Major oil exporting countries. Russia has become the world's largest exporter of oil and petroleum products. Major oil exporters

OPEC, Russia and other producers are in the midst of a concerted effort to forcibly rebalance the oil market, with prices climbing to their two-and-a-half-year highs in recent weeks.

However, with continued strong oil exports dampening market sentiment, CNBC is looking at the top 10 oil exporters in the world.

Oil production and its ancillary activities account for approximately 45 percent of Angola's gross domestic product (GDP) and about 95 percent of its exports.

Since joining OPEC in 2007, Angola has become the sixth largest oil exporter in the Cartel.

9. Nigeria

Nigeria, the most populous country within OPEC, is the largest exporter and producer of oil in Africa.

8. Venezuela

In 2016, Venezuela, a founding member of the 14-member cartel, exported about 1.9 million barrels per day in 2016, according to OPEC.

Although the South American country boasts largest reserves oil in the world, it is currently in the midst of a full-blown crisis. The ongoing turmoil was fueled by years of economic inactivity, further compounded by a three-year drop in oil prices. Venezuela has endured food shortages, high inflation and violent street clashes as President Nicolas Maduro prioritizes repaying international loans.

Oil revenues account for approximately 95 percent of the country's export earnings.

President Donald Trump has threatened to end the international nuclear treaty with Iran, and if the US Congress agrees, Tehran could receive new sanctions that will affect the ability international companies do business in an oil-rich country.

OPEC estimates that Kuwait exported more than 2.1 million barrels per day in 2016.

The oil and gas sector of the OPEC member country accounts for about 60 percent of the country's GDP, as well as 95 percent of export earnings.

5. United United Arab Emirates

According to OPEC data, the United Arab Emirates exported almost 2.5 million barrels per day in 2016.

Approximately 40 percent of the country's GDP is directly dependent on oil and gas production. The country, which consists of seven emirates along the Arabian Peninsula, joined OPEC in 1967.

Canada exports just over 3.2 million barrels per day, according to the most recent figures published by the World Factbook.

The non-OPEC country exported nearly as much as Africa's top two exporters. Canada ranks third in the world in terms of oil reserves.

OPEC and Russian officials have urged some of the world's top oil producers, both inside and outside the cartel, to form a consensus and support a supply cut mechanism by the end of 2018.

And while Iraq is OPEC's second-largest oil producer and exporter, Baghdad has yet to cut production to levels it agreed to last winter.

Iraq exported 3.8 million bpd in 2016, according to data released by OPEC.

Moscow and OPEC are aiming to cut oil production to clear the global supply glut since January. The aim is to reduce global oil inventories and drain the surplus that has driven prices down over the past three years.

1. Saudi Arabia

Saudi Arabia is the world's leading exporter and second largest oil producer. The OPEC leader exported 7.5 million bpd in 2016, according to data published on the cartel's website.

The Kingdom's successor to the throne ordered the arrest of powerful royal princes and businessmen in early November, which officials called anti-corruption.

Some see the extraordinary purge as an attempt by Mohammed bin Salman to consolidate his power by eliminating potential rivals. And that could mean political uncertainty, tension and possibly unrest that has never been seen before in the history of the largest oil producer, OPEC.

OPEC, Russia and other producers are in the midst of a concerted effort to forcibly rebalance the oil market, with prices climbing to their two-and-a-half-year highs in recent weeks.

However, with continued strong oil exports dampening market sentiment, CNBC is looking at the top 10 oil exporters in the world.

Oil production and its ancillary activities account for approximately 45 percent of Angola's gross domestic product (GDP) and about 95 percent of its exports.

Since joining OPEC in 2007, Angola has become the sixth largest oil exporter in the Cartel.

9. Nigeria

Nigeria, the most populous country within OPEC, is the largest exporter and producer of oil in Africa.

8. Venezuela

In 2016, Venezuela, a founding member of the 14-member cartel, exported about 1.9 million barrels per day in 2016, according to OPEC.

