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[size=35][size=35]Among them is Iraq.. International reports reveal the largest oil producers in the region and the world[/size][/size]
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02-08-2024 | 06:15
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Alsumaria News - Economy
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In light of the current and shifting turmoil in the oil market, this report lists the most prominent facts of the global oil market:
Who are the largest importers of crude oil in the world?
1- China:
China’s annual imports of crude oil recorded an unprecedented level in 2023.
China imported 563.99 million tons of oil last year, according to Reuters, equivalent to an average of 11.28 million barrels per day, which represents an 11% increase over 2022.
2- The United States.
The latest data published by the US Energy Information Administration indicated that the United States imported an average 6.48 million barrels per day of crude oil until the end of November 2023.
The United States was the largest oil producer in the world in 2023, and despite this, the country imports a lot of crude oil mainly because many of its refineries are not equipped to distill the incoming oil. From the US Gulf Coast, it is more suitable for heavy crude coming from the Middle East and elsewhere.
3- India
India imported an average of 4.65 million barrels per day of oil in 2023, an increase of 2% over the previous year.
Data show that OPEC's share of India's crude oil imports fell to about 49.6% in the first nine months of the current fiscal year, which began last April, compared to 64.5% in the previous year, according to Reuters.
4- South Korea
For the entire year 2023, South Korea imported 1,004.1 million barrels of crude oil, equivalent to about 2.75 million barrels per day, according to data reported by the American Standard & Poor’s agency.
5- Japan
Japan imported the equivalent of 2.5 million barrels per day of oil last year, a 7% decrease from the previous year, with the shares of Saudi Arabia and the UAE rising to 40.4% and 39% from 38.1% and 37.9%, respectively, according to the Helen Shipping News website.
Who are the largest producers?
1. United States
production: 21.91 million barrels per day (including crude oil and liquids).
The United States ranks first with a production rate of 21.91 million barrels per day of oil in 2023, according to the latest data from the Energy Information Administration.
The agency expects production to rise to 22.15 million barrels per day in the current year, and 22.81 million barrels per day in 2025.
At the end of 2022, the United States had oil reserves estimated at 44.4 billion barrels.
Administration data indicate that the United States exported at a rate of slightly less than 4 million barrels per day in 2023.
2. Russia
production: 10.78 million barrels per day.
Russia's production is 10.78 million barrels per day, according to OPEC data.
Russia, an important member of the OPEC Plus group, is the second largest oil producer in the world after surpassing Saudi Arabia due to the Kingdom’s decision to implement a voluntary production cut of one million barrels per day in mid-2023 until the first quarter of 2024.
Despite international sanctions and restrictions imposed by the G7 and Western allies. On Moscow After the Russian invasion of Ukraine in February 2022, Russia remains an important supplier of oil to the world, as it exported an average of 7.5 million barrels per day in 2023.
Almost all of its oil was sold to the Asian market, and China and India were the largest buyers.
3. Saudi Arabia
production: 9.61 million barrels per day.
Saudi Arabia’s average production in 2023 reached about 9.61 million barrels per day, according to OPEC data.
The Kingdom has the second largest proven oil reserve in the world after Venezuela, which amounted to 267.2 billion, according to data from the Organization of the Petroleum Exporting Countries (OPEC).
4. Canada
Production: 5.6 million barrels per day
Canada produced an average of 5.6 million barrels per day in 2023, according to OPEC data, which places it fourth in the list of the largest oil producing countries in the world.
5. China
production: 5.26 million barrels per day
China produced 5.26 million barrels per day of crude oil in 2023, according to data from the US Energy Information Administration Agency, which places it in fifth place.
As the world's second most populous country after India, China's energy demand is on the rise, and it is now the world's largest importer of crude oil.
Middle Eastern oil represents more than half of China's total crude imports, although since 2022, Beijing has increased its purchases of Russian crude at a reduced price.
6. Iraq
production: 4.27 million barrels per day.
Iraq ranks sixth with a production of 4.3 million barrels per day, according to OPEC data, and it is the second largest producer in OPEC after Saudi Arabia.
With proven reserves of 145 billion barrels, Iraq has the ability to increase production further, but it is limited by infrastructure and export obstacles.
Iraq aims to increase its production capacity to 5 million barrels per day before the end of the current decade.
