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Business & Marketing

The countries that produce the most oil aren’t all rich

By effizziemag On Jan 21, 2022
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    • Slide 1 of 31: Oil is a valuable commodity for many countries, including some you might not expect. The price of oil was rising following the rollout of COVID-19 vaccines but the arrival of the Delta variant prompted the Organization of the Petroleum Exporting Countries (OPEC) to scale back its forecast for oil demand at the end of 2021. With the forecast set to rise to pre-pandemic levels this year, read on as we count down from the 30th largest producer to the world leader, based on 2020 data from BP's Statistical Review of World Energy 2021. 
    • Slide 3 of 31: Australia doesn’t typically fall among the world’s top 30 oil-producing countries, but as the world’s oil production patterns have been thrown into disarray by the coronavirus pandemic, the Land Down Under has snuck into the ranking. In 2016 Australia held more than 1.8 billion barrels of proven oil reserves, but the country’s dependence on imports has had to increase to fill a growing gap between consumption and production. In 2019 Australia produced 458,000 barrels of oil per day, and the country did what few nations were able to and increased output to reach 470,000 barrels per day in 2020. The country looks set to have had another stellar year in 2021, as it exported 9.35 million barrels that April – an 8% increase on the previous year – which was its largest monthly export since September 2020. Singapore buys the majority of Australia’s exported oil.
    • Slide 4 of 31: In line with fellow members of OPEC, Ecuador cut its oil production at the end of 2016 to help boost demand and raise the global oil price. As a result, the number of barrels produced a day dropped from 548,000 in 2016 to around 531,000 in 2019. Ecuador went on to suspend its OPEC membership in January 2020, and so was not pressured to cut its production to help stabilise prices during the coronavirus pandemic. Later that year the country suffered two broken pipelines as a result of landslides, and they caused dangerous oil spills in local indigenous communities and a halt to exports. In July 2021 extensive work was carried out to carve a new route for a pipeline in an attempt to avoid further loss of oil and damage to the local area.
    • VacationSlide 31 of 31: The United States has ruled the roost since 2017 when it comes to producing oil. Thirty-two states contribute to America’s total output but most of it is drilled in Texas, which produces 41% of the nation’s oil. The US has been particularly forward-thinking when it comes to extracting oil and was the first nation to adopt methods that allow rigs to drill horizontally, which may account for its increasingly high yields. In 2019, 17.072 million barrels were produced every day, which was an 11.33% increase on 2018 figures, but production dropped to 16.476 million barrels in 2020. In 2021 American oil production didn't just have the lingering effects of the coronavirus pandemic to contend with, but also the catastrophic impact of the big freeze that hit the country last February. Texas was hit particularly hard and the total US oil production plunged by almost 40% – or four million barrels per day. Despite the turbulent year the nation has had, US oil production rates are so much higher than any other country that America will likely keep the top spot for some time to come. Discover why oil- and gas-rich countries need to change
     Oil is a valuable commodity for many countries, including some you might not expect. The price of oil was rising following the rollout of COVID-19 vaccines but the arrival of the Delta variant prompted the Organization of the Petroleum Exporting Countries (OPEC) to scale back its forecast for oil demand at the end of 2021. With the forecast set to rise to pre-pandemic levels this year, read on as we count down from the 30th largest producer to the world leader, based on 2020 data from BP’s Statistical Review of World Energy 2021.

    The nations leading the world in oil production

    Oil is a valuable commodity for many countries, including some you might not expect. The price of oil was rising following the rollout of COVID-19 vaccines but the arrival of the Delta variant prompted the Organization of the Petroleum Exporting Countries (OPEC) to scale back its forecast for oil demand at the end of 2021. With the forecast set to rise to pre-pandemic levels this year, read on as we count down from the 30th largest producer to the world leader, based on 2020 data from BP’s Statistical Review of World Energy 2021.

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