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The world’s largest oil producers and consumers

(CNN Spanish) — The group of major oil producers, OPEC +, announced the reduction in production, after its first face-to-face meeting since March 2020. The cut is equivalent to approximately 2% of global oil demand: a decrease of 2 million barrels per day.

OPEC+ includes members of the Organization of Petroleum Exporting Countries (OPEC) plus Russia and other countries such as Mexico.

It’s the biggest cut since the start of the pandemic and a move that threatens to send gasoline prices skyrocketing. How does this affect the current production status? Let’s look at the main producers and consumers of oil.

The largest producers in the world (not to be confused with the countries that have the largest reserves) are the United States and Saudi Arabia, according to May 2022 production drilling data from the US Energy Information Administration.

China now has 5% of the world’s crude oil, almost 5 million barrels per day. Ranked number four in Canada, 6% of production. Ranked number three Russia 11% of world production, 10.7 million barrels every 24 hours, well below what it consumes. Saudi Arabia generates 11% of the world’s oil: equivalent to almost 10.84 million barrels per day.

The United States produces almost 19 million barrels per day, 20% of world production, which is not enough to meet its demands today.

Brazil, the eighth largest economy in the world and with a population of 217 million people, is the only Latin American on both lists. It produces slightly more than it consumes.

Country Million barrels per day Percent of world total
🇺🇸United States 18.88 twenty%
🇸🇦Saudi Arabia 10.84 eleven%
🇷🇺 Russia 10.78 eleven%
🇨🇦Canada 5.54 6%
🇨🇳Chinese 4.99 5%
🇮🇶 Iraq 4.15 4%
🇦🇪United Arab Emirates 3.79 4%
🇧🇷Brazil 3.69 4%
🇮🇷 Iran 3.46 4%
🇰🇼Kuwait 2.72 3%
Top 10 Total 68.82 72%
🌎Worldwide 95.57

The report includes crude oil, derived liquids and biofuels.

Venezuela, the country with the largest reserves, more than 300,000 million barrels, does not appear in the top 10 because today it has a severe production deficit.

With the announced measure, OPEC and its allies, which control more than 40% of world oil production, hope to avoid a drop in demand due to a sharp economic slowdown in China, the United States and Europe.

The United States and Europe are now seeking ways to implement a G7 deal to limit the price of Russian crude exports to other countries.

Those who consume the most

Country Million barrels per day Percent of world total
🇺🇸United States 20.54 twenty%
🇨🇳Chinese 14.01 14%
🇮🇳Indian 4.92 5%
🇯🇵Japan 3.74 4%
🇷🇺 Russia 3.70 4%
🇸🇦Saudi Arabia 3.18 3%
🇧🇷Brazil 3.14 3%
🇨🇦Canada 2.63 3%
🇰🇷 South Korea 2.60 3%
🇩🇪Germany 2.35 two%
Top 10 Total 60.81 61%
🌎Worldwide 100.23

With information from Hanna Ziady and Juan Pablo Varsky

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