Energy
Mapped: Global Energy Prices, by Country in 2022
How to use: Arrows on side navigate between each type of energy.
Mapped: Global Energy Prices, by Country in 2022
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For some countries, energy prices hit historic levels in 2022.
Gasoline, electricity, and natural gas prices skyrocketed as Russia’s invasion of Ukraine ruptured global energy supply chains. Households and businesses are facing higher energy bills amid extreme price volatility. Uncertainty surrounding the war looms large, and winter heating costs are projected to soar.
Given the global consequences of the energy crisis, the above infographic shows the price of energy for households by country, with data from GlobalPetrolPrices.com.
1. Global Energy Prices: Gasoline
Which countries and regions pay the most for a gallon of gas?
Rank | Country/ Region | Gasoline Prices (USD per Gallon) |
---|---|---|
1 | 🇭🇰 Hong Kong | $11.1 |
2 | 🇨🇫 Central African Republic | $8.6 |
3 | 🇮🇸 Iceland | $8.5 |
4 | 🇳🇴 Norway | $8.1 |
5 | 🇧🇧 Barbados | $7.8 |
6 | 🇩🇰 Denmark | $7.7 |
7 | 🇬🇷 Greece | $7.6 |
8 | 🇫🇮 Finland | $7.6 |
9 | 🇳🇱 Netherlands | $7.6 |
10 | 🇧🇪 Belgium | $7.4 |
11 | 🇬🇧 United Kingdom | $7.2 |
12 | 🇪🇪 Estonia | $7.2 |
13 | 🇨🇭 Switzerland | $7.2 |
14 | 🇸🇬 Singapore | $7.2 |
15 | 🇸🇪 Sweden | $7.1 |
16 | 🇸🇨 Seychelles | $7.1 |
17 | 🇮🇱 Israel | $7.0 |
18 | 🇩🇪 Germany | $7.0 |
19 | 🇺🇾 Uruguay | $7.0 |
20 | 🇼🇫 Wallis and Futuna | $7.0 |
21 | 🇱🇮 Liechtenstein | $6.9 |
22 | 🇮🇪 Ireland | $6.8 |
23 | 🇵🇹 Portugal | $6.8 |
24 | 🇱🇻 Latvia | $6.7 |
25 | 🇧🇿 Belize | $6.7 |
26 | 🇦🇱 Albania | $6.6 |
27 | 🇦🇹 Austria | $6.6 |
28 | 🇲🇨 Monaco | $6.6 |
29 | 🇪🇸 Spain | $6.5 |
30 | 🇨🇿 Czech Republic | $6.5 |
31 | 🇲🇼 Malawi | $6.5 |
32 | 🇰🇾 Cayman Islands | $6.4 |
33 | 🇸🇰 Slovakia | $6.4 |
34 | 🇲🇺 Mauritius | $6.3 |
35 | 🇱🇺 Luxembourg | $6.3 |
36 | 🇱🇹 Lithuania | $6.3 |
37 | 🇦🇩 Andorra | $6.3 |
38 | 🇮🇹 Italy | $6.3 |
39 | 🇺🇬 Uganda | $6.2 |
40 | 🇭🇺 Hungary | $6.2 |
41 | 🇯🇴 Jordan | $6.2 |
42 | 🇸🇾 Syria | $6.1 |
43 | 🇫🇷 France | $6.0 |
44 | 🇧🇮 Burundi | $6.0 |
45 | 🇧🇸 Bahamas | $6.0 |
46 | 🇳🇿 New Zealand | $5.8 |
47 | 🇸🇲 San Marino | $5.8 |
48 | 🇭🇷 Croatia | $5.8 |
49 | 🇷🇴 Romania | $5.7 |
50 | 🇾🇹 Mayotte | $5.7 |
51 | 🇷🇼 Rwanda | $5.7 |
52 | 🇿🇲 Zambia | $5.7 |
53 | 🇷🇸 Serbia | $5.7 |
54 | 🇱🇦 Laos | $5.6 |
55 | 🇲🇳 Mongolia | $5.6 |