Although the South American country boasts the largest oil reserves in the world, it is currently in the midst of a full blown crisis. The ongoing turmoil was fueled by years of economic inactivity, further compounded by a three-year drop in oil prices. Venezuela has endured food shortages, high inflation and violent street clashes as President Nicolas Maduro prioritizes repaying international loans.

Oil revenues account for approximately 95 percent of the country's export earnings.

President Donald Trump has threatened to end the international nuclear treaty with Iran, and if the US Congress agrees, Tehran could face new sanctions that would affect the ability of international companies to do business in the oil-rich country.

OPEC estimates that Kuwait exported more than 2.1 million barrels per day in 2016.

The oil and gas sector of the OPEC member country accounts for about 60 percent of the country's GDP, as well as 95 percent of export earnings.

5. United Arab Emirates

According to OPEC data, the United Arab Emirates exported almost 2.5 million barrels per day in 2016.

Approximately 40 percent of the country's GDP is directly dependent on oil and gas production. The country, which consists of seven emirates along the Arabian Peninsula, joined OPEC in 1967.

Canada exports just over 3.2 million barrels per day, according to the most recent figures published by the World Factbook.

The non-OPEC country exported nearly as much as Africa's top two exporters. Canada ranks third in the world in terms of oil reserves.

OPEC and Russian officials have urged some of the world's top oil producers, both inside and outside the cartel, to form a consensus and support a supply cut mechanism by the end of 2018.

And while Iraq is OPEC's second-largest oil producer and exporter, Baghdad has yet to cut production to levels it agreed to last winter.

Iraq exported 3.8 million bpd in 2016, according to data released by OPEC.

2. Russia

Moscow and OPEC are aiming to cut oil production to clear the global supply glut since January. The aim is to reduce global oil inventories and drain the surplus that has driven prices down over the past three years.

1. Saudi Arabia

Saudi Arabia is the world's leading exporter and second largest oil producer. The OPEC leader exported 7.5 million bpd in 2016, according to data published on the cartel's website.

The Kingdom's successor to the throne ordered the arrest of powerful royal princes and businessmen in early November, which officials called anti-corruption.

Some see the extraordinary purge as an attempt by Mohammed bin Salman to consolidate his power by eliminating potential rivals. And that could mean political uncertainty, tension and possibly unrest that has never been seen before in the history of the largest oil producer, OPEC.

The development of oil fields began to be carried out at the end of the 19th century. Over time, humanity's need for hydrocarbons only grew. This allowed some states, on whose territory a large amount of these minerals are located, to turn oil exports into the main source of their income.

Oil production in the first half of the twentieth century

Large states began to show particular interest in world oil reserves in the period between the two world wars - hydrocarbons were extremely important for militarization and modernization in industry. It was at this time that the largest deposits were discovered in the territory of the Soviet Union, the Middle East, North Africa and Latin America.

During the Second World War, oil production only increased, as it was vital to the warring parties as a raw material for the production of fuels and lubricants for military equipment. Such excitement made it possible to definitively outline the circle of countries that in the post-war period became the largest exporters of hydrocarbons.

Major oil exporters

Since the 1960s, the world's main oil exporters have been:

  • Libya and Algeria. They have the richest oil reserves in North Africa. In total, about 2.5 million barrels are produced daily (Libya - 1 million, Algeria - 1.5 million);
  • Angola. It occupies the main positions in the production and sale of hydrocarbons in South and Central Africa. The daily export volume is 1.7 million barrels;
  • Nigeria. The main exporter of oil in West Africa (over 2 million barrels per day);
  • Kazakhstan. Daily export volume - 1.4 million barrels;
  • Canada and Venezuela. Leaders in oil production in the Americas, respectively (daily production rate is approximately 1.5 million barrels for each state);
  • Norway. The main European exporter, which produces 1.7 million barrels daily;
  • Persian Gulf countries (Qatar, Iran, Iraq, UAE, Kuwait). The total volume of daily exports is 11 million barrels;
  • Russia (7 million barrels per day);
  • Saudi Arabia, which occupies a leading position in the ranking of the largest oil exporters - about 8.5 million barrels daily (until 1991, the leader was Soviet Union, which in its heyday produced up to 9 million barrels per day).

