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Visualizing the World’s Largest Oil Producers

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The World’s Largest Oil Producers

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The world is in the middle of the first energy crisis of the 21st century.

High energy prices, especially for oil, gas, and coal, are driving decades-high inflation in various countries, some of which are also experiencing energy shortages. Russia’s recent invasion of Ukraine has exacerbated the crisis, given that the country is both a major producer and exporter of oil and natural gas.

Using data from BP’s Statistical Review of World Energy, the above infographic provides further context on the crisis by visualizing the world’s largest oil producers in 2021.

Oil Production: OPEC Countries vs. Rest of the World

Before looking at country-level data, it’s worth seeing the amount of oil the Organization of Petroleum Exporting Countries (OPEC) produces compared to other organizations and regions.

Region/Organization2021 Oil Production (barrels per day)% of Total
OPEC31.7M35%
North America23.9M27%
Commonwealth of Independent States (CIS)13.8M15%
Rest of the World20.5M23%
Total89.9M100%

The OPEC countries are the largest oil producers collectively, with Saudi Arabia alone making up one-third of OPEC production. It’s also important to note that OPEC production remains below pre-pandemic levels after the organization reduced its output by an unprecedented 10 million barrels per day (B/D) in 2020.

Following the OPEC countries, the U.S., Canada, and Mexico accounted for just over a quarter of global oil production in 2021. Nearly 70% of North American oil production came from the U.S., the world’s largest oil producer.

Similarly, within the CIS—an organization of post-Soviet Union countries—Russia was by far the largest producer, accounting for 80% of total CIS production.

The Largest Oil Producers in 2021

Roughly 43% of the world’s oil production came from just three countries in 2021—the U.S., Saudi Arabia, and Russia. Together, these three countries produced more oil than the rest of the top 10 combined.

Country2021 Oil Production (barrels per day)% of Total
U.S. 🇺🇸16.6M18.5%
Saudi Arabia 🇸🇦11M12.2%
Russian Federation 🇷🇺10.9M12.2%
Canada 🇨🇦5.4M6.0%
Iraq 🇮🇶4.1M4.6%
China 🇨🇳4.0M4.4%
United Arab Emirates 🇦🇪3.7M4.1%
Iran 🇮🇷3.6M4.0%
Brazil 🇧🇷3.0M3.3%
Kuwait 🇰🇼2.7M3.0%
Norway 🇳🇴2.0M2.3%
Mexico 🇲🇽1.9M2.1%
Kazakhstan 🇰🇿1.8M2.0%
Qatar 🇶🇦1.7M1.9%
Nigeria 🇳🇬1.6M1.8%
Algeria 🇩🇿1.4M1.5%
Libya 🇱🇾1.3M1.4%
Angola 🇦🇴1.2M1.3%
Oman 🇴🇲0.97M1.1%
United Kingdom 🇬🇧0.87M1.0%
India 🇮🇳0.75M0.8%
Colombia 🇨🇴0.74M0.8%
Azerbaijan 🇦🇿0.72M0.8%
Indonesia 🇮🇩0.69M0.8%
Venezuela 🇻🇪0.65M0.7%
Argentina 🇦🇷0.63M0.7%
Egypt 🇪🇬0.60M0.7%
Malaysia 🇲🇾0.57M0.6%
Ecuador 🇪🇨0.47M0.5%
Australia 🇦🇺0.44M0.5%
Thailand 🇹🇭0.39M0.4%
Republic of Congo 🇨🇬0.27M0.3%
Turkmenistan 🇹🇲0.25M0.3%
Vietnam 🇻🇳0.19M0.2%
Gabon 🇬🇦0.18M0.2%
South Sudan 🇸🇩0.15M0.2%
Equatorial Guinea 🇬🇳0.14M0.2%
Peru 🇵🇪0.13M0.1%
Chad 🇹🇩0.12M0.1%
Brunei 🇧🇳0.10M0.1%
Italy 🇮🇹0.10M0.1%
Syria 🇸🇾0.10M0.1%
Trinidad & Tobago 🇹🇹0.08M0.1%
Romania 🇷🇴0.07M0.1%
Yemen 🇾🇪0.07M0.1%
Denmark 🇩🇰0.07M0.1%
Sudan 🇸🇩0.06M0.1%
Uzbekistan 🇺🇿0.06M0.1%
Tunisia 🇹🇳0.05M0.1%
Rest of the World 🌍1.2M1.4%
Total89.9M100.0%

Over the last few decades, U.S. oil production has been on a rollercoaster of troughs and peaks. After falling from its 1970 peak of 11.3 million B/D, it reached a historic low of 6.8 million B/D in 2008. However, following a turnaround in the 2010s, the country has since surpassed Saudi Arabia as the largest oil producer. As of 2021, though, the U.S. remained a net importer of crude oil while exporting refined petroleum products.

