 billion barrels, its production and reserves are expected to grow significantly due to low elevations and water masses (hydraulic fracturing).
Russia
Everything in Russia is wrong. We have not found an Achilles heel with oil.
Their 11 million barrels represent 13-14% of the total crude oil moving in the world.
Its deposits are the third largest in the country, in Siberia and northern Russia. Thick with all the crude oil hidden under the ice in the Arctic. Does not contain solid ice.
Remember that Russia represents one-sixth of the total territory of the Earth in territory; This shows us that all of the 4’s reserves are not fully utilized.
Saudi Arabia
Until recently, it was the world’s largest crude oil producer with nearly 12 million barrels. its crude oil; Represents 5% of existing crude oil in the world today and a large part, still unused.
Other energy and fuel production lost first place as its production decreased.
American
Thanks to fracking and the overexploitation of its oil fields, the third country in North America ranks in the world with nearly 14 billion in crude oil. Large investments in technology have enabled them to implement modern crude oil extraction methods such as tar and shale.
Although the world’s largest producer of crude oil, China has its own problems. A large amount of crude oil is imported to Mexico and Canada. Their demand is outstripping production.
Countries with the world’s largest oil reserves
Being an oil producing country not only makes you better, but also gives you a better perspective on the world. Perhaps in addition to large productions, they have a reserve that guarantees that position and stability. The future.
Countries with the world’s largest oil reserves (what country produces the most oil?)
(numbers are in billions)
- Venezuela – 297,6
- Saudi Arabia – 267,9
- Canada – 173,1
- Iran – 154.6
- Iraq – 141.4
- Kuwait – 104
- United Arab Emirates – 97.8
- Russia – 80
- Libya – 48
- Nigeria – 37.2
- Kazakhstan – 30
- Qatar – 25,380
- United States – 20,680
- China – 17,300
- Brazil – 13,150
- Algeria – 12,200
- Angola – 10,470
- Mexico – 10,260
- Ecuador – 8,240
- Azerbaijan – 7
major oil exporters
It is necessary to know what is the many countries that have decided to export , and practically, the national economy on oil. Iran Countries such as Mexico and Venezuela have seen incidents. This month’s downturn affects their budgets as much as they have in recent months.
In this last list you will be able to better see the health of the countries and see which one controls them the best.
- Algeria in Africa Angola Libya and Nigeria.
- Saudi Arabia in the Middle East United Arab Emirates Iraq and Kuwait.
- South America has Ecuador and Venezuela.
Finally, for major non-OPEC producers and exporters, we have Canada, Sudan Mexico United Kingdom, Norway Russia and Oman.
Will the list of oil producing countries over time? That’s likely, but most of what we’ve seen has been at the top of the production charts for years, so that won’t change anytime soon.
Major oil consuming countries (what country produces the most oil?)
On the opposite side of the coin, we have the countries that spend the most barrels per day. In some cases, even the largest oil producers, such as the United States, need to import more oil than they export. This is because demand far outstrips production. To look a little closer and get a global idea of this phenomenon, you can find the daily consumption per country and the average per capita consumption in the list below.
What country produces the most oil? Data obtained in 2019, in 2018, these were consumed per day (in thousands of barrels) for each country.
- United States – 20,456
- China – 56.1
- India – 500
- Japan – 29
- Saudi Arabia: 3.724
- Russia – 3.228
- Brazil: 3.081
- South Korea
- Canada: 2447
- Germany – 16
- Iran: 1.879
- Mexico: 1.812
- Indonesia – 500
- UK – 18
- France – 18
- Thailand – 1,478
- Singapore – 1.449
- Spain – 1.335
- Italy – 5
- Australia – 3.6
What factors influence this difference?
On the one hand , the amount of population and on the other, each country’s level of wealth . Here we can define by individual income. This explains why the United States is not the most populous nation and consumes as much oil (about 22 barrels per day per capita). In fact, people consume on average more than twice the amount consumed per person in Spain (10 barrels per day per inhabitant). Therefore, countries with more people but lower per capita income, such as China, consume less oil than the United States.
for example, China and India are very similar. India is sparsely populated. But because China’s level of wealth is high, oil consumption is also higher. The average price of each barrel of oil is about $55 per barrel, which can carry over into 2018. Spain consumes 13,355,000 barrels per day. It costs $73,500,000 a day.