Kuwait’s average production of 2.7mn bpd makes it 9th largest oil producer in world

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KUWAIT CITY, April 12: Yahoo Finance stated that Kuwait ranked ninth among the world’s largest oil producers in 2022, with an average production of 2.7 million barrels per day, adding that there are indications of a significant increase in Kuwait’s oil production in the aforementioned year compared to its counterpart in the previous year, while KPC plans to increase its daily production to 3.5 million barrels by 2025, reports Al-Jarida daily. Most of the oil production operations in the country take place in southeastern Kuwait, specifically in the large Burgan field, which produces more than 1.6 million barrels per day, and Yahoo Finance expected that Kuwaiti oil revenues would be close to $82 billion or may have exceeded this barrier, according to the figures contained in the year’s budget. fiscal year that ended March 31, 2023 due to higher oil prices in 2022. In the same context, the site indicated that Kuwait relies on oil to generate more than 90% of its national income, and the site published a list of the top 10 oil-producing countries in the world as follows

Production
The daily went on to say, that the United States ranks first on Yahoo Finance’s list, as its crude oil production in 2022 amounted to about 11.9 million barrels per day, compared to 11.254 million barrels in 2021. Apart from being the largest producer of oil in the world, the United States also represents the largest global consumer of oil. The US Energy Information Administration expects that crude oil production in the United States will rise to about 12.4 million barrels per day in 2023 thanks to the increase in production in the Permian oil basin, as the administration raised its expectations for the production of the aforementioned basin by 470 thousand barrels per day to 5.7 million barrels per day in 2023.

In second position comes Russia whose production of crude oil in 2022 was about 10.75 million barrels per day, and Russian crude oil reserves are about 80 billion barrels, according to the Energy Information Administration, as of January 1, 2023. Meanwhile, Russian Deputy Prime Minister Alexander Novak announced on December 23, 2022 that his country may reduce its production by between 500,000 and 700,000 barrels per day in 2023 due to the price ceiling set by the G7 countries on Russian crude oil exports.

Reserves
The Kingdom of Saudi Arabia which is ranked third produced 10.59 million barrels of crude oil per day in 2022, while it possesses 17% of the world’s proven crude oil reserves. In 2022, the country’s crude oil production will increased by 800,000 barrels per day to 10.57 million barrels per day. Moreover, Saudi Arabia exported 7 million barrels per day of crude oil, the highest in the past five years. The country’s crude oil exports hit an alltime high in 2016 at 7.35 million barrels per day.

Fourth on the list of crude oil production is Iraq which in 2022, produced on an average 4.48 million barrels per day, and achieved record revenues amounting to 115.657 billion dollars from global oil sales, compared to 75.6 billion dollars in 2021. The repercussions of the Russian-Ukrainian war in 2022 were a major factor in increasing Iraqi oil production. China’s production of crude oil reached 4.1 million barrels per day in 2022 put Beijing in fifth place, and at the same time it is considered one of the largest importers of crude oil in the world due to the huge volume of its consumption, which exceeds 15 million barrels of oil per day, and it is also expected to increase further in 2023 as a result of raising travel restrictions.

Canada’s production of crude oil reached 4.076 million barrels per day in the aforementioned year, while it accounts for 10% of the world’s proven crude oil reserves, amounting to 171.0 billion barrels and is sixth on the list. The UAE’s crude oil production of 3.064 million barrels per day qualified it to rank third among OPEC countries and seventh worldwide. However, according to CNBC, the UAE is looking to withdraw from the oil cartel because it wants to set its own production ceiling, while Saudi Arabia has raised the baseline for UAE production as of April 2022 from the previous 3.2 million barrels per day to 3.65 million barrels per day. Brazil is the largest oil producer in South America, with an average production of 3.021 million barrels per day in 2022 and is in eighth position.

As for Kuwait, the country’s crude oil production averaged about 2.7 million barrels in 2022; while Iran ranks 10 in the world although crude oil production in Iran in 2022 amounted to 2.54 million barrels per day, according to OPEC, which increased by 140,000 barrels per day, Iran is very secretive when it comes to oil export data. Ironically, Venezuela has the largest proven oil reserves of crude oil at 303.8 billion barrels, but it ranks 22nd among producing countries and its production does not exceed 717 thousand barrels per day.

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