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These Are The World’s Largest Oil Producers

These Are The World’s Largest Oil Producers

In 2022 oil prices peaked at more than $100 per barrel, hitting an eight-year high, after a full…

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These Are The World's Largest Oil Producers

In 2022 oil prices peaked at more than $100 per barrel, hitting an eight-year high, after a full year of turmoil in the energy markets in the wake of the Russian invasion of Ukraine.

Oil companies doubled their profits and the economies of the biggest oil producers in the world got a major boost.

But which countries are responsible for most of the world’s oil supply? Using data from the Statistical Review of World Energy by the Energy Institute, Visual Capitalist's Pallavi Rao and Christina Kostandi visualized and ranked the world’s biggest oil producers.

Ranked: Oil Production By Country, in 2022

The U.S. has been the world’s biggest oil producer since 2018 and continued its dominance in 2022 by producing close to 18 million barrels per day (B/D). This accounted for nearly one-fifth of the world’s oil supply.

Almost three-fourths of the country’s oil production is centered around five states: Texas, New Mexico, North Dakota, Alaska, and Colorado.

We rank the other major oil producers in the world below.

Rank Country 2022 Production
(Thousand B/D)		 YoY Change Share of
World Supply
1 ???????? U.S. 17,770 +6.5% 18.9%
2 ???????? Saudi Arabia 12,136 +10.8% 12.9%
3 ???????? Russia 11,202 +1.8% 11.9%
4 ???????? Canada 5,576 +3.0% 5.9%
5 ???????? Iraq 4,520 +10.2% 4.8%
6 ???????? China 4,111 +2.9% 4.4%
7 ???????? UAE 4,020 +10.4% 4.3%
8 ???????? Iran 3,822 +4.6% 4.1%
9 ???????? Brazil 3,107 +3.9% 3.3%
10 ???????? Kuwait 3,028 +12.0% 3.2%
11 ???????? Mexico 1,944 +0.9% 2.1%
12 ???????? Norway 1,901 -6.3% 2.0%
13 ???????? Kazakhstan 1,769 -2.0% 1.9%
14 ???????? Qatar 1,768 +1.8% 1.9%
15 ???????? Algeria 1,474 +8.9% 1.6%
16 ???????? Nigeria 1,450 -11.2% 1.5%
17 ???????? Angola 1,190 +1.1% 1.3%
18 ???????? Libya 1,088 -14.3% 1.2%
19 ???????? Oman 1,064 +9.6% 1.1%
20 ???????? UK 778 -11.0% 0.8%
21 ???????? Colombia 754 +2.4% 0.8%
22 ???????? India 737 -3.8% 0.8%
23 ???????? Venezuela 731 +8.1% 0.8%
24 ???????? Argentina 706 +12.4% 0.8%
25 ???????? Azerbaijan 685 -5.6% 0.7%
26 ???????? Indonesia 644 -6.9% 0.7%
27 ???????? Egypt 613 +0.8% 0.7%
28 ???????? Malaysia 567 -1.7% 0.6%
29 ???????? Ecuador 481 +1.7% 0.5%
30 ???????? Australia 420 -5.2% 0.4%
31 ???????? Thailand 331 -17.5% 0.4%
32 ???????? Congo 269 -1.7% 0.3%
33 ???????? Turkmenistan 244 +1.0% 0.3%
34 ???????? Vietnam 194 -1.2% 0.2%
35 ???????? Gabon 191 +5.4% 0.2%
36 ???????? South Sudan 141 -7.6% 0.2%
37 ???????? Peru 128 +0.5% 0.1%
38 ???????? Chad 124 +6.2% 0.1%
39 ???????? Equatorial
Guinea		 119 -9.2% 0.1%
40 ???????? Syria 93 -2.7% 0.1%
41 ???????? Italy 92 -7.9% 0.1%
42 ???????? Brunei 92 -13.8% 0.1%
43 ???????? Yemen 81 -2.4% 0.1%
44 ???????? Trinidad
& Tobago		 74 -3.6% 0.1%
45 ???????? Romania 65 -6.2% 0.1%
46 ???????? Denmark 65 -1.6% 0.1%
47 ???????? Uzbekistan 63 -0.9% 0.1%
48 ???????? Sudan 62 -3.3% 0.1%
49 ???????? Tunisia 40 -12.9% 0.0%
50 Other CIS 43 +4.4% 0.0%
51 Other Middle East 210 +1.2% 0.2%
52 Other Africa 283 -3.4% 0.3%
53 Other Europe 230 -20.5% 0.2%
54 Other Asia Pacific 177 -10.6% 0.2%
55 Other S. &
Cent. America		 381 +68.5% 0.4%
  Total World 93,848 +4.2% 100.0%