7. Brazil
Production: 4.24 million barrels per day.
Brazil is the largest oil producer in Latin America and the seventh in the world, and it produced an average of 4.24 million barrels per day in 2023, according to estimates by the US Energy Information Administration.
8. UAE
The average production of the UAE in 2023 reached about 2.95 million barrels per day, according to OPEC data.
Due to the production cuts agreed upon within the framework of OPEC Plus, its production decreased from 3 million barrels per day recorded in 2022. The
UAE’s oil reserves by the end of 2022 amounted to about 113 billion barrels.
The UAE exports most of its oil production, and average exports reached 2.9 million barrels per day in 2023.
9. Iran
production: 2.85 million barrels per day
Iran produced 2.85 million barrels per day of oil during 2023, according to OPEC estimates.
Before the previous US administration withdrew from the nuclear agreement concluded with Tehran in 2018 and reimposed sanctions on it, Iranian oil exports exceeded two million barrels per day.
Iran has the third largest oil reserves in the world after Venezuela and Saudi Arabia, amounting to 208.6 billion barrels.
10. Kuwait
Production: 2.59 million barrels per day
Kuwaiti oil production averaged 2.59 million barrels per day in 2023, according to OPEC estimates.
Kuwait exports almost all of the crude oil it produces.
It is one of the largest oil-producing countries in the world, and its proven reserves at the end of 2022 are estimated at about 101.5 billion barrels.
*The largest Arab producers
, according to the US Energy Agency and OPEC, the oil production of the countries of the Arab world comes in this descending order:
*Saudi Arabia 9.61 million barrels per day.
*Iraq 4.27 million barrels per day.
*UAE: 2.95 million barrels per day.
*Kuwait 2.59 million barrels per day.
*Qatar 1.86 million barrels per day.
*Libya 1.16 million barrels per day.
*Sultanate of Oman 1.06 million barrels per day.
*Algeria (excluding condensates) 0.97 million barrels.
*Egypt 0.67 million barrels per day.
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Economy
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02-08-2024 | 06:15
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Source:
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459 views
Alsumaria News - Economy
This week, the Organization for Cooperation and Development raised its forecast for global economic growth for the year 2024, but indicated that the expansion of the conflict in the Middle East may lead to the disruption of shipping on a larger scale than currently expected, and push energy prices to rise if traffic stops. In the main routes for transporting oil and gas from the Middle East to Asia, Europe and the Americas.
[ltr]
0 seconds of 0 seconds Volume 0%
[/ltr]
In light of the current and shifting turmoil in the oil market, this report lists the most prominent facts of the global oil market:
Who are the largest importers of crude oil in the world?
1- China:
China’s annual imports of crude oil recorded an unprecedented level in 2023.
China imported 563.99 million tons of oil last year, according to Reuters, equivalent to an average of 11.28 million barrels per day, which represents an 11% increase over 2022.
2- The United States.
The latest data published by the US Energy Information Administration indicated that the United States imported an average 6.48 million barrels per day of crude oil until the end of November 2023.
The United States was the largest oil producer in the world in 2023, and despite this, the country imports a lot of crude oil mainly because many of its refineries are not equipped to distill the incoming oil. From the US Gulf Coast, it is more suitable for heavy crude coming from the Middle East and elsewhere.
3- India
India imported an average of 4.65 million barrels per day of oil in 2023, an increase of 2% over the previous year.
Data show that OPEC's share of India's crude oil imports fell to about 49.6% in the first nine months of the current fiscal year, which began last April, compared to 64.5% in the previous year, according to Reuters.
4- South Korea
For the entire year 2023, South Korea imported 1,004.1 million barrels of crude oil, equivalent to about 2.75 million barrels per day, according to data reported by the American Standard & Poor’s agency.
5- Japan
Japan imported the equivalent of 2.5 million barrels per day of oil last year, a 7% decrease from the previous year, with the shares of Saudi Arabia and the UAE rising to 40.4% and 39% from 38.1% and 37.9%, respectively, according to the Helen Shipping News website.
Who are the largest producers?
1. United States
production: 21.91 million barrels per day (including crude oil and liquids).
The United States ranks first with a production rate of 21.91 million barrels per day of oil in 2023, according to the latest data from the Energy Information Administration.
