The aforementioned silver tripled its returns year-over-year, climbing 47.9% in 2020. Oil is one of the world’s most important natural resources, playing a critical role in everything from transportation fuels to cosmetics. and China are next on the list. The organization of the Petroleum Exporting Countries (OPEC) was found in Iraq, with the signing of an agreement by five countries: Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The disputed presidency of Nicolás Maduro, for example, has resulted in the U.S. imposing sanctions against Venezuela’s government, central bank, and national oil company, Petróleos de Venezuela (PDVSA). Going public can be an effective strategy for these companies as it allows them to raise capital for new projects, while also ensuring their governments maintain control. Qatar’s proven oil reserves are the ninth-largest in the world, exceeding 25 billion barrels (2.5% of the OPEC total). Ron Patterson, ... And it is very likely that Saudi is at maximum production also. Typically known for sharp, idiosyncratic price movements, it faced double-digit declines in the first half of the decade, falling over 35% in just 2013 alone. Please try again later. The potential wealth from Oil production in Malawi could strengthen the economy of Malawi which relies on … At roughly $8.53 per share, Aramco’s IPO raised $25.6 billion, making it one of the world’s largest IPOs in history. As these factors play out, the oil production landscape can dramatically change. Oil production 2019 (bbl/day) Oil production per capita 2017 (bbl/day/million people) 1 United States: 12,248,000: 35,922 2 Saudi Arabia : 12,000,000: 324,866 3 Russia: 10,800,000: 73,292 4 Iraq : 4,451,516: 119,664 5 Iran : 3,990,956: 49,714 6 China: 3,980,650: 2,836 7 Canada: 3,662,694: 100,931 8 United Arab Emirates : 3,106,077: 335,103 9 Dependent territories, not fully recognized countries and supranational entities are not ranked. The massive scale of monetary and fiscal stimulus led to inflationary fears, also boosting the price of silver. Congo 4. This is a list of top 10 oil-producing countries in the world as of 2020. Performance & security by Cloudflare, Please complete the security check to access. In practice, nationalization often involves the creation of a national oil company to oversee the country’s energy operations. Nowadays, copper is also a vital material in electric vehicles (EVs), with recent demand for EVs also influencing the price of copper. State-owned oil companies control roughly three-quarters of global oil supply. Gold faced its steepest recent declines in 2013, when the Federal Reserve bank discussed tapering down its quantitative easing program in light of economic recovery. According to the BP Statistical Review of World Energy 2018, here is how oil production has shaped up based on more recent data. Starting with olive oil royalty, Spain has been producing quality olive oil for years. • By default countries are ranked by their total proven oil reserves. — Roberto Castello Branco, CEO, Petrobras. Top 10 Oil-producing Countries. OPEC was later joined by Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea and Congo. In the case of Sinopec, 68% of shares are held by the Chinese government. As the major producers of palm oil (and also producers of palmkernel oil and coconut oil), Malaysia and Indonesia are important areas of world production and trade in vegetable oils. Here’s how the price of gold has changed in recent years. In total, the top 10 producers of crude oil combine for roughly 70% of the global total – meaning the world’s other 183 countries added together produce just 30% of the world’s total crude. How does this compare to its returns over the last decade? Source: Fortune, Statista, OPEC. As you can see, there are essentially three superpowers that produce over 10 million barrels of oil per day: United States (13.1 million), Saudi Arabia (12.0 million), and Russia (11.3 million). Production reached its highest rate in December of 2004, when it produced 393,000 barrels of oil per day. Of the top 10 oil-producing countries, China is the world’smost populous country and has a rapidly growing economy, factors that have driven its high overall energydemand. Interestingly, copper prices moved in an unconventional pattern compared to gold in 2020. By contrast, in 2016, the Brexit referendum stirred uncertainty in global markets. Take silver. Your IP: 88.208.193.166 The prospect of large oil deposits under Lake Malawi is an active beacon of hope for Malawi, which is one of the poorest countries in the world. and China are next on the list. Cumulatively the Big Three — U.S., Russia, and Saudi Arabia — produced 40.5% of the world’s oil. This included copper (26.0%), palladium (25.9%), gold (25.1%) and corn (24.8%). Production: 4,890,000 bpd China’s annual oil output increased in 2019, going up to 4,890,000 bpd from 4,779,000 bpd in 2018. Investors allocated money in silver, and prices shifted upwards. Top 10 Oil-producing Countries Facebook LinkedIn Twitter Google+ Reddit Email. 