Behind America’s considerable lead in oil production, Saudi Arabia (ranked 2nd) produced 12 million B/D, accounting for about 13% of global supply.

Russia came in third with 11 million B/D in 2022. Together, these top three oil producing behemoths, along with Canada (4th) and Iraq (5th), make up more than half of the entire world’s oil supply.

Meanwhile, the top 10 oil producers, including those ranked 6th to 10th—China, UAE, Iran, Brazil, and Kuwait—are responsible for more than 70% of the world’s oil production.

Notably, all top 10 oil giants increased their production between 2021–2022, and as a result, global output rose 4.2% year-on-year.

Major Oil Producing Regions in 2022

The Middle East accounts for one-third of global oil production and North America makes up almost another one-third of production. The Commonwealth of Independent States—an organization of post-Soviet Union countries—is another major regional producer of oil, with a 15% share of world production.

Region 2022 Production
(Thousand B/D)		 YoY Change Share of
World Supply
Middle East 30,743 +9.2% 32.8%
North America 25,290 +5.3% 27.0%
CIS 14,006 +0.9% 14.9%
Africa 7,043 -3.5% 7.5%
Asia Pacific 7,273 -1.4% 7.8%
South & Central
America		 6,361 7.2% 6.8%
Europe 3,131 -8.6% 3.3%

What’s starkly apparent in the data however is Europe’s declining share of oil production, now at 3% of the world’s supply. In the last 20 years the EU’s oil output has dropped by more than 50% due to a variety of factors, including stricter environmental regulations and a shift to natural gas.

Another lens to look at regional production is through OPEC members, which control about 35% of the world’s oil output and about 70% of the world’s oil reserves.

When taking into account the group of 10 oil exporting countries OPEC has relationships with, known as OPEC+, the share of oil production increases to more than half of the world’s supply.

Oil’s Big Balancing Act

Since it’s the very lifeblood of the modern economy, the countries that control significant amounts of oil production also reap immense political and economic benefits. Entire regions have been catapulted into prosperity and wars have been fought over the control of the resource.

At the same time, the ongoing effort to pivot to renewable energy is pushing many major oil exporters to diversify their economies. A notable example is Saudi Arabia, whose sovereign wealth fund has invested in companies like Uber and WeWork.

However, the world still needs oil, as it supplies nearly one-third of global energy demand.

Tyler Durden Sat, 09/30/2023 - 07:35

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Government

Rent Control Is A Disaster – Don’t Let It Spread Across The Nation

Rent Control Is A Disaster – Don’t Let It Spread Across The Nation

Authored by Betsy McCaughey via The Epoch Times,

America’s renters -…

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October 14, 2023

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Rent Control Is A Disaster - Don't Let It Spread Across The Nation

Authored by Betsy McCaughey via The Epoch Times,

America’s renters - more than one-third of the nation’s households - are in for trouble.

Left-wing politicians are demanding rent regulation from coast to coast. Wherever it is adopted, the result will be a disastrous reduction in the rental housing supply, leaving renters desperate for places to live.

New York is the poster child for the failures of rent regulation. The U.S. Supreme Court is currently mulling a challenge to the constitutionality of the city’s rent regime.

Whatever the justices decide, the public needs to consider less destructive, more targeted ways to help low-income people pay for housing. The court of public opinion needs to consider these facts.

Fact No. 1: Rent regulation isn’t targeted to the poor.

In New York, there’s no means test. What you need is luck or connections. The mean income of a rent-stabilized apartment dweller is $47,000, but census data show that tens of thousands of them earn more than $150,000 per year. Some occupants use what they’re saving on rent to pay for a weekend place in the Hamptons or New England.