It should be noted that the rapid development of oil fields has led to a significant reduction in the reserves of these hydrocarbons. According to experts, at the current rate of production, oil deposits will last for about 50 years (according to some forecasts - for 70 years).

OPEC

OPEC is an intergovernmental organization of states that occupy leading positions in the production and export of oil. Today it includes 14 countries representing 3 continents:

  • Africa (Gabon, Equatorial Guinea, Nigeria, Libya, Angola, Algeria);
  • Asia, or rather its Southwestern part (Kuwait, Iran, UAE, Iraq, Saudi Arabia, Qatar);
  • Latin America (Ecuador and Venezuela).

The main decisions on the follow-up activities of OPEC member states are taken at:

  • meetings of ministers responsible for energy and oil production. The agenda mainly concerns the analysis and forecast of the development of the oil market in the near future;
  • conferences in which all the leadership of the participating countries takes part. They usually discuss decisions to change production rates due to market fluctuations.

Based on this, we can single out the main task of OPEC - this is the regulation of oil production quotas, as well as balancing prices for hydrocarbons. For this reason, many experts consider this intergovernmental organization as a kind of cartel.

The monopolization of the OPEC oil market is also confirmed by various figures. According to calculations, at the moment the states that are part of the organization control approximately 33% of the world's oil reserves. Their share in the global hydrocarbon production is 35%. Thus, the total share of exports by OPEC countries exceeds 50% of the world.

1. Saudi Arabia

Saudi Arabia is the world's leading exporter and second largest oil producer. The country exported 7.5 million barrels a day in 2016, according to data published on the cartel's website.

On November 5, 2017, 11 high-ranking officials, including ministers and members of the royal family, were removed from power and arrested in Saudi Arabia. Most of them face charges of bribery, money laundering and other abuses. Among them is billionaire Al-Waleed bin Talal.

Some experts believe the extraordinary purge is an attempt by the king's heir, Prince Mohammed bin Salman, to consolidate his power by eliminating potential rivals. And that could bring political uncertainty, tension and possible unrest that the history of the world's largest oil producer has never known.

Russia, the world's largest oil exporter outside the OPEC cartel, exported more than 5 million barrels of oil per day in 2016 - the country increased oil exports by 4.8% year-on-year to 253.9 million tons, according to data from the Central supervisory control (CDU) of the fuel and energy complex.

According to OPEC forecasts, the demand for oil in the world will grow by 5 million barrels per day in the next five years, and by 14.7 million barrels per day by 2040, primarily due to developing countries. But in Russia, a gradual reduction in oil production is expected due to the depletion of old fields and US sanctions that prohibit the supply of technologies to the country for shale mining and projects in the Arctic.

In the long term, oil production in Russia, according to OPEC forecasts, will decrease to 11.2 million barrels per day in 2025 and to 11.1 million barrels per day in 2030 and will remain at this level in 2035 and in 2040. As a result, Russia will cede the world leadership in terms of oil production to the United States, and the share of Russian oil in world consumption will decrease from 11.4% in 2017 to 9.9% in 2040.

Although Iraq is the second largest oil producer and exporter among OPEC members, Baghdad has not yet reduced production to the level it agreed to last winter. The country exported 3.8 million barrels per day in 2016, according to data released by OPEC.

Canada ranks third in the world in terms of oil reserves, according to the latest data published by the World Factbook, Canada exports just over 3.2 million barrels per day. The non-cartel country exports almost as much as the top two exporters in Africa. Canada can significantly interfere with the rebalancing of the oil market. According to Kevin Byrne of IHS Markit, in the coming years, only the United States will overtake Canada in terms of production growth.

