In 2019, the world’s top exporters of crude oil were Saudi Arabia ($145bn), Russia ($123bn), Iraq ($73.8bn), Canada ($67.8bn), and the US ($61.9bn).Ĭhina bought about one-quarter (27 percent) of Russia’s total oil exports worth $34bn. Which countries rely most on Russian oil? Lighter products including liquid petroleum gases require lower temperatures to extract while the heaviest products, including asphalt, are extracted at much higher temperatures. Once the oil has been extracted and transported to various oil refineries, it must be heated in a furnace then distilled into various fuels and products. Brent is drilled out of the North Sea between the UK and Norway while WTI (West Texas Intermediate) is sourced from US oil fields. It is easier and cheaper to refine, making it the most sought after.īrent and WTI are the global benchmarks for light, sweet crude oil. Light, sweet crude oil is the highest grade. Higher crude prices have a knock-on effect on several industries, from transport all the way through to manufacturing.Ĭrude oil is graded according to thickness (heavy, intermediate and light) and sulphur content (sweet – low sulphur, sour – high sulphur).
Many household products including plastics, detergents and clothing are also derived from the non-renewable resource. Petrol, diesel and various other fuels are made from crude oil – a yellowish-black fossil fuel that is pumped out of the ground. In 2020, the 10 largest oil producers in the world were the US (18.61 mbpd), Saudi Arabia (10.81 mbpd), Russia (10.5 mbpd), Canada (5.23 mbpd) and China (4.86 mbpd). OPEC member countries produce about 40 percent of the world’s crude oil and represent some 60 percent of the total petroleum traded internationally, according to the United States Energy Information Administration. The largest reserves among non-OPEC countries include Russia and the US. Established in Baghdad, Iraq in 1960, this multinational organisation comprises 13 nations that collectively possess about 80 percent of the world’s proven crude oil reserves. Venezuela (303,806 million barrels), Saudi Arabia (258,600 million barrels), and Iran (208,600 million barrels) have half of the world’s 1.55 trillion barrels of proven oil reserves.Ĭentral to the world’s oil production is OPEC – the Organization of the Petroleum Exporting Countries. The United States alone consumes about one-fifth (20.48 mbpd) of the world’s daily oil consumption, followed by China (13.07 mbpd), and India (4.84 mbpd). In 2019, the world consumed 99.7 million barrels of oil per day (mbpd), according to the International Energy Agency. Keep reading list of 4 items list 1 of 4 Is Russia committing war crimes by bombing hospitals in Ukraine? list 2 of 4 The new Cold War spells trouble for Africa list 3 of 4 Will Ukraine become Russia’s ‘forever war’? list 4 of 4 As bombs fall on Ukraine, memes ridicule Russian aggression end of list
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