The pols don’t object—a sure sign they’re calling for rent regulation to help themselves politically, not the poor.

In New York, 44 percent of rental apartments are regulated by the Rent Guidelines Board (RGB), established in 1969, which sets the maximum amount by which landlords are allowed to raise the rent. Those limits apply to all buildings of six or more units built before 1974.

In 2022, the RGB set the maximum rent hike at 3.25 percent on one-year leases and this year at 3 percent. Never mind that last year, fuel costs to heat the buildings soared by 19 percent and overall inflation hit 8.3 percent.

The decisions are political, not economic. Many Democratic politicians vilify building owners as “greedy landlords” and depict themselves as the champions of the downtrodden. It’s a scam.

Fact No. 2: Winners and losers.

The winners are the lucky few with rent-regulated apartments and the pols who count on an army of tenant activists to turn out at the polls. The losers are the 56 percent of renters who don’t score a regulated apartment and have to scour neighborhoods for an unregulated place that they can afford. They’re paying more.

Why? Because regulation causes some landlords to walk away, reducing the overall supply of apartments. The laws of supply and demand mean rents go up. New Yorkers in unregulated apartments are paying the highest rents in the United States for a one-bedroom apartment. They're the real victims, and they should be furious.

Yet the left-wing press pretends that rent control offers only benefits. The New Republic warns that the Supreme Court challenge threatens “laws that have benefitted the city’s tenants for generations.” Sorry, untrue—only some tenants, and not always the neediest.

It’s economic madness. The saner way to help those who need assistance paying rent is with a voucher. We offer the needy SNAP debit cards to help them pay for groceries. No one slaps price controls on grocery stores or designates certain stores as “regulated,” forcing them to sell at below cost.

Yet New York forces certain landlords to pay what should be a public cost shared by all, an argument made to the court.

Fact No. 3: The Marxist fantasy that rent regulation will help the poor is spreading across the United States and Europe as well.

Maine and Minnesota have enacted laws allowing municipalities to impose rent regulations. In November 2024, California voters will be asked to approve a proposition allowing local governments to add additional restrictions to the state’s existing rent caps.

The laws of supply and demand are international. Berlin froze rents in 2019, and the rental supply plummeted, according to the Ifo Institute, a think tank.

Yet London Mayor Sadiq Khan is calling for freezing rents for two years. London provides housing vouchers to the poor—a smarter approach—but when the city froze the voucher amounts during the COVID-19 pandemic, fewer apartments were available in the price range. The answer is to raise the voucher amount. Freezing rents will only make the shortage worse.

Ignore the demagogues. The evidence is in: Rent regulation is a political scam. There are better ways to help Americans afford a place to live.

Tyler Durden Sat, 10/14/2023 - 16:20

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Government

‘No Regrets’: Former CIA Director Repeats Debunked Russian Disinfo Claims About Hunter’s Laptop

‘No Regrets’: Former CIA Director Repeats Debunked Russian Disinfo Claims About Hunter’s Laptop

In an interview last night with Fox’s Bret…

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'No Regrets': Former CIA Director Repeats Debunked Russian Disinfo Claims About Hunter's Laptop

In an interview last night with Fox's Bret Baier, former CIA Director Leon Panetta humiliated himself as he defended the letter that he and 50 other so-called 'intelligence officials' signed suggesting that the Hunter Biden laptop was Russian disinformation.

Even more unsettling were his comments that he believes it could still be Russian disinformation.

“That letter was used in the debate, I haven’t asked you this but do you have regrets about that now looking back, knowing what you know now?” Baier asked.

Panetta explained that he was “extremely concerned about Russian interference” in the run up to the 2020 Presidential Election between then-former-Vice President Joe Biden and then-President Donald Trump.

He claimed that intelligence agencies discovered that “Russia had continued to push disinformation across the board.”

He said that he wanted to “alert the public” about the “disinformation efforts” to influence the election.

“And frankly, I haven’t seen any evidence from any intelligence agency that that was not the case,” Panetta said.

“You don’t think that it was real?” Baier asked.