56 | 🇰🇪 Kenya | $5.6 |
57 | 🇨🇾 Cyprus | $5.6 |
58 | 🇯🇲 Jamaica | $5.5 |
59 | 🇲🇰 Northern Macedonia | $5.5 |
60 | 🇨🇱 Chile | $5.5 |
61 | 🇧🇦 Bosnia | $5.5 |
62 | 🇱🇨 Saint Lucia | $5.4 |
63 | 🇵🇱 Poland | $5.4 |
64 | 🇩🇴 Dominican Republic | $5.4 |
65 | 🇨🇦 Canada | $5.4 |
66 | 🇲🇦 Morocco | $5.4 |
67 | 🇦🇼 Aruba | $5.4 |
68 | 🇸🇮 Slovenia | $5.3 |
69 | 🇧🇬 Bulgaria | $5.3 |
70 | 🇵🇪 Peru | $5.3 |
71 | 🇱🇰 Sri Lanka | $5.3 |
72 | 🇨🇷 Costa Rica | $5.2 |
73 | 🇲🇬 Madagascar | $5.2 |
74 | 🇬🇳 Guinea | $5.2 |
75 | 🇳🇵 Nepal | $5.2 |
76 | 🇲🇿 Mozambique | $5.2 |
77 | 🇳🇮 Nicaragua | $5.2 |
78 | 🇲🇱 Mali | $5.1 |
79 | 🇸🇳 Senegal | $5.1 |
80 | 🇺🇦 Ukraine | $5.1 |
81 | 🇩🇲 Dominica | $5.0 |
82 | 🇲🇪 Montenegro | $5.0 |
83 | 🇲🇹 Malta | $5.0 |
84 | 🇲🇩 Moldova | $5.0 |
85 | 🇨🇩 DR Congo | $5.0 |
86 | 🇨🇼 Curacao | $4.9 |
87 | 🇨🇻 Cape Verde | $4.9 |
88 | 🇧🇩 Bangladesh | $4.9 |
89 | 🇱🇷 Liberia | $4.8 |
90 | 🇰🇭 Cambodia | $4.8 |
91 | 🇮🇳 India | $4.8 |
92 | 🇨🇺 Cuba | $4.8 |
93 | 🇭🇳 Honduras | $4.7 |
94 | 🇬🇪 Georgia | $4.7 |
95 | 🇿🇦 South Africa | $4.7 |
96 | 🇹🇿 Tanzania | $4.7 |
97 | 🇫🇯 Fiji | $4.7 |
98 | 🇨🇳 China | $4.7 |
99 | 🇲🇽 Mexico | $4.6 |
100 | 🇬🇹 Guatemala | $4.6 |
Source: GlobalPetrolPrices.com. As of October 31, 2022. Represents average household prices.
At an average $11.10 per gallon, households in Hong Kong pay the highest for gasoline in the world—more than double the global average. Both high gas taxes and steep land costs are primary factors behind high gas prices.
Like Hong Kong, the Central African Republic has high gas costs, at $8.60 per gallon. As a net importer of gasoline, the country has faced increased price pressures since the war in Ukraine.
Households in Iceland, Norway, and Denmark face the highest gasoline costs in Europe. Overall, Europe has seen inflation hit 10% in September, driven by the energy crisis.
2. Global Energy Prices: Electricity
Extreme volatility is also being seen in electricity prices.
The majority of the highest household electricity prices are in Europe, where Denmark, Germany, and Belgium’s prices are about double that of France and Greece. For perspective, electricity prices in many countries in Europe are more than twice or three times the global average of $0.14 per kilowatt-hour.
Over the first quarter of 2022, household electricity prices in the European Union jumped 32% compared to the year before.
