Oil Countries

June 29, 2010Oil and Gas Industryby EconomyWatch

0

Oil countries include both importers and exporters (producers) who regulate the demand and supply chain in the international market.

Oil Countries: Major Producers

As per US government data published in 2006, Saudi Arabia is the largest oil producer, with production of 10.665 million barrels per day. Having the leverage of the largest oil reserve, Saudi Arabia is destined to remain the largest producer in the forthcoming decades. The natural abundance of oil is coupled with proactive energy sector investment initiatives and low production cost to maximize yield. Russia follows Saudi Arabia. The US is the third-largest producer, while it is the biggest consumer of oil. Iran, China, Mexico and Canada are other major oil producers in the world.

Oil Countries: Top Importers

As per 2006 data from the US Department of Energy, the top oil importing nations are:

  • United States - 12.357 (million barrels per day)
  •  

  • Japan - 5.063
  •  

  • China - 3.356
  •  

  • Germany - 2.514
  •  

  • South Korea - 2.156
  • Oil Countries: Top Exporters

    As per 2006 data from the US Department of Energy, the top oil exporting nations are:

  • Saudi Arabia - 8.525 (million barrels export per day)
  •  

  • Russia - 6.866
  •  

  • UAE - 2.564
  •  

  • Norway - 2.551
  •  

  • Iran - 2.462
  • Oil Countries: OPEC Trade Bloc

    The most influential trade bloc of oil exporters is the Organization of the Petroleum Exporting Countries (OPEC). Member nations of this bloc are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. These nations cumulatively accounted for two-thirds of the world’s oil reserves and approximately 33% of total oil production in 2008.

    Oil Countries: Demand and Supply

    In 1970, world consumption of oil was about 47 million barrels per day. This rose to 86 million barrels in 2007. This aggressive rise is coupled with the exploitation of natural oil reserves. The demand and supply cycle also determines the per barrel oil prices.

    India and China are emerging as major economies as well as oil consumers. The developed nations are still highly dependent on the nonrenewable sources of energy. However, with the exception of Saudi Arabia, most of the oil producing nations are facing steep depletion in reserves. The need of the hour is to facilitate the development of green energy.<