“I think that disinformation is involved here. I think Russian disinformation is part of what we’re seeing everywhere,” Panetta responded.

“I don’t trust the Russians, and that’s exactly why I was concerned that the public not trust the Russians either.”

And finally, Baier asked if Panetta had any regrets over how he handled the story.

“No, I don’t have any regrets about not trusting the Russians,” Panetta said.

As Jonathan Turley pointed out,Panetta simply refused to acknowledge:

(1) American intelligence quickly debunked the claim and said that there was no evidence of Russian disinformation behind the laptop,

(2) the emails contained in the laptop were quickly authenticated by the other parties,

(3) the FBI authenticated the laptop,

(4) Hunter Biden has since sued over the use of his laptop, and

(5) the media has independently authenticated the laptop.

This was the man in charge of our CIA.

As a reminder, it has also been shown that the Biden campaign and associates coordinated the letter.

Watch the lying liar lie below...

We give the last word back to Turley who summarized the former spook's self-immolation perfectly: "Panetta has become the personification of the economic theory of path dependence. No matter how much countervailing evidence is presented to Panetta, he still refuses to accept the authenticity of the laptop."

However, in order to admit to these facts, Panetta would have had to admit that he was a willing or unwitting dupe of the campaign. It is easier to simply continue to claim that this could all be the invention of the Russians.

Yet, as Turley exclaims, Panetta is still sought for his advice on other intelligence matters as he continues to repeat disproven claims because the truth is simply too costly on a personal level to acknowledge.

What do we call false claims that are repeated despite being repeatedly debunked and disproven? Oh, yea, disinformation.

Tyler Durden Sat, 10/14/2023 - 14:35

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Government

Bibi & Khamenei Trade Social Media Threats As IDF Readies For Air, Ground, & Naval Offensive Against Gaza “Very Soon”

Bibi & Khamenei Trade Social Media Threats As IDF Readies For Air, Ground, & Naval Offensive Against Gaza "Very Soon"

Update (1330ET):…

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Bibi & Khamenei Trade Social Media Threats As IDF Readies For Air, Ground, & Naval Offensive Against Gaza "Very Soon"

Update (1330ET): The Israeli military has announced it is prepared for a coordinated air, ground and naval offensive in the Gaza Strip "very soon," according to reports from AP.

In a nationally broadcast address Saturday night, Rear Adm. Daniel Hagari issued a new appeal to residents to move to the southern Gaza Strip.

“We are going to broadly attack Gaza City very soon,” he said.

He accused Hamas of trying to use civilians as human shields.

Meanwhile, the social media rhetoric between leaders has gone to '11'...

Iran's Supreme Leader Khamenei expects a "complete victory"...

Calling on all Muslims to join the fight...

Israeli PM Netanyahu made his views very clear:

Live feeds below on Gaza: 

*  *  *

Israeli media is reporting a "greenlight" has been given for the expected major Israeli offensive on the Gaza Strip as massive convoys of Palestinian civilians have been observed fleeing to the southern part of the densely populated strip. So far there has been limited ground incursions by the army into the strip, targeting Hamas operatives and reportedly to gain intelligence on the whereabouts of hostages. 

The United Nations has issued a report saying at least 423,000 Palestinians have already been internally displaced within Gaza and this massive figure is expected to ratchet further. Likely it has surpassed a half-million as of Saturday, following the Israeli-issued evacuation order, which included dropping thousands of leaflets and warnings over Gaza City. 

Via The Guardian

The UN said it "considers it impossible for such a movement to take place without devastating humanitarian consequences." Middle East Eye and other regional sources have said over 700 Palestinian children were killed in one week of fighting. As of Friday Israel authorities tallied that over 1,300 Israelis were killed by the Hamas terror attacks on the southern settlements and the music festival, and rocket fire, with at least 3,200 wounded. 27 among the dead were Americans.

Middle East Eye on Saturday reports the following of the mounting Palestinian death toll in both Gaza and the West bank as follows:

Israel has killed at least 2,215 people in Gaza over the past week, according to the Palestinian health ministry. Of those killed, 724 are children and 458 are women. Some 8,714 people have been wounded in the besieged enclave in that time, it added. 