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BP Statistical Review of World Energy, 2018, China National Petroleum Corporation (CNPC), U.S. debt continues to climb, pushing down confidence in the U.S. dollar, A weaker U.S. dollar makes gold cheaper for other countries to buy, Low interest rates kept the returns of other safe haven assets low, making gold more attractive by comparison. Which commodity had the best returns in 2020? The oil sands accounted for 63% of Canada’s oil production in 2019 or 2.95 million barrels per day. In December 2020, Brazil’s national oil company, Petrobras, pledged a 25% reduction in carbon emissions by 2030. The animation starts in 1965 during the height of the Cold War – a time when it was becoming incredibly evident that the ability to produce oil self-sufficiently would be a crucial advantage for any type of global superpower. Like the rest of the fossil fuel industry, state-owned oil companies are highly exposed to the effects of climate change. Extracting bitumen. Along with silver, at least seven other commodities had stronger returns than the S&P 500 in 2020, which closed off the year with 16.3% gains. Oil Production since 1900 in barrels per day.Credits:Data: our world in dataMusic: Kevin MacLeod Editor’s Note: This post and infographic are intended to provide a broad summary of the state-owned oil industry. The early-2020 oil price war and the COVID-19 pandemic drove oil prices to record lows as of late April 2020. Iraq 9. As investors flocked to safety, silver’s price reached heights not seen since 2010. Visualized: The World Leaders In Positions of Power (1970-Today), U.S. Presidential Voting History from 1976-2020 (Animated Map), How News Media is Describing the Incident at the U.S. Capitol. In 2016 and 2019, it witnessed gains of over 30%. This is a list of countries by proven oil reserves. By November, 45 oil producers had proceeded with bankruptcy filings year-to-date. This statistic displays the ten leading oil producing countries worldwide in 2018, in million metric tons (megatons). The fourth largest producer of oil in Africa is Equatorial Guinea. Thousands of barrels per day. This gives them a greater degree of control over their oil reserves as well as access to additional revenue streams. What are the world’s largest and most influential state-owned oil companies? Join the 220,000+ subscribers who receive our daily email, Prediction Consensus: What the Experts See Coming in 2021, The Year in Review: 2020 in 20 Visualizations, Switch to Success: 20 Years of Nintendo Console Sales, Chart: A Global Look at How People Spend Their Time. China and Russia, two of the world’s five largest crude oil producers peaks in 2015. How Do Esports Companies Compare with Sports Teams? Together, these three countries combine for 39.1% of global oil production, and about 24.9% of the world’s proven oil reserves. This stood in stark contrast to 2019, when prices soared 34.5%. Data here comes from the BP Statistical Review of World Energy, 2018, which chronicles oil production by country all the way from 1965-2017. Spain. For the first time in history, oil prices went negative as demand plummeted. Algeria 2. Indeed, in 2011, one of the country’s largest companies, Saudi Aramco, announced a 12 per cent rig expansion in Saudi Arabia , which increased their number of working rigs to 145. These types of ultimatums may be an effective solution for driving climate action forward. Saudi Aramco was the latest national oil company to follow this strategy, putting up 1.5% of its business in a 2019 initial public offering (IPO). 2015 will be the year of peak oil. Angola 3. 10 Countries famous for olive oil production These are the top olive oil producing countries in the world. By contrast, it jumped over 47% in 2020. A number of oil deposits are located in Equatorial Guinea, the la… This suggests that as time passes, many governments will need to find a balance between economic growth and environmental protection. Below the chart numbers there is specified which position a country holds by the corresponding parameter. List of world countries by Yearly Oil Production in million cubic feet (MMcf) Oops. Together, these three countries combine for 39.1% of global oil production, and about 24.9% of the world’s proven oil reserves. Elsewhere, China’s national oil companies are dealing with a more near-term threat. Each of these destinations has prominent olive oil farms and celebrates this tasty oil with its local cuisine. Given email address is already subscribed, thank you! In fact, the Asian country is the top consumer of oil, with 55 percent of its import… Another way to prevent getting this page in the future is to use Privacy Pass. Being a commodity investor can feel like riding a roller coaster. It’s like a magical year. The oil sands have an estimated $325 billion of capital investment to date, including $10.2 billion in 2019. Ecuador 5. Unfortunately, many companies still faced bankruptcies. See how these companies compare in this infographic. Oil-producing countries (information from 2006–2012) Methodology. Rosneft was sanctioned by the U.S. in 2020 for facilitating Venezuelan oil exports, while NIOC was targeted for providing financial support to Iran’s Islamic Revolutionary Guard Corps, an entity designated as a foreign terrorist organization. Here is a list of the top ten countries next to their respective barrels per day (BPD) rates: … Today’s animation shows you how the oil landscape has changed, in terms of production by country, in less than a minute of time. 1 Oil includes crude oil, all