Top 20 Oil-Producing Countries in 2022 20. Since 2022 isn’t over yet, we assumed that the top 20 oil-producing countries this year will be similar to the top 20 oil-producing countries in 2021.įor crude oil, we used a more strict definition of crude oil and did not include NGPL and other liquids. If we used a broader definition of crude oil, the oil production of some countries would be higher than what’s on this list. Given the changes in technology and consumption, however, it’s not clear what the future demand so far out might be.įor our list, we used the EIA’s crude oil including lease condensate production (Mb/d) data for 2021. That’s higher than the current demand for oil in 2022. Nevertheless, in a projection for oil demand for the year 2050, the EIA believes there will be approximately 125 million barrels per day of consumption by 2050 in terms of its reference case. In terms of the future, the demand for oil might not be as strong as it could be given the increasing adoption of electric vehicles as well. If a recession occurs, there could be less demand for oil in 2023 and OPEC may decide to lower oil production as a result. With the higher interest rates, many economists predict that the odds of a recession in 2023 are 60% or even higher. Given the high inflation in the United States and elsewhere, the Federal Reserve has raised interest rates five times in 2022 alone and the central bank is widely anticipated to raise rates further by the end of the year. oil production has increased from around 5 million barrels a day in 2008 to 11.254 million barrels per day in 2021.Īlthough oil production has increased since 2020, oil production could also potentially decline if oil demand declines. Tight oil is oil embedded in low-permeable shale, sandstone, and carbonate rock formations.”Īs a result, U.S. This was equal to about 64% of total U.S. Energy Information Administration (EIA) estimates that in 2021, about 2.64 billion barrels (or about 7.23 million barrels per day) of crude oil were produced directly from tight oil resources in the United States. is producing far more oil than it did before.Īccording to the EIA, “The U.S. While OPEC has dominated production, the United States has also increased oil production substantially in the last decade. Collectively OPEC countries have 1,241.82 billion barrels of proven reserves, with much of that in countries in the Middle East. According to OPEC, 80.4% of the world’s proven oil reserves are in OPEC member countries such as Venezuela, Saudi Arabia, Iran, Iraq, United Arab Emirates, Kuwait and more. One principal reason for OPEC country’s high oil production is that they have most of the world’s oil reserves. OPEC, which includes 13 nations, produces around 30% of the world’s oil while OPEC+ which also includes Russia produces around 40%. In terms of oil production, OPEC still plays a big role in terms of oil production in 2022 just as it has played a big role in the past few decades. These petroleum products include gasoline, distillates such as diesel fuel and heating oil, jet fuel, petrochemical feedstocks, waxes, lubricating oils, and asphalt.” The EIA explains, “After crude oil is removed from the ground, it is sent to a refinery where different parts of the crude oil are separated into useable petroleum products. Similarly, refined products of crude oil produce many of the world’s essential and widely used chemicals. Given that it is needed to produce gasoline and diesel, crude oil indirectly powers the majority of the world’s vehicles. In this article, we will take a look at the top 20 oil-producing countries in 2022, where crude oil is essential to modern-day economies.
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