Meanwhile, Israeli forces have killed 54 people and wounded 1,100 others in the occupied West Bank.

According to a review of the last hours of developments, the population is about to run out of water as the remaining supply dwindles after Israel cut off external supply sources: 

  • UN agency for Palestinian refugees says its shelters in Gaza “are not safe anymore” as it warns water running our for besieged enclave’s residents.
  • More than 320 Palestinians have been killed in the past 24 hours, including many women and children killed in Israeli air raids on convoys fleeing Gaza City, according to health officials.
  • The rising toll comes as Israel continues bombing Gaza a day after telling 1.1 million residents to head south ahead of a looming ground offensive following Hamas’s attack inside Israel last week.
  • At least 2,215 Palestinians have been killed and 8,714 wounded in Israeli air attacks on Gaza. The number of people killed in Israel has reached 1,300, with more than 3,400 wounded.
  • In the occupied West Bank, the number of Palestinians killed by Israeli fire in the past week has topped 50. More than 1,000 have been wounded and hundreds arrested.

The fate of the estimated 100 to 200 hostages in Hamas captivity still remains largely unknown, but Hamas in statements which have been underreported in Western press has claimed that over two dozen of the hostages have been killed by the IDF's ongoing aerial bombardment of the Gaza Strip: 

Hamas' Izz al-Din al-Qassam Brigades said nine more captives were killed in indiscriminate Israeli shelling in the last 24 hours, including a number of foreigners. 

Qassam has previously announced the death of 17 captives in Israeli air stikes in Gaza over the past week. 

Sky News and others are also reporting, based on Israeli sources, that bodies of hostages have been recovered after some of the initial IDF infantry cross-border raids which began Friday into Saturday:

Raids carried out on the Gaza Strip by Israeli forces discovered human remains of those who had been missing since Hamas's attack last weekend, local media is reporting.

According to Haaretz, armed forces entered an enclave where it is thought up to 200 people were being held hostage by Hamas, and retrieved the bodies of several people.

Items belonging to the missing people were also discovered. 

The US said Friday it chartered its first successful evacuation flight, with talk of more to come.

TOI: A military official at the forensic center at the Military Rabbinate's headquarters in Ramle stands in front of the remains of the victims of Hamas's October 7 shock onslaught in Israel, October 13, 2023. Flash90

There are Americans (many of them likely dual nationals) among the population of Gaza, which Washington says it is trying to facilitate safe exit for as Israeli airstrikes continue. Dangerously, the lone Raffah border crossing into Egypt has at this point been bombed several times. 

But regional media is reporting there's been a diplomatic breakthrough on this front, as Israel, Egypt, and the United States have forged an agreement to let foreigners residing in Gaza pass through the Rafah border crossing into Egypt.

Scene from the frontlines as the IDF build-up outside Gaza continues:

Huge civilian convoys have been witnessed fleeing to the southern half of Gaza, creating bottlenecks...

The Times of Israel cites a senior Egyptian official as follows:

The official says Israel has agreed to refrain from striking areas the foreigners would pass through on their way out of the besieged Palestinian territory. He adds that Qatar was involved in the negotiations and the participants received approval from the Palestinian terror groups, Hamas and Islamic Jihad.

The agreement  does not deal with hostages being held by Hamas.

A second official at the Egyptian side of the Rafah crossing point says they received “instructions” to reopen it on Saturday afternoon for foreigners coming from Gaza.

But Egypt is by and large not letting Gazans exit, even erecting bigger concrete barriers of extra border protection, amid what's setting up to be a catastrophic humanitarian crisis as the Israeli pressure ratchets.

The IDF says it is about to attack the northern half of the Gaza Strip with "great force" - while the US and other countries are urging for caution regarding Palestinian civilians. Below is rare footage of an elite Israeli rescue squad in action (intentionally blurred by IDF sources):

Washington has still all the while said it "stands with Israel" - and has not tried to actually halt the unrelenting IDF bombardment of civilian areas.

Meanwhile, things continue ratcheting in south Lebanon, with reports of new strikes being exchanged between Israel and Hezbollah, and other pro-Palestinian factions.

Tyler Durden Sat, 10/14/2023 - 13:40

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