Rank | Country/ Region | Electricity Prices (kWh, USD) |
---|---|---|
1 | 🇩🇰 Denmark | $0.46 |
2 | 🇩🇪 Germany | $0.44 |
3 | 🇧🇪 Belgium | $0.41 |
4 | 🇧🇲 Bermuda | $0.40 |
5 | 🇰🇾 Cayman Islands | $0.35 |
6 | 🇯🇲 Jamaica | $0.34 |
7 | 🇬🇧 United Kingdom | $0.32 |
8 | 🇪🇸 Spain | $0.32 |
9 | 🇳🇱 Netherlands | $0.32 |
10 | 🇧🇧 Barbados | $0.32 |
11 | 🇪🇪 Estonia | $0.32 |
12 | 🇱🇹 Lithuania | $0.31 |
13 | 🇦🇹 Austria | $0.31 |
14 | 🇮🇹 Italy | $0.30 |
15 | 🇨🇿 Czech Republic | $0.29 |
16 | 🇨🇻 Cape Verde | $0.28 |
17 | 🇮🇪 Ireland | $0.28 |
18 | 🇸🇪 Sweden | $0.27 |
19 | 🇧🇸 Bahamas | $0.26 |
20 | 🇬🇹 Guatemala | $0.26 |
21 | 🇱🇮 Liechtenstein | $0.26 |
22 | 🇨🇾 Cyprus | $0.25 |
23 | 🇷🇼 Rwanda | $0.25 |
24 | 🇭🇳 Honduras | $0.24 |
25 | 🇺🇾 Uruguay | $0.24 |
26 | 🇵🇹 Portugal | $0.24 |
27 | 🇸🇻 El Salvador | $0.23 |
28 | 🇱🇻 Latvia | $0.22 |
29 | 🇫🇮 Finland | $0.22 |
30 | 🇱🇺 Luxembourg | $0.22 |
31 | 🇧🇿 Belize | $0.22 |
32 | 🇯🇵 Japan | $0.22 |
33 | 🇨🇭 Switzerland | $0.22 |
34 | 🇵🇪 Peru | $0.21 |
35 | 🇰🇪 Kenya | $0.21 |
36 | 🇦🇺 Australia | $0.21 |
37 | 🇧🇷 Brazil | $0.20 |
38 | 🇲🇱 Mali | $0.20 |
39 | 🇸🇬 Singapore | $0.19 |
40 | 🇷🇴 Romania | $0.19 |
41 | 🇧🇫 Burkina Faso | $0.19 |
42 | 🇸🇮 Slovenia | $0.19 |
43 | 🇬🇦 Gabon | $0.19 |
44 | 🇸🇰 Slovakia | $0.19 |
45 | 🇦🇼 Aruba | $0.19 |
46 | 🇬🇷 Greece | $0.19 |
47 | 🇫🇷 France | $0.18 |
48 | 🇳🇿 New Zealand | $0.18 |
49 | 🇹🇬 Togo | $0.18 |
50 | 🇳🇮 Nicaragua | $0.17 |
51 | 🇻🇪 Venezuela | $0.17 |
52 | 🇵🇦 Panama | $0.17 |
53 | 🇵🇭 Philippines | $0.17 |
54 | 🇵🇱 Poland | $0.17 |
55 | 🇮🇱 Israel | $0.16 |
56 | 🇺🇲 U.S. | $0.16 |
57 | 🇺🇬 Uganda | $0.16 |
58 | 🇭🇰 Hong Kong | $0.16 |
59 | 🇸🇳 Senegal | $0.16 |
60 | 🇲🇴 Macao | $0.15 |
61 | 🇨🇱 Chile | $0.15 |
62 | 🇰🇭 Cambodia | $0.15 |
63 | 🇿🇦 South Africa | $0.14 |
64 | 🇲🇺 Mauritius | $0.14 |
65 | 🇲🇬 Madagascar | $0.14 |
66 | 🇭🇷 Croatia | $0.14 |
67 | 🇮🇸 Iceland | $0.14 |
68 | 🇳🇴 Norway | $0.13 |
69 | 🇲🇹 Malta | $0.13 |
70 | 🇲🇿 Mozambique | $0.13 |
71 | 🇨🇴 Colombia | $0.13 |
72 | 🇧🇬 Bulgaria | $0.12 |
73 | 🇲🇻 Maldives | $0.12 |
74 | 🇨🇷 Costa Rica | $0.12 |
75 | 🇨🇦 Canada | $0.11 |
76 | 🇲🇼 Malawi | $0.11 |
77 | 🇨🇮 Ivory Coast | $0.11 |
78 | 🇳🇦 Namibia | $0.11 |
79 | 🇲🇦 Morocco | $0.11 |
80 | 🇹🇭 Thailand | $0.10 |
81 | 🇦🇲 Armenia | $0.10 |
82 | 🇯🇴 Jordan | $0.10 |
83 | 🇹🇿 Tanzania | $0.10 |
84 | 🇸🇿 Swaziland | $0.10 |
85 | 🇪🇨 Ecuador | $0.10 |
86 | 🇧🇼 Botswana | $0.10 |
87 | 🇩🇴 Dominican Republic | $0.10 |
88 | 🇲🇰 Northern Macedonia | $0.10 |
89 | 🇦🇱 Albania | $0.10 |
90 | 🇱🇸 Lesotho | $0.09 |
91 | 🇸🇱 Sierra Leone | $0.09 |
92 | 🇮🇩 Indonesia | $0.09 |
93 | 🇧🇾 Belarus | $0.09 |
94 | 🇭🇺 Hungary | $0.09 |
95 | 🇧🇦 Bosnia & Herzegovina | $0.09 |
96 | 🇹🇼 Taiwan | $0.09 |
97 | 🇰🇷 South Korea | $0.09 |
98 | 🇲🇽 Mexico | $0.09 |
99 | 🇷🇸 Serbia | $0.09 |
100 | 🇨🇩 DR Congo | $0.08 |
Source: GlobalPetrolPrices.com. As of March 31, 2022. Represents average household prices.
