| A US oil refinery facility Photo Asia Times | MR Online A U.S. oil refinery facility (Photo: Asia Times).

USA: World’s largest producer of oil AND its largest oil consumer

Originally published: China Environment News on July 29, 2022 by China Environment News (more by China Environment News) (Posted Aug 04, 2022)

The Largest Oil Producers in 2021

According to an analysis by Elements Newsletter based on the BP Statistical Review of World Energy 2022, roughly 43% of the world’s oil production came from just three countries in 2021–the U.S., Saudi Arabia, and the Russian Federation. Together, these three countries produced more oil than the rest of the top 10 combined.

The U.S. surpassed Saudi Arabia as the largest oil producer in the world in 2015, according to U.S. government data. However, as of 2021 the U.S. continued to be 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.

Top 10 oil producing countries

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.

Top 10 oil producing countries

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Source: Elements Newsletter

Oil Production: OPEC Countries vs. Rest of the World

It’s worth looking at the amount of oil the Organization of Petroleum Exporting Countries (OPEC) produces and comparing this to other organizations and regions.

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 OPEC, North America (U.S., Canada, and Mexico) account 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 Russian federation (CIS) Russia was by far the largest producer, accounting for 80% of total CIS production.

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Source: Elements Newsletter

 

Source: Extracts from Elements Newsletter,  July 28, 2022.
Full article: https://elements.visualcapitalist.com/largest-oil-producers/
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