Energy
Visualizing the Flow of Oil Around the World
Visualizing the Flow of Oil Around the World
Every day, 93 million barrels of oil are consumed by the world economy.
While a handful of countries are fortunate enough to have sufficient domestic production, many others must go to the $3 trillion global crude market for their energy needs.
We previously showed how oil prices affect the currencies of net oil importers and exporters, but today’s map and corresponding data from BP looks more specifically at how oil changes hands on the global market.
The Middle East was the biggest exporter of crude oil with 850.1 million tonnes shipped in 2014. Other major exporters include Russia (294.8), West Africa (213.9), and Canada (148.6).
Many countries in this category, such as Canada, are having their currencies hammered to historic lows.
Here is how major currencies did over 2015 – near the bottom of the list, you will see the currencies of many of the significant oil exporters such as Russia, Mexico, Canada, and Norway.
It is also worth noting that Venezuela, another significant exporter, is experiencing hyperinflation right now. However, the country’s tight capital controls mean that inflation information has to be extrapolated from black markets outside the country. DolarToday is a good source for this.
Energy
The World’s Biggest Oil Producers in 2023
Just three countries accounted for 40% of global oil production last year.
The World’s Biggest Oil Producers in 2023
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Despite efforts to decarbonize the global economy, oil still remains one of the world’s most important resources. It’s also produced by a fairly limited group of countries, which can be a source of economic and political leverage.
This graphic illustrates global crude oil production in 2023, measured in million barrels per day, sourced from the U.S. Energy Information Administration (EIA).
Three Countries Account for 40% of Global Oil Production
In 2023, the United States, Russia, and Saudi Arabia collectively contributed 32.7 million barrels per day to global oil production.
Oil Production 2023 | Million barrels per day |
---|---|
🇺🇸 U.S. | 12.9 |
🇷🇺 Russia | 10.1 |
🇸🇦 Saudi Arabia | 9.7 |
🇨🇦 Canada | 4.6 |
🇮🇶 Iraq | 4.3 |
🇨🇳 China | 4.2 |
🇮🇷 Iran | 3.6 |
🇧🇷 Brazil | 3.4 |
🇦🇪 UAE | 3.4 |
🇰🇼 Kuwait | 2.7 |
🌍 Other | 22.8 |
These three nations have consistently dominated oil production since 1971. The leading position, however, has alternated among them over the past five decades.
In contrast, the combined production of the next three largest producers—Canada, Iraq, and China—reached 13.1 million barrels per day in 2023, just surpassing the production of the United States alone.
In the near term, no country is likely to surpass the record production achieved by the U.S. in 2023, as no other producer has ever reached a daily capacity of 13.0 million barrels. Recently, Saudi Arabia’s state-owned Saudi Aramco scrapped plans to increase production capacity to 13.0 million barrels per day by 2027.
In 2024, analysts forecast that the U.S. will maintain its position as the top oil producer. In fact, according to Macquarie Group, U.S. oil production is expected to achieve a record pace of about 14 million barrels per day by the end of the year.
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