A report issued by Visual Capitalist stated that Kuwait ranked tenth on the list of the largest oil producers in the world in 2022, with its average production reaching 3.028 million barrels per day, representing 3.2% of the total global oil, which amounted to 93.848 million barrels per day. This average constitutes Production is an increase of 12% over the country’s production in 2021.
The report said that the year 2022 witnessed a rise in oil prices to their peak when they exceeded $100 per barrel, recording their highest level in 8 years, after a full year of turmoil in energy markets in the wake of the Russian-Ukrainian war, reports Al-Anba daily.
Oil companies have doubled their profits and the economies of the world’s largest oil producers have gained significant momentum thanks to rising prices.
The report ranked the countries responsible for most of the world’s oil supplies using data from the Energy Institute’s Statistical Review of World Energy as follows:
1- The United States with 17.771 million barrels.
2- The Kingdom of Saudi Arabia with 12.136 million barrels.
3- Russia with 11.202 million barrels.
4- Canada with 5.576 million barrels.
5- Iraq with 4.502 million barrels.
6- China with 4.111 million barrels.
7- United Arab Emirates with 4.02 million barrels.
8- Iran with 3.822 million barrels.
9- Brazil with 3.107 million barrels.
10- Kuwait with 3.028 million barrels.
Thus, the United States has become the largest oil producer in the world since 2018 and has continued its dominance in 2022 by producing approximately 18 million barrels per day, which represents approximately 5% of the world’s oil supply. Nearly three-quarters of the country’s oil production is concentrated around… Five states are Texas, New Mexico, North Dakota, Alaska, and Colorado.
The Kingdom of Saudi Arabia came in second place, producing more than 12 million barrels per day, which represents about 13% of global supply.
Russia came in third place, producing 11 million barrels per day in 2022. These three giant oil-producing countries, along with Canada in fourth place and Iraq in fifth place, constitute more than half of the oil supplies in the entire world.
Meanwhile, the top ten oil-producing countries, including those ranked sixth to tenth, respectively: China, the United Arab Emirates, Iran, Brazil, and Kuwait, are responsible for producing more than 70% of the world’s oil.
It is worth noting that all ten major countries increased their production between 2021 and 2022, and as a result, global production increased by 4.2% on an annual basis.
The report stated that Middle Eastern countries dominate a third of global oil production, while North America accounts for nearly a third of global production. The Commonwealth of Independent States is another major regional oil producer, with a 15% share of global production.
But what is clear in the data is the decline in Europe’s share of oil production, which now stands at 3% of global supply. In the past 20 years, oil production in the European Union has fallen by more than 50% due to a variety of factors, including environmental regulations. The most stringent transition to natural gas.
From another perspective regarding regional production, OPEC members control about 35% of global oil production and about 70% of global oil reserves. As for the OPEC+ group, the share of its oil production exceeds more than half of the global supply.
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