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A report from Visual Capitalist revealed that Kuwait secured the tenth spot on the global list of leading oil producers in 2022. The country’s average daily production reached 3.028 million barrels, accounting for 3.2% of the total worldwide oil production, which amounted to 93.848 million barrels per day. This average production represents a notable 12% increase from Kuwait’s production levels in 2021, reports Al-Anba daily.
The report highlighted that during 2022, oil prices surged to their highest point, exceeding $100 per barrel and marking the highest level in eight years. This spike followed a tumultuous year in energy markets due to the Russian-Ukrainian war.
As a result of the price surge, oil companies experienced a doubling of their profits, and the economies of the largest oil-producing nations gained significant momentum.
The Energy Institute’s Statistical Review of World Energy report ranks the world’s oil supplier countries 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 and 10- Kuwait with 3.028 million barrels.
Hence, the United States solidified its position as the world’s primary oil producer since 2018 and maintained its prominence in 2022 by achieving an output of approximately 18 million barrels per day. This figure translates to roughly 5% of the global oil supply. The majority of the nation’s oil production is centralized in five key states: Texas, New Mexico, North Dakota, Alaska, and Colorado.
Following closely, the Kingdom of Saudi Arabia secured the second position, boasting a production exceeding 12 million barrels per day, constituting approximately 13% of the worldwide supply. Russia secured the third spot with an oil production of 11 million barrels per day in 2022. These three major oil-producing nations, alongside Canada in fourth place and Iraq in fifth place, contribute to over half of the world’s oil supplies.
Simultaneously, the top ten oil-producing countries, spanning from the sixth to the tenth position — China, the United Arab Emirates, Iran, Brazil, and Kuwait—account for a remarkable 70% of the global oil production.
It’s noteworthy that all ten major countries increased their production from 2021 to 2022, resulting in a 4.2% annual upsurge in global production.
The report highlighted that Middle Eastern nations dominate about a third of the global oil production, while North America commands nearly a third of the global production. The Commonwealth of Independent States also stands as a significant regional oil producer, contributing to 15% of the global production.
However, a noticeable trend in the data is the decline in Europe’s oil production share, which currently stands at 3% of the global supply. Over the past two decades, oil production within the European Union has decreased by over 50%, attributed to various factors, including stringent environmental regulations and a substantial shift to natural gas.
Looking at regional production from another angle, OPEC members oversee approximately 35% of the global oil production and possess roughly 70% of the global oil reserves. Regarding the OPEC+ group, its share of oil production exceeds more than half of the global supply.
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