The largest oil exporting countries. Oil reserves, production and consumption by country of the world

The development of oil fields began at the end of the 19th century. Over time, humanity's need for hydrocarbons has only grown. This has allowed some states, on whose territory there are large amounts of reserves of these minerals, to turn oil exports into the main source of their income.

Oil production in the first half of the twentieth century

Particular interest in the world's oil reserves on the part of large states began to manifest itself in the period between the two world wars - hydrocarbons were extremely important for militarization and industrial modernization. It is at this time that they open largest deposits in the Soviet Union, the Middle East, North Africa and Latin America.

During the Second World War, oil production only increased, since it was vitally needed by the warring parties as raw materials for the production of fuels and lubricants for military equipment. This excitement made it possible to finally outline the circle of countries that in the post-war period became the largest exporters of hydrocarbons.

Largest oil exporters

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

• Libya and Algeria. They have the richest oil reserves in northern Africa. In total, about 2.5 million barrels are produced daily (Libya - 1 million, Algeria - 1.5 million);
• Angola. Occupies a major position in the production and sale of hydrocarbons in Southern and Central Africa. Daily export volume is 1.7 million barrels;
• Nigeria. Major oil exporter in West Africa (more than 2 million barrels per day);
• Kazakhstan. Daily export volume: 1.4 million barrels;
• Canada and Venezuela. Leaders in oil production in North and South America, respectively (the daily production rate is approximately 1.5 million barrels for each state);
• Norway. Major European exporter, producing 1.7 million barrels daily;
• Gulf countries (Qatar, Iran, Iraq, UAE, Kuwait). Total daily export volume: 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 the 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 reserves of these hydrocarbons. According to experts, at the current rate of production, oil deposits will last approximately 50 years (according to some forecasts - 70 years).

OPEC

OPEC is an intergovernmental organization of states that occupy leading positions in oil production and export. 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 subsequent activities of OPEC member states are made on:

• 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 on changing production standards due to market fluctuations.

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

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

OPEC, Russia and other producers are in the midst of a joint effort to force a rebalancing of the oil market, with prices rising to two-and-a-half year highs in recent weeks.

However, with continued strong oil exports dampening market sentiment, CNBC takes a look at the world's top 10 oil exporters.

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

After joining OPEC in 2007, Angola became the sixth largest oil exporter in the Cartel.

9. Nigeria

Nigeria, OPEC's most populous country, is Africa's largest oil exporter and producer.

8. Venezuela

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 world's largest oil reserves, it is currently in the midst of a full-blown crisis. The ongoing unrest has been fueled by years of economic inactivity, with the recession added to by a three-year slump in oil prices. Venezuela has experienced food shortages, severe 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, affecting the ability of international companies to do business in the oil-rich country.

According to OPEC estimates, in 2016 Kuwait exported more than 2.1 million barrels per day.

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

5. United United Arab Emirates

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

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 data published by the World Factbook.

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

OPEC and Russian officials have called on some of the world's leading oil producers, both inside and outside the cartel, to form a consensus and support a mechanism to limit supplies until the end of 2018.

And although Iraq is OPEC's second-largest oil producer and exporter, Baghdad has not yet reduced production to the level it agreed to last winter.

Iraq exported 3.8 million barrels per day in 2016, according to data released by OPEC.

Moscow and OPEC have been seeking to cut oil production to clear a global supply glut since January. The goal is to reduce global oil inventories and drain the glut that has driven down prices for the past three years.

1. Saudi Arabia

Saudi Arabia is the world's leading exporter and second largest oil producer. Leader OPEC exported 7.5 million barrels per day 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 in what officials called an anti-corruption move.

Some believe the extraordinary purge is an attempt by Mohammed bin Salman to consolidate his power by eliminating potential rivals. And this could mean political uncertainty, tension and perhaps unrest unlike anything seen before in history. largest manufacturer OPEC oil.

1. Saudi Arabia

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

On November 5, 2017, 11 high-ranking officials, including ministers and members, were removed from power and arrested in Saudi Arabia. royal family. Most of them are charged with 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, tensions and possible unrest the likes of which the world's largest oil producer has never seen before.

Russia, the world's largest oil exporter that is not part of the OPEC cartel, exported more than 5 million barrels of oil per day in 2016 - the country increased oil exports year-on-year by 4.8% - to 253.9 million tons, according to data from the Central dispatch control (CDC) of the fuel and energy complex.

According to OPEC forecasts, over the next five years, global oil demand will increase by 5 million barrels per day, and by 2040 - by 14.7 million barrels per day, 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, which prohibit the supply of technologies for shale production and projects in the Arctic to the country.

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 2040. As a result, Russia will cede world leadership in oil production to the United States, and the share of Russian oil in global 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 output 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 Africa's top two exporters. Canada could significantly interfere with the rebalancing of the oil market. According to Kevin Byrne from IHS Markit, in the coming years, only the United States will overtake Canada in production growth.

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

The United Arab Emirates exported nearly 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 barrels per day, according to OPEC. In October, US President Donald Trump adopted a new strategy towards Iran. It accuses Tehran of interfering in conflicts in Syria, Yemen, Iraq, and Afghanistan. Trump said Iran was not complying with the spirit of the nuclear deal signed in 2015 and threatened to change the terms of the deal on Iran's nuclear program if the US Congress approved it. This would be a renewal of US sanctions against Iran, which would impact the ability of international companies to do business there.

8. Venezuela

In 2016, Venezuela, the cartel's founding country, 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.

The international rating agency S&P announced that it has downgraded Venezuela's rating to default level. Venezuela has been plagued by food shortages, colossal inflation and street violence. The ongoing unrest has been fueled by a decades-long economic crisis, worsened by a three-year slump in oil prices. Oil revenues account for approximately 95% percent of the country's total export earnings.

9. Nigeria

Nigeria is the most populous country in the OPEC cartel, aka largest exporter and an oil producer in Africa. According to data published by OPEC, in 2016 the country was slightly ahead of 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 related 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 cartel's sixth-largest oil exporter.