In the U.S., consumer electricity prices have increased nearly 16% annually compared to September last year, the highest increase in over four decades, fueling higher inflation.
However, households are more sheltered from the impact of Russian supply disruptions due to the U.S. being a net exporter of energy.
3. Global Energy Prices: Natural Gas
Eight of the 10 highest natural gas prices globally fall in Europe, with the Netherlands at the top. Overall, European natural gas prices have spiked sixfold in a year since the invasion of Ukraine.
Rank | Country/ Region | Natural Gas Prices (kWh, USD) |
---|---|---|
1 | 🇳🇱 Netherlands | $0.41 |
2 | 🇸🇪 Sweden | $0.24 |
3 | 🇩🇪 Germany | $0.21 |
4 | 🇧🇷 Brazil | $0.20 |
5 | 🇩🇰 Denmark | $0.19 |
6 | 🇪🇸 Spain | $0.17 |
7 | 🇮🇹 Italy | $0.16 |
8 | 🇦🇹 Austria | $0.16 |
9 | 🇸🇬 Singapore | $0.15 |
10 | 🇧🇪 Belgium | $0.15 |
11 | 🇭🇰 Hong Kong | $0.14 |
12 | 🇨🇿 Czech Republic | $0.14 |
13 | 🇬🇷 Greece | $0.12 |
14 | 🇫🇷 France | $0.12 |
15 | 🇯🇵 Japan | $0.11 |
16 | 🇬🇧 United Kingdom | $0.10 |
17 | 🇨🇭 Switzerland | $0.10 |
18 | 🇨🇱 Chile | $0.10 |
19 | 🇵🇹 Portugal | $0.09 |
20 | 🇧🇧 Barbados | $0.09 |
21 | 🇵🇱 Poland | $0.09 |
22 | 🇧🇬 Bulgaria | $0.09 |
23 | 🇮🇪 Ireland | $0.08 |
24 | 🇦🇺 Australia | $0.07 |
25 | 🇲🇽 Mexico | $0.07 |
26 | 🇳🇿 New Zealand | $0.06 |
27 | 🇸🇰 Slovakia | $0.06 |
28 | 🇺🇲 U.S. | $0.05 |
29 | 🇰🇷 South Korea | $0.04 |
30 | 🇨🇴 Colombia | $0.04 |
31 | 🇨🇦 Canada | $0.03 |
32 | 🇷🇸 Serbia | $0.03 |
33 | 🇹🇼 Taiwan | $0.03 |
34 | 🇺🇦 Ukraine | $0.03 |
35 | 🇲🇾 Malaysia | $0.03 |
36 | 🇭🇺 Hungary | $0.03 |
37 | 🇹🇳 Tunisia | $0.02 |
38 | 🇦🇿 Azerbaijan | $0.01 |
39 | 🇧🇭 Bahrain | $0.01 |
40 | 🇧🇩 Bangladesh | $0.01 |
41 | 🇹🇷 Turkey | $0.01 |
42 | 🇷🇺 Russia | $0.01 |
43 | 🇦🇷 Argentina | $0.01 |
44 | 🇧🇾 Belarus | $0.01 |
45 | 🇩🇿 Algeria | $0.00 |
46 | 🇮🇷 Iran | $0.00 |
Source: GlobalPetrolPrices.com. As of March 31, 2022. Represents average household prices.
The good news is that the fall season has been relatively warm, which has helped European natural gas demand drop 22% in October compared to last year. This helps reduce the risk of gas shortages transpiring later in the winter.
Outside of Europe, Brazil has the fourth highest natural gas prices globally, despite producing about half of supply domestically. High costs of cooking gas have been especially challenging for low-income families, which became a key political issue in the run-up to the presidential election in October.
Meanwhile, Singapore has the highest natural gas prices in Asia as the majority is imported via tankers or pipelines, leaving the country vulnerable to price shocks.