Saudi Arabia and Russia each produced roughly 11 million B/D in 2021 and were the two largest oil exporters globally. In both countries, state-owned oil firms (Saudi Aramco and Gazprom, respectively) were the most valuable oil and gas producing companies.

From Europe (excluding Russia), only Norway made the top 15 oil producers, accounting for 2.3% of global production. The lack of regional output partly explains the European Union’s dependence on Russian oil and gas, worsening the region’s energy crisis.

How the Energy Crisis is Affecting Oil Production

After a deep dive in 2020, oil demand is resurfacing and is now above pre-pandemic levels. Furthermore, supply constraints due to sanctions on Russian oil and gas tighten the market and support high oil prices.

While the impact has been felt globally, European countries have been hit hard due to their reliance on Russia’s fossil fuel exports, with some getting almost all of their energy fuels from Russia.

To combat the oil crunch, the rest of the world is ramping up oil supply through increased production or releasing strategic petroleum reserves (SPRs). U.S. oil production is expected to rise by 1 million B/D in 2022 to a record-high. Simultaneously, Western nations are calling on OPEC members to increase their output to ease prices. However, OPEC nations are sticking to their planned production hikes, with output still below early 2020 levels.

“We had a good discussion on ensuring global energy security and adequate oil supplies to support global economic growth. And that will begin shortly.”– U.S. President Joe Biden on his recent visit to Saudi Arabia

The U.S. is releasing 180 million barrels of oil from its SPR, of which 60 million barrels will contribute to the IEA’s collective release of 120 million barrels. But with oil demand expected to reach a new all-time high in 2023, it remains to be seen whether these efforts to increase supply will be enough to curb the crunch.

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Commodities

Charted: What’s Driving the U.S. Trade Deficit?

This graphic the U.S. trade deficit growth since 1990, and how manufactured goods and fuels factor in over the last three decades.

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2022 US Trade Deficit Shareable

How Manufactured Goods Dominate the U.S. Trade Deficit

The United States has had many major trading partners over the decades, with annual imports and exports from them both totaling trillions of dollars.

Ever since the 1970s, the country’s imports started to overshadow exports and the U.S. trade deficit began to grow. Once the 1990s began, fueled by globalization-friendly policies around the world and cheap international goods, the trade deficit began to climb even more rapidly.

In this graphic, Ehsan Soltani uses data from the World Trade Organization to highlight the role of manufactured goods in the rising U.S. trade deficit over the last three decades.

U.S. Trade Deficit in Goods From 1990 to 2022

In 2022, the U.S. trade deficit for goods hit $1.31 trillion, consisting of more than $3 trillion in imports and offset by $2 trillion in exports. That’s a growth of 40% over a decade from a deficit $791 billion in 2012.

YearU.S. Exports
(Total)
U.S. Imports
(Total)
Trade Surplus/Deficit
2022$2,065B$3,376B-$1,311B
2021$1,754B$2,935B-$1,183B
2020$1,425B$2,407B-$982B
2019$1,643B$2,567B-$924B
2018$1,664B$2,614B-$950B
2017$1,546B$2,408B-$862B
2016$1,451B$2,250B-$799B
2015$1,503B$2,315B-$813B
2014$1,621B$2,413B-$792B
2013$1,580B$2,329B-$749B
2012$1,546B$2,337B-$791B
2011$1,483B$2,266B-$784B
2010$1,278B$1,969B-$691B
2009$1,056B$1,605B-$549B
2008$1,287B$2,169B-$882B
2007$1,148B$2,020B-$872B
2006$1,026B$1,918B-$892B
2005$901B$1,733B-$832B
2004$815B$1,526B-$711B
2003$725B$1,303B-$578B
2002$693B$1,200B-$507B
2001$729B$1,179B-$450B
2000$782B$1,259B-$477B
1999$696B$1,059B-$364B
1998$682B$944B-$262B
1997$689B$899B-$210B
1996$625B$822B-$197B
1995$585B$771B-$186B
1994$513B$689B-$177B
1993$465B$603B-$139B
1992$448B$554B-$106B
1991$422B$508B-$87B
1990$394B$517B-$123B

When compared to trade numbers from the early 1990s and 2000s, its clear how much U.S. trade as a whole has grown.

