Where Is Oil Found Globally? – Petroleum is a natural resource made of organic matter that has dissolved over millions of years. Also, like other natural resources, oil cannot be produced and taken away from where it is found. Unlike other natural resources, oil is the lifeblood of the world economy.
The world gets more than a third of all energy produced from oil, more than any other resource. Because of this, countries that control the world’s oil reserves often have land and economic power.
Where Is Oil Found Globally?
24/7 We looked at Wall Street’s BP Statistical Review of World Energy June 2018 to find the 15 countries with proven oil reserves. The countries on this list include five countries and a capacity between 12.8 and 303.2 billion barrels of oil.
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In many cases, oil is an important commodity in the countries on this list. In general, most of these countries are among the most productive countries in the world, as they account for most of the oil production.
But oil can be a disaster if done incorrectly. It is wise to have a diversified economy, and most of the countries on this list are heavily dependent on oil resources. In an extreme example, the economic collapse due to over-reliance on oil has created a critical situation. He didn’t want to visit them.
Brazil, one of the two South American countries on the list, has proven oil reserves totaling 12.8 billion barrels, or 0.8% of global supply. According to MIT Media Lab’s The Observatory of Economic Complexity, oil and refining accounted for about 9% of the $219 billion exported in 2017, mainly in China and the United States. Brazil’s oil production has increased by 27.5% in the last five years, while production in Latin America fell by 2.6%.
Petrobras, a publicly traded energy company, is Brazil’s largest oil producer and operates 13 of Brazil’s 17 refineries.
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Qatar is a small country of less than 3 million people in the Middle East. Largely populated and rich in oil (more than 25.2 billion barrels of proven reserves), Qatar boasts the largest GDP in the world at $128,647. Oil accounted for more than 80% of Qatar’s exports of $52.3 billion in 2017.
Qatar was a member of the Organization of the Petroleum Exporting Countries (OPEC) until it left in 2019. Qatari officials said the country’s decision to leave the international organization was a good move because of OPEC’s declining global influence.
Covering approximately 3.7 million square miles, China is the fourth largest country in the world. China, the world’s largest country, is more dependent on oil for its energy needs than any other country except the United States. China consumed 608 million barrels of oil in 2017 alone. Sinopec and the China National Petroleum Corporation (CNPC) are state-controlled in the country’s fossil fuel industry. These are two of the largest energy companies in China and the world.
Due to domestic demand for energy, China also imports oil. Oil imports, from Saudi Arabia, Iran, Iraq, and other countries in the Middle East, accounted for more than 10% of China’s $1.5 trillion in exports in 2017.
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Kazakhstan is a large country of one million square kilometers, the largest in Western Europe. Most of Kazakhstan’s $30 billion in proven oil reserves are located in the western part of the country. More than half of Kazakhstan’s $44.1 billion exported in 2017 was oil.
Kazakhstan has increased its oil production in recent years. The country produced an average of 1.8 million barrels of oil per day in 2017, a 10% increase from five years ago.
Nigeria has a capacity of 37.5 billion barrels of oil, the second largest in Africa, and produces an average of 2 million barrels of oil per day. This is the largest land in the country. The EIA estimates that despite its status as the largest oil producer in Africa, supply chain disruptions such as theft and industrial damage are reducing production by 500,000 barrels per day. .
One of the OPEC members on this list, oil accounted for more than 90% of its $46.8 billion export in 2017.
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Libya has 48.4 billion barrels of proven oil reserves, the largest in Africa. However, Libya’s oil production is very low. The political situation and conflict after the overthrow of former dictator Muammar Gaddafi in 2011 has reduced the country’s oil production by 42.7% in the last five years. Libya is the only country on this list that produces an average of less than 1 million barrels of oil per day.
However, oil is important to the Libyan economy. Oil accounted for over 95% of the $16.1 billion exported in 2017.
The United States has proven oil reserves of 50 billion barrels, more than eight other countries in the world and 2.9% of the world’s proven oil reserves. The United States also produces an average of 13.1 million barrels per day. This is more than any other country in the world and is equal to 14.1% of the world’s daily oil production. Texas has over a third of all domestically produced oil.
Although it ranks ninth in the world for proven oil reserves, no country consumes as much oil as the United States. To meet domestic energy needs, the country consumes 913.3 million tonnes of oil per year, about 50% more than China, the second largest oil consumer. in the world. Oil accounted for 9% of US sales of $2.2 billion in 2017. US. It is also home to some of the world’s richest energy companies, including ExxonMobil and Chevron.
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The United Arab Emirates is an OPEC member with proven oil reserves of about 98 billion barrels, or 5.8% of world supply. Oil accounted for about half of the UAE’s $142 billion in 2017. The small Persian Gulf country has no other oil fields, but the use of advanced oil recovery technology has made it one of the world’s largest producers, averaging 3.9 million barrels of oil per day. We are working.
Kuwait, an OPEC member, is a small country on the edge of the Persian Gulf, bordering two other countries on this list: Iraq and Saudi Arabia. It is one of only seven countries in the world with more than 100 billion barrels of oil reserves.
In August 1990, Kuwait was invaded by Iraq because of its oil wealth. Within seven months of taking Kuwait, Iraq controlled nearly 20% of the world’s oil supply. In the year before the invasion of Iraq, Kuwait produced 1.4 million barrels per day, the highest level in nearly a decade. In 1991, a year after the invasion and occupation of Iraq, Kuwait’s oil production fell to an average of 185,000 barrels per day, the lowest level in the country’s history. Today Kuwait is an independent state and produces 3 million barrels of oil per day.
Russia is the largest oil producer in the world, with more than 106 billion barrels of proven oil wells within its borders. Russia, along with the United States and Saudi Arabia, is one of the three countries in the world that produces more than 10 million barrels of oil per day. Oil accounted for more than half of the $341 billion exported in 2017.
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Russia’s economy, which relies heavily on oil revenues, has been hit in recent years by economic sanctions imposed after the 2014 invasion of Crimea. .The sanctions imposed by the US directly target Russian energy companies.
Iraq has 148.8 billion barrels of proven oil, or 9% of the world’s known oil reserves. Iraq is heavily dependent on oil revenues, more so than most of its OPEC partners. Oil accounted for 95% of Iraq’s $60.8 billion exports in 2017.
Iraq has increased production in recent years. In the past five years, the country’s oil production has increased from 3.1 million barrels per day to 4.5 million barrels per day, an increase of 46.8%.
A founding member of OPEC, Iran is one of the four countries in the world that controls more than 150 billion barrels of oil. With an average production of 5 million barrels per day, it is one of the largest oil producers in the world. Oil exploration and production in Iran is managed by the state-owned Iranian Oil Company.
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Iran’s oil production increased by 30.4% between 2012 and 2017, but the trend may not continue. The sanctions imposed by the United States have so far exempted five countries: China, India, Japan, South Korea and Turkey.
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