The Canadian Association of Petroleum Producers (CAPP) forecasts that oil production will increase by 270,000 barrels per day in 2017 and by another 320,000 barrels in 2018. In total, this is almost a third of all volumes that OPEC and other major producers agreed to withdraw from the market.

In 2016, the United Arab Emirates exported almost 2.5 million barrels per day in 2016, according to OPEC data. About 40% of the country's GDP is directly dependent on oil and gas production. The UAE joined OPEC in 1967.

OPEC estimates that Kuwait exported more than 2.1 million barrels per day in 2016. Kuwait's oil and gas sector accounts for about 60% of the country's GDP, as well as 95% of all export earnings.

In 2016, Iran exported almost 2 million bpd, according to OPEC. In October, US President Donald Trump new strategy regarding Iran. It accuses Tehran of intervening in conflicts in Syria, Yemen, Iraq, and Afghanistan. Trump said Iran was not honoring the spirit of the 2015 nuclear deal and threatened to change the terms of the deal on the Iranian nuclear program if the U.S. Congress approved it. This will be the renewal of US sanctions against Iran, which will affect the ability of international companies to do business there.

8. Venezuela

In 2016, Venezuela, the founding member of the cartel, exported about 1.9 million barrels per day. Although Venezuela boasts the largest oil reserves in the world, the country is currently in the midst of a full blown crisis.

International rating agency S&P has downgraded Venezuela to default. Venezuela reeled with food shortages, colossal inflation and street clashes. The ongoing unrest was caused by years of economic crisis exacerbated by a three-year decline in oil prices. Oil revenues account for approximately 95% of the country's total export earnings.

9. Nigeria

Nigeria is the most populous country in the OPEC cartel, it is also the largest exporter and producer of oil in Africa. According to data released by OPEC, in 2016 the country slightly outpaced Angola in oil exports - with a result of just over 1.7 million barrels per day.

10. Angola

In 2016, Angola exported 1.7 million barrels per day, according to OPEC. Oil production and associated ancillary activities account for approximately 45% of Angola's GDP and about 95% of its exports. Since joining OPEC in 2007, Angola has become the sixth largest oil exporter in the cartel.

The total actual need for net oil imports for all EU countries (28) was 3.82 billion barrels (10.5 million barrels per day) in 2015. The energy deficit in oil and oil products is estimated at 86%. 100% is when absolutely all oil and oil products are imported.
Oil dependence is at historical highs.

Oil imports in 2015 compared to 2014 increased by 4.7% for all countries and by 5.9% for the top 10 importers, however, even 2 years of growth in oil imports (since 2013) does not compensate for the downward trend in imports since 2005.


In 2015, oil imports are 9-10% lower than the peak levels of 2005-2006. The EU is a stagnating market for energy resources. Demand is not growing there for three reasons: the economic recession since 2007, the increase in energy efficiency, the development of alternative energy sources. Over the next 10 years, oil imports to the EU28 will decrease by at least another 10% in physical terms, mainly due to energy efficiency improvements and trends towards alternative energy sources.

According to my calculations based on data and sources from the Euro Commission (EC), Russia in 2015 provided 30% of total oil supplies, or about 3.1 million barrels. in a day. Superiority over the nearest competitor (Norway) by 2.5 times. Average daily oil supplies of more than 500 thousand barrels per day are provided by only 7 countries - Russia, Norway, Nigeria, Saudi Arabia, Iraq, Kazakhstan, Azerbaijan. All countries of the Middle East provide only 1.8 million barrels. per day or slightly less than 18% of total supplies. But entering the Iranian market in 2016 can provide at least 600,000 barrels - that's how much was supplied to the EU (28) before the Iranian embargo. All African countries - this is about 2.6 million barrels.


The table shows from which country and where oil went in 2015 in million barrels per year according to my compilation of oil flows. We are talking exclusively about external oil supplies without subsequent distribution within the EU, which is why there are fewer than 28 countries in the table, because. not everyone supports foreign trade energy ties.

It's in in general terms. And what the EU means by diversifying energy supplies (from where, where and how) is a separate discussion.

 

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