other petroleum liquids, and biofuels. It has very good reputation in the Muslim countries around the world having the number of Islamic historical places. A … In 2013, silver crashed over 35% as confidence grew in global markets. U.S. oil production grew by 1.2 million BPD in 2019, taking over the top spot from Russia. #9.Qatar – 25.00 billion barrels. Like silver, market uncertainty has historically boosted the price of gold. Largest oil producing countries According to the International Energy Agency (IEA), global oil demand is expected to fall by 1.1 million barrels per day in 2020. Other national oil companies at the receiving end of American sanctions include Russia’s Rosneft and Iran’s National Iranian Oil Company (NIOC). Venezuela has the largest known oil reserves in the world, but aging infrastructure and internal conflict is preventing the country from producing as much as it could. The US, the world’s third largest producer also peaks in 2015, at least temporarily. China is home to the two largest companies from this list, Sinopec Group and China National Petroleum Corporation (CNPC). In compliance with an executive order issued by the Trump Administration in November 2020, the New York Stock Exchange (NYSE) announced it would delist three of China’s state-run telecom companies. From gold to oil, we show how commodity price performance stacks up over the last decade. Which commodities were the top performers in 2020? China’s oil demand declined by 1.8 million barrels per day in the first quarter of 2020 compared to the same period last year. For this reason, many governments choose to nationalize their supply of oil. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. Iran 8. Mapped: Which Countries Have the Worst Air Pollution? There are 32 US states producing oil, with Texas topping the list and North Dakota coming in a distant second. Gabon 7. Countries can secure energy independence and global influence by rising up the rankings – or they can fall off the map completely, becoming a footnote on the global stage. The company has been involved in numerous solar energy projects across Asia and has stated its interests in hydrogen fuels. In 2020, total production cuts hit 7.2 million barrels a day in December, equal to 7% of global demand, in response to COVID-19. Saudi Arabia is the world’s largest oil-producing and exporting country producing more than 11.75 million barrels per day which is more than 13% of world’s entire output. However, like 2020, in 2014 it saw huge losses due to an oversupply of global petroleum. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Because state-owned oil companies are directly tied to their governments, they can sometimes get caught in the crosshairs of geopolitical conflicts. There are two methods of extracting bitumen from the oil sands: the mining method and the in situ method. At times, oil prices are rising due to its high demand every year. 1965 US 9014.148 USSR 4857.76 Venezuela 3503 Kuwait 2371 Saudi Arabia 2219.3 Iran 1908 Iraq 1313 Libya 1220 Canada 920 Algeria 569.9438356. To limit its oversupply, oil producers shrunk investment, closed wells, and turned off valves. Often, investors rush to gold in uncertain economic climates, while sectors such as construction and manufacturing—which both rely heavily on copper—tend to decline. That’s like a fad, to make promises for 2050. Instead, both copper and gold saw their prices rise in conjunction. Today, OPEC includes the followinglist of top oil producing countries: 1. Due to variations in reporting and available information, the companies named do not represent a comprehensive index. In 2017, the country became the 14th member of the Organization of the Petroleum Producing Countries (OPEC). Kuwait 10. Petronas is wholly owned by the Malaysian government and is the country’s only entry on the Fortune Global 500. 2 Production includes domestic production of crude oil, all other petroleum liquids, biofuels, and refinery processing gain. Saudi Arabia produces around 10 million barrels of oil each day. China is the world’s second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014. Something went wrong. World Ranking: 114Malawi produces just 200 barrels of oil a day; it is ranked as the last among the top 20 oil producers in Africa and as the 114th among the largest oil producers in the world. During this stretch of time, the United States was the undeniable leader in oil production, producing an average of 9.0 million barrels per day. After this group, there is a significant dropoff: Iran (5.0 million bpd), Canada (4.8 million bpd) and Iraq (4.5 million bpd) each have a 5% share of global production, while the U.A.E. 1. The top three oil producers, measured by the volume of oil produced in 2017, produced more oil than the bottom 7 countries in the top 10 combined. Animation: U.S. Electric Vehicle Sales (2010-19), Visualizing Copper’s Role in the Transition to Clean Energy, Visualized: The World’s 100 Smallest Countries, Mapped: The Top Podcasts on Spotify Across Countries, The $88 Trillion World Economy in One Chart, Mapped: The World’s Nuclear Reactor Landscape. Equatorial Guinea 6. The country produces 13.5 million tonnes of oil annually. Millions of barrels per day came from oil-producing countries to satisfy the demands of the world. You may need