Increasing Competition
By December, all seaborne crude oil shipments from Russia to Europe will come to a halt, likely pushing up gasoline prices into the winter and 2023.
Concerningly, analysis from the EIA shows that European natural gas storage capacities could sink to 20% by February if Russia completely shuts off its supply and demand is not reduced.
As Europe seeks out alternatives to Russian energy, higher demand could increase global competition for fuel sources, driving up prices for energy in the coming months ahead.
Still, there is some room for optimism: the World Bank projects energy prices will decline 11% in 2023 after the 60% rise seen after the war in Ukraine in 2022.
Countries
Charted: The World’s Biggest Oil Producers
Just three countries—the U.S., Saudi Arabia and Russia—make up the lion’s share of global oil supply. Here are the biggest oil producers in 2022.

Charted: The World’s Biggest Oil Producers in 2022
In 2022 oil prices peaked at more than $100 per barrel, hitting an eight-year high, after a full year of turmoil in the energy markets in the wake of the Russian invasion of Ukraine.
Oil companies doubled their profits and the economies of the biggest oil producers in the world got a major boost.
But which countries are responsible for most of the world’s oil supply? Using data from the Statistical Review of World Energy by the Energy Institute, we’ve visualized and ranked the world’s biggest oil producers.
Ranked: Oil Production By Country, in 2022
The U.S. has been the world’s biggest oil producer since 2018 and continued its dominance in 2022 by producing close to 18 million barrels per day (B/D). This accounted for nearly one-fifth of the world’s oil supply.
Almost three-fourths of the country’s oil production is centered around five states: Texas, New Mexico, North Dakota, Alaska, and Colorado.
We rank the other major oil producers in the world below.
Rank | Country | 2022 Production (Thousand B/D) | YoY Change | Share of World Supply |
---|---|---|---|---|
1 | 🇺🇸 U.S. | 17,770 | +6.5% | 18.9% |
2 | 🇸🇦 Saudi Arabia | 12,136 | +10.8% | 12.9% |
3 | 🇷🇺 Russia | 11,202 | +1.8% | 11.9% |
4 | 🇨🇦 Canada | 5,576 | +3.0% | 5.9% |
5 | 🇮🇶 Iraq | 4,520 | +10.2% | 4.8% |
6 | 🇨🇳 China | 4,111 | +2.9% | 4.4% |
7 | 🇦🇪 UAE | 4,020 | +10.4% | 4.3% |
8 | 🇮🇷 Iran | 3,822 | +4.6% | 4.1% |
9 | 🇧🇷 Brazil | 3,107 | +3.9% | 3.3% |
10 | 🇰🇼 Kuwait | 3,028 | +12.0% | 3.2% |
11 | 🇲🇽 Mexico | 1,944 | +0.9% | 2.1% |
12 | 🇳🇴 Norway | 1,901 | -6.3% | 2.0% |
13 | 🇰🇿 Kazakhstan | 1,769 | -2.0% | 1.9% |
14 | 🇶🇦 Qatar | 1,768 | +1.8% | 1.9% |
15 | 🇩🇿 Algeria | 1,474 | +8.9% | 1.6% |
16 | 🇳🇬 Nigeria | 1,450 | -11.2% | 1.5% |
17 | 🇦🇴 Angola | 1,190 | +1.1% | 1.3% |
18 | 🇱🇾 Libya | 1,088 | -14.3% | 1.2% |
19 | 🇴🇲 Oman | 1,064 | +9.6% | 1.1% |
20 | 🇬🇧 UK | 778 | -11.0% | 0.8% |
21 | 🇨🇴 Colombia | 754 | +2.4% | 0.8% |
22 | 🇮🇳 India | 737 | -3.8% | 0.8% |
23 | 🇻🇪 Venezuela | 731 | +8.1% | 0.8% |
24 | 🇦🇷 Argentina | 706 | +12.4% | 0.8% |
25 | 🇦🇿 Azerbaijan | 685 | -5.6% | 0.7% |
26 | 🇮🇩 Indonesia | 644 | -6.9% | 0.7% |
27 | 🇪🇬 Egypt | 613 | +0.8% | 0.7% |
28 | 🇲🇾 Malaysia | 567 | -1.7% | 0.6% |
29 | 🇪🇨 Ecuador | 481 | +1.7% | 0.5% |
30 | 🇦🇺 Australia | 420 | -5.2% | 0.4% |
31 | 🇹🇭 Thailand | 331 | -17.5% | 0.4% |
32 | 🇨🇩 Congo | 269 | -1.7% | 0.3% |
33 | 🇹🇲 Turkmenistan | 244 | +1.0% | 0.3% |
34 | 🇻🇳 Vietnam | 194 | -1.2% | 0.2% |
35 | 🇬🇦 Gabon | 191 | +5.4% | 0.2% |
36 | 🇸🇸 South Sudan | 141 | -7.6% | 0.2% |
37 | 🇵🇪 Peru | 128 | +0.5% | 0.1% |
