As time goes on and new alternatives for energy production are sought, oil continues to consolidate itself as a product of high global need.
The conflict between Russia and Ukraine has unleashed considerable instability in recent weeks in international markets, affecting the price of crude oil.
In 2020, Russia ranked third in the world among oil-producing countries , but by 2021 it had already risen to second place, surpassed only by the United States .
In addition to this, the world was subjected to the collective lockdown caused by the COVID-19 pandemic, from which many countries have still not recovered. This pandemic led to a collapse of global economies.
Here is the list of the 5 countries that currently lead in oil production per day:
1- Since 2017, the United States has maintained its global leadership as the world's leading producer of crude oil.
Most of the oil is extracted in the state of Texas , approximately 43%. Similarly, the United States has active and growing crude oil production in 32 other states and in parts of its coastal waters. The United States was the first country to adopt new extraction techniques and tools. In 2021, its production was 10.2 million barrels of oil per day (bpd). At the same time, it is the world's largest consumer.
2
Driven by the production cuts forced by the drop in crude oil prices, Russia has fallen from first place to second or third in the world over the past five years. This decline depends on multiple factors that may or may not affect its production capacity. Siberia Westernis characterized as Russia's region with the greatest crude oil extraction capacity. In 2021, its production reached 9.7 million barrels of oil per day (bpd), making it the fifth largest consumer in the world.
3
As the sixth largest consumer of oil, Saudi Arabia is also the third largest producer in the world. Its production is around 9.3 million barrels of oil per day (bpd). However, like other crude oil producing nations, it was affected by the COVID-19. This significantly impacted its Gross Domestic Product (GDP), affecting more than 45% of it.
4
Access to new technologies has allowed Canada to steadily increase its percentage of oil production each year .Comparing oil with direct consumption, experts have indicated that the country has the capacity to secure reserves for the next 185 years. Production in 2021 was 4.3 million barrels of oil per day (bpd).
5
Characterized by holding 9% of the , world's reserves oil Iraq ranked fifth in daily barrel production by the end of 2021. It's worth noting that while it ranks fifth globally, it holds the second position within the Organization of the Petroleum Exporting Countries (OPEC) . Since 2012, Iraq 's oil exports have tripled in volume (million barrels per day ) compared to 2010. The majority of these exports are destined for China, India, and Europe . Iraq's production is currently around 4.2 million barrels per day (bpd).
Others
6- China with 3.9 million barrels of oil per day (bpd).
7- Brazil with 2.9 million barrels of oil per day (bpd).
8- United Arab Emirates with 2.7 million barrels of oil per day (bpd).
9- Iran with 2.5 million barrels of oil per day (bpd).
10- Kuwait with 2.3 million barrels of oil per day (bpd).
Source: Hoy newspaper
