Petrol-Diesel Price / The arbitrariness of Russia and Gulf countries will not work, America has changed the whole story!

Vikrant Shekhawat : Mar 27, 2024, 08:12 AM
Petrol-Diesel Price: Who could have imagined till a few years ago that the world's largest crude oil importer would become the world's largest oil producer. Yes, we are talking about America here. About 10 years ago, America lifted the ban on crude oil export and supplied crude oil to the entire world. Also tried to break the monopoly of OPEC countries which were controlling the oil prices in the world. At present the situation is that America is on the verge of becoming the world's largest crude oil exporter. Which was predicted by the International Energy Agency itself in the year 2017.

The special thing is that in the year 2023, America produced 3 times the daily oil production of Iraq and about 4 times that of UAE. Even Russia and Saudi Arabia were left behind in terms of oil production. Who have an important stake in the world's oil production. Let us also tell you which countries of the world have produced the maximum amount of crude oil in the year 2023.

America broke the record

In the year 2023, America broke all records in terms of crude oil production and crossed the level of 13 million barrels per day. Till date no country has been able to produce this much oil. According to the IEA report, in the month of November, America's crude oil production level had reached 13.308 million bpd. Along with rising production, US crude oil and petroleum products exports are also increasing, reaching levels equal to the total output of major oil producers like Saudi Arabia or Russia, according to a report by S&P Global Commodity Insights. .

Saudi Arab

Saudi Arabia, leading the OPEC and OPEC+ groups, was the world's second largest crude oil producer in 2023. In the first half of 2023, Saudi Arabia's crude oil production will average about 10.2 million barrels per day (bpd). However, in July the Kingdom implemented an additional voluntary cut of 1 million bpd, reducing its average output to 9 million bpd in the second half of the year. These cuts, aimed at stabilizing the market, were offset to some extent by increased production from non-OPEC+ countries, including the United States, Brazil, Canada, Guyana and Norway.

Russia remained at third place

Russia, Saudi Arabia's main partner in the OPEC+ alliance, has produced 9 million barrels per day (bpd) of crude oil in the year 2023. After invading Ukraine, Russia kept its oil production and export data secret. In December 2023, Russia agreed to share data on its production, inventories and fuel production with oil-flow tracking companies and price reporting agencies. This decision was taken by Russia when OPEC+ asked Moscow to increase transparency regarding following the rules of production cut. During its OPEC+ meeting, Russia announced to reduce its oil exports by 500,000 barrels per day (bpd) in the first quarter of 2024.

Canada increased production

As Russia and Saudi Arabia are reducing their market supplies, North America, including the United States and Canada, is increasing its oil production. According to the Canadian Energy Regulator, Canada's oil production reached a record level of 4.86 million barrels per day (bpd) last year. Experts estimate that Canada's oil production will continue to increase in 2023, 2024 and 2025. They estimate that Canada's crude oil production will increase by 8 percent by 2025.

Iraq is no less

According to secondary sources present in OPEC's monthly report, Iraq is the second largest producer of OPEC. According to the report, the total oil production in Iraq in the year 2023 was about 4.3 million barrels per day (BPD). After which it became the 5th largest oil producer in the world. OPEC's December report said the organization's crude oil production fell in November for the first time in several months, even as US oil production continued to hit new records.

How much oil production in these countries

If we talk about the rest of the countries in the world, despite being the world's biggest importer, China has become the world's 6th largest oil producer. In the year 2023, China produced 4.2 million bpd oil. After that, Iran has made its place in the top 10 by producing 3.6 million bpd oil and Brazil and UAE have produced 3.4 million bpd oil. Kuwait's name is also included in this list. Which produced 2.7 million bpd of oil every day. Oil production is taking place in the rest of the countries of the world. Whose volume is 22.8 million bpd.