38 | 🇹🇩 Chad | 124 | +6.2% | 0.1% |
39 | 🇬🇶 Equatorial Guinea | 119 | -9.2% | 0.1% |
40 | 🇸🇾 Syria | 93 | -2.7% | 0.1% |
41 | 🇮🇹 Italy | 92 | -7.9% | 0.1% |
42 | 🇧🇳 Brunei | 92 | -13.8% | 0.1% |
43 | 🇾🇪 Yemen | 81 | -2.4% | 0.1% |
44 | 🇹🇹 Trinidad & Tobago | 74 | -3.6% | 0.1% |
45 | 🇷🇴 Romania | 65 | -6.2% | 0.1% |
46 | 🇩🇰 Denmark | 65 | -1.6% | 0.1% |
47 | 🇺🇿 Uzbekistan | 63 | -0.9% | 0.1% |
48 | 🇸🇩 Sudan | 62 | -3.3% | 0.1% |
49 | 🇹🇳 Tunisia | 40 | -12.9% | 0.0% |
50 | Other CIS | 43 | +4.4% | 0.0% |
51 | Other Middle East | 210 | +1.2% | 0.2% |
52 | Other Africa | 283 | -3.4% | 0.3% |
53 | Other Europe | 230 | -20.5% | 0.2% |
54 | Other Asia Pacific | 177 | -10.6% | 0.2% |
55 | Other S. & Cent. America | 381 | +68.5% | 0.4% |
Total World | 93,848 | +4.2% | 100.0% |
Behind America’s considerable lead in oil production, Saudi Arabia (ranked 2nd) produced 12 million B/D, accounting for about 13% of global supply.
Russia came in third with 11 million B/D in 2022. Together, these top three oil producing behemoths, along with Canada (4th) and Iraq (5th), make up more than half of the entire world’s oil supply.
Meanwhile, the top 10 oil producers, including those ranked 6th to 10th—China, UAE, Iran, Brazil, and Kuwait—are responsible for more than 70% of the world’s oil production.
Notably, all top 10 oil giants increased their production between 2021–2022, and as a result, global output rose 4.2% year-on-year.
Major Oil Producing Regions in 2022
The Middle East accounts for one-third of global oil production and North America makes up almost another one-third of production. The Commonwealth of Independent States—an organization of post-Soviet Union countries—is another major regional producer of oil, with a 15% share of world production.
Region | 2022 Production (Thousand B/D) | YoY Change | Share of World Supply |
---|---|---|---|
Middle East | 30,743 | +9.2% | 32.8% |
North America | 25,290 | +5.3% | 27.0% |
CIS | 14,006 | +0.9% | 14.9% |
Africa | 7,043 | -3.5% | 7.5% |
Asia Pacific | 7,273 | -1.4% | 7.8% |
South & Central America | 6,361 | 7.2% | 6.8% |
Europe | 3,131 | -8.6% | 3.3% |
What’s starkly apparent in the data however is Europe’s declining share of oil production, now at 3% of the world’s supply. In the last 20 years the EU’s oil output has dropped by more than 50% due to a variety of factors, including stricter environmental regulations and a shift to natural gas.
Another lens to look at regional production is through OPEC members, which control about 35% of the world’s oil output and about 70% of the world’s oil reserves.
When taking into account the group of 10 oil exporting countries OPEC has relationships with, known as OPEC+, the share of oil production increases to more than half of the world’s supply.
Oil’s Big Balancing Act
Since it’s the very lifeblood of the modern economy, the countries that control significant amounts of oil production also reap immense political and economic benefits. Entire regions have been catapulted into prosperity and wars have been fought over the control of the resource.
At the same time, the ongoing effort to pivot to renewable energy is pushing many major oil exporters to diversify their economies. A notable example is Saudi Arabia, whose sovereign wealth fund has invested in companies like Uber and WeWork.
However, the world still needs oil, as it supplies nearly one-third of global energy demand.
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