In 1992, the U.S. trade deficit for goods sat at only $106 billion, with imports totaling $554 billion and exports totaling $448 billion. Just a decade later by 2002, the deficit had already climbed by five times.

Manufactured Goods Trade Outshines Fuel

Analyzing the subtleties in the country’s deficit in traded goods also shows how U.S. reliance on other countries has changed over the years.

In 1990, the deficit incurred from trading manufactured goods—which doesn’t include fuel, mining production, agricultural products, or services—contributed to 69% of the total U.S. goods trade deficit.

YearU.S. Exports
(Manufactured)
U.S. Imports
(Manufactured)
Trade Surplus/Deficit
2022$1,196B$2,569B-$1,372B
2021$1,079B$2,256B-$1,177B
2020$915B$1,892B-$976B
2019$1,036B$1,994B-$958B
2018$1,050B$2,016B-$966B
2017$1,008B$1,872B-$864B
2016$969B$1,775B-$806B
2015$1,008B$1,811B-$803B
2014$1,052B$1,752B-$700B
2013$1,020B$1,650B-$629B
2012$1,009B$1,619B-$610B
2011$969B$1,524B-$555B
2010$872B$1,369B-$497B
2009$725B$1,122B-$397B
2008$973B$1,417B-$443B
2007$909B$1,409B-$500B
2006$829B$1,350B-$522B
2005$674B$1,238B-$564B
2004$618B$1,134B-$516B
2003$589B$990B-$401B
2002$571B$934B-$363B
2001$602B$906B-$303B
2000$646B$968B-$322B
1999$575B$843B-$268B
1998$558B$758B-$199B
1997$553B$699B-$145B
1996$485B$634B-$150B
1995$450B$608B-$158B
1994$399B$540B-$141B
1993$356B$465B-$109B
1992$340B$420B-$79B
1991$319B$380B-$61B
1990$290B$376B-$85B

Since then, despite the country exporting billions of dollars of products, the deficit caused by imported manufactured goods has only grown. In 2021, it crossed $1 trillion in deficit alone.

Part of that growth is directly tied to increasing imports from China over the 21st century. From 2001 to 2018, China’s exports to the U.S. accounted for 59% of the latter’s increasing manufacturing trade deficit, ranging in goods from electronics to machinery.

2022 U.S. trade deficit

However, the U.S. managed to recover some of this deficit through surplus fuel exports, which have been increasing over the same time period.

YearFuel Exports Fuel ImportsFuel Surplus/Deficit
2022$378B$323B$56B
2021$240B$224B$16B
2020$155B$130B$25B
2019$200B$210B$-10B
2018$193B$242B$-49B
2017$139B$204B$-65B
2016$94B$163B$-69B
2015$104B$200B$-96B
2014$155B$358B$-203B
2013$149B$389B$-240B
2012$137B$433B$-295B
2011$130B$463B$-332B
2010$81B$364B$-283B
2009$55B$279B$-224B
2008$77B$502B$-425B
2007$42B$372B$-330B
2006$35B$345B$-310B
2005$27B$301B$-275B
2004$19B$217B$-198B
2003$14B$163B$-149B
2002$12B$122B$-110B
2001$13B$129B$-116B
2000$13B$140B$-126B
1999$10B$79B$-69B
1998$10B$62B$-52B
1997$13B$83B$-70B
1996$12B$77B$-65B
1995$10B$63B$-53B
1994$9B$60B$-51B
1993$10B$59B$-49B
1992$11B$59B$-47B
1991$12B$58B$-46B
1990$12B$69B$-56B

Historically the U.S. was a larger fuel consumer than producer, and was heavily affected by soaring oil prices from 2003 to the Great Recession. In 2008, the United States trade deficit in fuel hit $425 billion.

But a boom in shale oil production has seen the country rapidly increase production and exports, becoming the world’s largest crude oil producer. Despite falling oil prices, by 2020 the U.S. managed to erase its fuel trade deficit.

Will The U.S. Trade Deficit Keep Growing?

The dominance of manufactured goods in the U.S. trade deficit poses a significant challenge for policymakers and businesses.

On one hand, the country’s reliance on other countries for cheaper parts and labor has allowed its economy to benefit. But it has also become increasingly susceptible to tariffs, slowdowns in other countries, and trade wars.

While there are efforts in place to promote domestic manufacturing, such as in semiconductor chips, the effects have yet to dent the goods trade deficit.

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