to download version 2.0 now from the Chrome Web Store. Qatar is a member of the OPEC and is a significant oil producer. The top oil producing countries might max out production this year. Both are involved in upstream and downstream oil operations, where upstream refers to exploration and extraction, and downstream refers to refining and distribution. • Ultimately, the top oil-producing countries in the world are raking in a lot of profit. After this group, there is a significant dropoff: Iran (5.0 million bpd), Canada (4.8 million bpd) and Iraq (4.5 million bpd) each have a 5% share of global production, while the U.A.E. It’s worth noting that many of these companies are listed on public stock markets—Sinopec, for example, trades on exchanges located in Shanghai, Hong Kong, New York, and London. Russia sits second — slightly behind Saudi … In the last few years, there are notable increase in oil production, never it the history that it outpace the demand it has to achieved. National oil companies are a major force in the global energy sector, controlling approximately three-quarters of the Earth’s oil reserves. On this side of the Atlantic we have a different view of climate change. In June 2020, a group of European investment firms representing $2 trillion in assets threatened to divest from Brazil if it did not do more to protect the Amazon rainforest. The United States, Russia, and Saudi Arabia still remain the top three highest oil-producing countries in the world according to the latest report by The U.S. Energy Information Administration (EIA).. Although, Russia is currently producing more oil. Here is a list of the 9 largest oil producing Muslim countries in the world. Please enable Cookies and reload the page. Put another way, U.S. oil production nearly double that of the entire USSR, or four times as much as the largest Arab producer (Kuwait), making this period a heyday of U.S. energy dominance. In 2011/12 these two countries together were responsible for 32% of world production of vegetable oils, 87% of world production of palm oil, 60% of world export of vegetable oils, and 89% of world export of palm oil. Saudi Arabia holds first place in global oil production ranking, with 547 million tonnes produced in 2012. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - Crude Oil Production. The pressure of these sanctions is proving to be particularly damaging, with PDVSA’s daily production in decline since 2016. For Petronas, achieving its 2050 climate commitments will require significant investment in cleaner forms of energy. It's thought that there could be as much as 260 billion barrels of oil still underground in Saudi Arabia. As is custom for oil, prices see-sawed over the decade. In July, the metal actually experienced its strongest month since 1979. In a country for which oil comprises 95% of exports, Venezuela’s economic outlook is becoming increasingly dire. When asked about commitments further into the future, however, the company’s CEO appeared to be less enthusiastic. Libya 1… Oil suffered the worst commodity price performance in 2020, with -20.5% returns. Saudi Arabia produces over 10 percent of the world's oil supply. Global Investors traces 10 years of commodity price performance, highlighting 14 different commodities and their annual ranking over the years. Analysts believe oil companies such as Sinopec could be delisted next, due to their ties with the Chinese military. As a result, many have found their place on the Fortune Global 500 list, a ranking of the world’s 500 largest companies by revenue. Top 20 Oil Producing Countries, 2009 Country Production* Million Barrels per Day Russia 10.03 Saudi Arabia 9.71 United States 7.20 Iran 4.22 China 3.79 *Value of Iranian petroleum exports in 2019. Saudi Arabia has often been the world's largest producer of oil. Brazil has already found itself in this dilemma as the country’s president, Jair Bolsonaro, has drawn criticism for his dismissive stance on climate change. Another example is Malaysia’s Petronas, which in November 2020, announced its intention to achieve net-zero carbon emissions by 2050. After the decline of the Soviet Union in 1991, Saudi Arabia took over the mantle of top oil-producing country in the world and looks set to continue in the role for the foreseeable future. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. Proven reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions. Cloudflare Ray ID: 61bb1bbddd4edc3f The global production of oil is driven by a host of complex factors, ranging from resource scarcity to a country’s access to the latest technological breakthroughs. This page provides values for Crude Oil Production reported in several countries. The lowest production for Equatorial Guinea occurred in February of 1994, when it hit only 2,600 barrels daily. Similarly, oil, corn, and others witnessed either steep declines or rapid gains. The above graphic from U.S. Between geopolitical conflicts, environmental concerns, and price fluctuations, state-owned oil companies are likely to face a much tougher environment in the decades to come. The final straw was drawn in August 2020 when the country’s last remaining oil rig suspended its operations. View the high-resolution of the infographic by clicking here. 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