Ranked: The World’s Top Cobalt Producing Countries
Cobalt, an essential component of key chemistries of the rechargeable lithium-ion batteries used in EVs, has seen a significant shift in its global production landscape.
The Democratic Republic of Congo (DRC) has long been the world’s largest cobalt producer, accounting for 73% of global output in 2022.
However, according to the Cobalt Institute, the DRC’s dominance is projected to decrease to 57% by 2030 as Indonesia ramps up its cobalt production as a byproduct from its rapidly expanding nickel industry.
Indonesia Became Second Largest Cobalt Producer in 2022
Indonesia accounts for nearly 5% of global cobalt production today, surpassing established producers like Australia and the Philippines.
In 2022, Indonesia’s cobalt production surged to almost 9,500 tonnes from 2,700 tonnes in 2021, with the potential to increase production by tenfold by 2030.
|Country||2022 Production (tonnes)||% of Total Production|
|🇵🇬 Papua New Guinea||3,060||1.5%|
Percentages may not add to 100 due to rounding.
In total, global cobalt production reached 197,791 tonnes, with the DRC contributing just under 145,000 tonnes of that mix.
The EV industry is the largest consumer of cobalt, accounting for approximately 40% of total demand. The exponential growth of the EV sector is expected to drive a doubling of global cobalt demand by 2030.
While the shift in cobalt production is notable, it is not without challenges. Plummeting cobalt prices, which fell almost 30% this year to $13.90 a pound, have severely impacted the DRC.
Furthermore, the longer-term prospects of cobalt could face hurdles due to efforts to reduce its use in batteries, partly driven by human rights concerns associated with artisanal cobalt mining in the DRC and related child labor and human rights abuses.
In a 2021 ruling by a federal court in Washington, Google parent Alphabet, Apple, Dell, Microsoft, and Tesla were relieved from a class action suit claiming their responsibility for alleged child labor in Congolese cobalt mines.
The Future of Cobalt
Despite ongoing efforts to substitute cobalt in battery applications, cobalt is expected to remain a vital raw material for the entire battery supply chain in the near future.
The demand for cobalt is forecasted to more than double by 2030 to 388,000 tonnes.
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.
|YoY Change||Share of
|2||🇸🇦 Saudi Arabia||12,136||+10.8%||12.9%|
|36||🇸🇸 South Sudan||141||-7.6%||0.2%|
|51||Other Middle East||210||+1.2%||0.2%|
|54||Other Asia Pacific||177||-10.6%||0.2%|
|55||Other S. &|
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.
|YoY Change||Share of
|South & Central|
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.
Technology3 weeks ago
Visualizing Google’s Search Engine Market Share
United States6 days ago
Mapped: How Much Does it Take to be the Top 1% in Each U.S. State?
Money3 weeks ago
Visualized: How Long Does it Take to Double Your Money?
AI6 days ago
Charted: What are Retail Investors Interested in Buying in 2023?
History2 weeks ago
The Incredible Historical Map That Changed Cartography
Markets4 days ago
The $109 Trillion Global Stock Market in One Chart
Markets4 weeks ago
Charted: Six Red Flags Pointing to China’s Economy Slowing Down
VC+2 weeks ago
What’s New on VC+ in September