The agency expects production to rise to 22.15 million barrels per day in the current year, and 22.81 million barrels per day in 2025.
At the end of 2022, the United States had oil reserves estimated at 44.4 billion barrels.
Administration data indicate that the United States exported at a rate of slightly less than 4 million barrels per day in 2023.
2. Russia
production: 10.78 million barrels per day.
Russia's production is 10.78 million barrels per day, according to OPEC data.
Russia, an important member of the OPEC Plus group, is the second largest oil producer in the world after surpassing Saudi Arabia due to the Kingdom’s decision to implement a voluntary production cut of one million barrels per day in mid-2023 until the first quarter of 2024.
Despite international sanctions and restrictions imposed by the G7 and Western allies. On Moscow After the Russian invasion of Ukraine in February 2022, Russia remains an important supplier of oil to the world, as it exported an average of 7.5 million barrels per day in 2023.
Almost all of its oil was sold to the Asian market, and China and India were the largest buyers.
3. Saudi Arabia
production: 9.61 million barrels per day.
Saudi Arabia’s average production in 2023 reached about 9.61 million barrels per day, according to OPEC data.
The Kingdom has the second largest proven oil reserve in the world after Venezuela, which amounted to 267.2 billion, according to data from the Organization of the Petroleum Exporting Countries (OPEC).
4. Canada
Production: 5.6 million barrels per day
Canada produced an average of 5.6 million barrels per day in 2023, according to OPEC data, which places it fourth in the list of the largest oil producing countries in the world.
5. China
production: 5.26 million barrels per day
China produced 5.26 million barrels per day of crude oil in 2023, according to data from the US Energy Information Administration Agency, which places it in fifth place.
As the world's second most populous country after India, China's energy demand is on the rise, and it is now the world's largest importer of crude oil.
Middle Eastern oil represents more than half of China's total crude imports, although since 2022, Beijing has increased its purchases of Russian crude at a reduced price.
6. Iraq
production: 4.27 million barrels per day.
Iraq ranks sixth with a production of 4.3 million barrels per day, according to OPEC data, and it is the second largest producer in OPEC after Saudi Arabia.
With proven reserves of 145 billion barrels, Iraq has the ability to increase production further, but it is limited by infrastructure and export obstacles.
Iraq aims to increase its production capacity to 5 million barrels per day before the end of the current decade.
7. Brazil
Production: 4.24 million barrels per day.
Brazil is the largest oil producer in Latin America and the seventh in the world, and it produced an average of 4.24 million barrels per day in 2023, according to estimates by the US Energy Information Administration.
8. UAE
The average production of the UAE in 2023 reached about 2.95 million barrels per day, according to OPEC data.
Due to the production cuts agreed upon within the framework of OPEC Plus, its production decreased from 3 million barrels per day recorded in 2022. The
UAE’s oil reserves by the end of 2022 amounted to about 113 billion barrels.
The UAE exports most of its oil production, and average exports reached 2.9 million barrels per day in 2023.
9. Iran
production: 2.85 million barrels per day
Iran produced 2.85 million barrels per day of oil during 2023, according to OPEC estimates.
Before the previous US administration withdrew from the nuclear agreement concluded with Tehran in 2018 and reimposed sanctions on it, Iranian oil exports exceeded two million barrels per day.
Iran has the third largest oil reserves in the world after Venezuela and Saudi Arabia, amounting to 208.6 billion barrels.
10. Kuwait
Production: 2.59 million barrels per day
Kuwaiti oil production averaged 2.59 million barrels per day in 2023, according to OPEC estimates.
Kuwait exports almost all of the crude oil it produces.
It is one of the largest oil-producing countries in the world, and its proven reserves at the end of 2022 are estimated at about 101.5 billion barrels.
*The largest Arab producers
, according to the US Energy Agency and OPEC, the oil production of the countries of the Arab world comes in this descending order:
*Saudi Arabia 9.61 million barrels per day.
*Iraq 4.27 million barrels per day.
*UAE: 2.95 million barrels per day.
*Kuwait 2.59 million barrels per day.
*Qatar 1.86 million barrels per day.
*Libya 1.16 million barrels per day.
*Sultanate of Oman 1.06 million barrels per day.
*Algeria (excluding condensates) 0.97 million barrels.
*Egypt 0.67 million barrels per day.
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