Top countries for oil production and exports in 2022
“Green” energy is gaining momentum, but oil remains one of the world’s most used resources: the U.S. Department of Energy expects global consumption of oil and liquid hydrocarbons in 2022 to be 100.61 million barrels per day, 3.1 million more than in 2021. “Rambler” ranked the countries in terms of oil production and told which states are leaders in exports.
The ranking is based on the report Statistical Review of World Energy 2021 by British Petroleum and data from Rosstat (the service, in turn, refers to data from JODI Oil World Database). The reports include the leaders in oil production in the world by 2022.
1. U.S. (on average 11.8 million barrels per day by early 2022)
The U.S. retains leadership in the volume of daily oil production in the world (the states account for about 18.6 percent of global production). Thanks to advanced technology and extensive investment, the U.S. also produces “unconventional oil” – bituminous sands and fuel derived from oil shale.
By 2022, according to various estimates, the U.S. will have 50 billion to 68.8 billion barrels of oil in reserve, but its consumption exceeds its production. Americans import crude oil from Mexico and Canada.
At the end of March 2022, the US announced that the country’s oil production will increase by 1 million barrels per day this year and by almost 700 thousand barrels per day next year.
2. Russia (10.8 mln barrels per day)
Russia accounts for up to 12.1 percent of the world’s daily oil production (JPMorgan’s February 2022 estimate (https://www.tadviser.ru/images/a/a8/Photo_2022-02-14_10-39-42.jpg) is 8.4 percent). The country’s reserves are concentrated in the Far East, Eastern Siberia and the Arctic.
not all oil fields are available for development. Russian oil reserves, according to various estimates, reach 106.2 – 107.8 billion barrels.
3. Saudi Arabia (10.02 million barrels per day)
Saudi Arabia is in constant competition with Russia in terms of the share of global oil production. According to Rosstat, by early 2022, the country’s daily oil production was only slightly behind that of Russia.
4. Iraq (4.2 mln bpd)
Iraq became a world leader in oil production in the late 2010s. Iraq’s oil production is helped, among other things, by the Western sanctions against Iran. According to British Petroleum in 2020, Iraq’s guaranteed oil reserves were 145 billion barrels. According to BP estimates, this is the fifth highest in the world after Venezuela, Saudi Arabia, the Canadians and the Iranians.
Periodically, the country reaches a level of 4.7 percent of the world’s production per day.
5. Canada (estimates vary markedly, at least 3.9 million bpd)
With a population just over 38 million people (almost four times less than in Russia), Canada accounts for up to 5.8 percent of the world’s daily oil production.
The country’s reserves are estimated at 168 to 169 billion barrels. Most of Canada’s reserves are in the bituminous sands.
6. China (3.8 million barrels per day)
China is at the bottom of the top 5 rankings. Over the past 50 years, China has produced 4 to 4.5 percent of the world’s total oil production. But China’s population of 1.402 billion people is not enough. At the same time Chinese reserves are quite small – according to various estimates, no more than 26 billion barrels.
7. UAE (from 3.52 to 3.657 million barrels per day).
The United Arab Emirates is located in the southern part of the Persian Gulf and is a very oil-rich region. The UAE’s share of daily global production is about 4.1 percent and reserves are estimated at 97.8 billion barrels.
8. Brazil (3.026 to 3.16 million barrels per day)
The oil industry is very important to Brazil, with the country accounting for about 3.8 percent of the world’s oil production per day.
Brazil’s Petrobras corporation announced in 2006 the discovery of the largest field in the Western Hemisphere, Lula. The country’s reserves are estimated at 13.239 billion barrels.
9. Kuwait (2.686 to 2.9 million barrels per day)
Kuwait has the smallest area among OPEC countries, but is the third largest oil exporter among them. Kuwait provides about 3.1 percent of the world’s oil production. The country’s reserves are estimated at about 102 billion barrels.
10. Norway (1.8 to 2.033 million barrels per day)
Norway has been increasing daily oil production in 2021, approaching 2022 with more than two million barrels per day (in February 2022, oil production dropped to 1.98 million barrels per day). The country’s reserves are estimated at 8.817 billion barrels.
Leaders by oil reserves
The top ten according to OPEC looks like this:
Venezuela (303.806 billion barrels)
Saudi Arabia (258,600 barrels)
The top ten according to British Petroleum:
Venezuela (303800 million barrels)
Saudi Arabia (297600 barrels)
Oil Export Leaders
OPEC Statistical Bulletin for 2021 (data provided by Top-RF.ru) contains the following top 10 oil exporters:
Saudi Arabia (exports 6.66 mln bpd)
Russia (4.65 million barrels per day)
Iraq (3.43 million barrels)
US (3.1 mln barrels)
Canada (3 mln barrels)
UAE (2.4 mln barrels)
Nigeria (1.88 million barrels)
Kuwait (1.8 million barrels)
Norway (1.5 million barrels)
Kazakhstan (1.4 million barrels)
Will oil run out?
Artem Kozionov, a researcher at Gubkin Russian State University of Oil and Gas, told RBC that the world is not threatened by the disappearance of oil in the foreseeable future.
First of all, exactly how oil is formed is unknown to the end. There are two theories – organic and inorganic. The first one assumes that the carbon came from organics and plankton due to the impact of high temperatures and pressure. The second says that oil appeared at an impressive depth in the mantle of the planet as a result of complex chemical reactions. Both versions believe that oil is renewable.