BAKU, Azerbaijan, Sept.13
By Leman Zeynalova – Trend:
The total world crude oil production in 2020 stood at 4.141 billion tons with 17 percent accounting for the US, Trend reports with reference to the International Energy Agency (IEA).
The table below shows the ranking of largest oil producers:
|
Producers |
Mt |
% of world total |
|
United States |
706 |
17.0 |
|
Russian Federation |
512 |
12.4 |
|
Saudi Arabia |
511 |
12.3 |
|
Canada |
255 |
6.2 |
|
Iraq |
201 |
4.9 |
|
China |
195 |
4.7 |
|
United Arab Emirates |
174 |
4.2 |
|
Brazil |
153 |
3.7 |
|
Kuwait |
131 |
3.2 |
|
Iran |
130 |
3.1 |
|
Rest of the world |
1 173 |
28.3 |
|
World |
4 141 |
100.0 |
World oil supply rose by 1.7 mb/d in July to 96.7 mb/d after Saudi Arabia ended its extra voluntary production cut and the North Sea recovered strongly after maintenance. Global output is poised to rise further in the coming months after OPEC+ agreed a new deal to unwind its remaining curbs. Following gains of 600 kb/d this year, supply from producers outside the alliance is expected to rise by 1.7 mb/d in 2022 with the US accounting for 60 percent of the growth, says the IEA.
A substantial supply gap that was expected to emerge in 4Q21 has narrowed following a new OPEC+ agreement to steadily ease production cuts through 2022. The deal agreed could even tilt the market towards oversupply by early next year. Since April, world oil production has already climbed 3.4 mb/d as OPEC+ started unwinding its record 2020 cutback and with output on the rise from outside the alliance (non-OPEC+). In July, global oil output had reached 96.7 mb/d, up 1.7 mb/d month-on-month (m-o-m), with Saudi Arabia accounting for one-third of the increase and the North Sea bouncing back strongly after maintenance.
---
Follow the author on Twitter: @Lyaman_Zeyn