LATEST OIL PRODUCTION BY COUNTRY PATCH

Note: Source data are subject to change since last update. Last updated: September 22, 2023, with most recent data available. Learn more: Energy Explained: Where our oil comes from Energy Information Administration, International Energy Statistics, Total oil (petroleum and other liquids) consumption, as of September 22, 2023 The top 10 oil 1 consumers and share of total world oil consumption in 2021 2 Countryġ Oil includes crude oil, all other petroleum liquids, and biofuels. Energy Information Administration, International Energy Statistics, Total oil (petroleum and other liquids) production, as of September 22 , 2023 2 Production includes domestic production of crude oil, all other petroleum liquids, and biofuels and refinery processing gain. The top 10 oil 1 producers and share of total world oil production 2 in 2022 3 Countryġ Oil includes crude oil, all other petroleum liquids, and biofuels. Last week, Aramco announced billions of dollars of investment in China’s downstream petrochemicals industry.What countries are the top producers and consumers of oil? Saudi Arabia has denied siding with Russia in the Ukraine war, even as it has cultivated closer ties with both Moscow and Beijing in recent years.

LATEST OIL PRODUCTION BY COUNTRY PATCH

He visited the kingdom last July in a bid to patch up relations, drawing criticism for sharing a fistbump with Crown Prince Mohammed. The decades-long U.S.-Saudi alliance has come under growing strain in recent years following the 2018 killing of Saudi dissident Jamal Khashoggi, a U.S.-based journalist, and Saudi Arabia’s war with the Iran-backed Houthi rebels in Yemen.Īs a candidate for president, Biden had vowed to make Saudi Arabia a “pariah” over the Khashoggi killing, but as oil prices rose after his inauguration he backed off. Aramco said it hoped to boost production to 13 million barrels a day by 2027. Profits rose 46.5% when compared to the company’s 2021 results of $110 billion. Saudi Arabia’s state-run oil giant Aramco recently announced record profits of $161 billion from last year. “This domestic interest takes precedence in Saudi decision-making over relationships with international partners and is likely to remain a point of friction in U.S.-Saudi relations for the foreseeable future,” he said. Kristian Coates Ulrichsen, a Gulf expert at Rice University’s Baker Institute for Public Policy, said the Saudis are determined to keep oil prices high enough to fund ambitious mega-projects linked to Crown Prince Mohammed bin Salman’s Vision 2030 plan to overhaul the economy. Brent crude, a global benchmark, was trading around $80 a barrel at the end of last week, down from around $95 in early October, when the earlier cuts were agreed.Īnalysts Giacomo Romeo and Lloyd Byrne at Jefferies said in a research note that the new cuts should allow for “material” reductions to OPEC inventory earlier than expected and could validate recent warnings from some traders and analysts that demand for oil is weakening. Since those cuts, oil prices have trended down. and Saudi Arabia denied any political motives in the dispute. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis.īoth the U.S. midterm elections in which soaring prices were a major issue. The cuts announced in October - of some 2 million barrels a day - had come on the eve of U.S. There was no immediate statement from OPEC itself. Russia had announced the unilateral reduction in February after Western countries imposed price caps.Īll are members of the so-called OPEC+ group of oil exporting countries, which includes the original Organization of the Petroleum Exporting Countries as well as Russia and other major producers. Russia’s Deputy Prime Minister Alexander Novak meanwhile said Moscow would extend a voluntary cut of 500,000 until the end of the year, according to remarks carried by the state news agency Tass. The announcements were carried by each country’s state media. Iraq said it would reduce production by 211,000 barrels per day, the United Arab Emirates by 144,000, Kuwait by 128,000, Kazakhstan by 78,000, Algeria by 48,000 and Oman by 40,000. The cuts represent less than 5% of Saudi Arabia’s average production of 11.5 million barrels per day in 2022. The Saudi Energy Ministry described the move as a “precautionary measure” aimed at stabilizing the oil market. The cuts are in addition to a reduction announced last October that infuriated the Biden administration. Saudi Arabia announced the biggest cut among OPEC members at 500,000 barrels per day.

Latest oil production by country