Tag: oil production

Which Countries Are Damaged Most by Low Oil Prices?

Courtesy of: Visual Capitalist
Oil is by far the world’s most-traded commodity, with $786.3 billion of crude changing hands in international trade in 2015.

While low commodity prices can hurt any major producer, oil prices can have a particularly detrimental effect on oil-rich economies. This is because, for better or worse, many of these economies hold onto oil as an anchor for achieving growth, filling government coffers, and even fueling social programs.

If those revenues don’t materialize as planned, these countries turn increasingly fragile. In the worst case scenario, an extended period of low oil prices can cause the fate of an entire regime to hang by a thread.

Continue reading “Which Countries Are Damaged Most by Low Oil Prices?”

GUESS THE LARGEST OIL PRODUCER IN THE WORLD

So Obama, Kerry and the nattering nabobs of NATO are going to show Russia who’s boss. Now that’s precious. I guess we’ll just ramp up that shale oil production by a few million barrels per day. Russia runs budget surpluses. They have been converting their USD holdings into gold. They are self sufficient on the energy front. They can shut off natural gas to Europe any time they choose. If they were to withhold a couple million barrels of oil per day from the world markets, oil prices would jump to $150 per barrel and destroy our economy.

Tell me again. Who’s in the driver seat here. Vlad the Impaler or Barack the Teleprompter Reader?

 

In accordance to an estimate held by IEA in 2011 , 63% of the world’s total oil output is obtained by the top ten largest producers which are given below:

 

 List of Top 10 Largest Oil Producers in the World 2013

 

Rank Country Production
(bbl/day)		 Share of World’s output
(Percentage)
1. Russia Flag  Russia 10,730,000 12.65%
2. saudi arabia  Saudi Arabia 9,570,000 11.28%
3. UNITED STATES FLAG  United States 9,023,000 10.74%
4. Iran  Iran 4,231,000 4.77%
5. China flag  China 4,073,000 4.56%
6. Canada flag  Canada 3,592,000 3.90%
7. iraq  Iraq 3,400,000 3.75%
8. uae  United Arab Emirates 3,087,000 3.32%
9. mexico  Mexico 2,934,000 3.56%
10. kuwait  Kuwait 2,682,000 2.96%

 

Germany

  • Germany was the top importer of Russian oil in 2009, receiving approximately 700 thousand barrels per day (bbl/d). Germany’s economic relationship with Russia goes back to the aftermath of World War II, when the Soviet Union occupied East Germany and later supplied raw materials to the area, when both countries were members of the Warsaw Pact. The large Druzhba pipeline carries Russian oil to Germany, passing through Belarus and Poland.

Netherlands

  • The Netherlands was the second-largest importer of Russian oil in 2009, receiving more than 500,000 bbl/d. Furthermore, $62 billion dollars worth of trade was conducted between Russia and the Netherlands in 2008, making the Netherlands the second-largest overall trading partner with Russia. After Germany and the Netherlands, the next largest importers of oil are Poland and China. Curiously, the Netherlands was never part of the communist bloc, unlike many of the other top importers of Russian oil.

China

  • In 2009 China was the fourth-largest importer of Russian oil, behind Germany, the Netherlands and Poland. China’s 300,000 bbl/d made it by far the largest Asian importer of Russian oil, with Japan ranking a distant second. Chinese demand for Russian oil has recently increased, and as of 2011 the East Siberian-Pacific Ocean Pipeline is being developed to supply China with 30 million tons of oil per year.

United States

  • The United States is by far the largest importer of Russian oil in the Western Hemisphere. In 2009 the United States imported more than 200,000 bbl/d from Russia. Only six countries imported more oil from Russia that year. Russia has been suggested as an alternative source for U.S. oil, because of the political instability of the Middle East and the fact that the United States is, hands down, the world’s top oil consumer.