Kuwait Rank 10th Biggest Oil Producer Globally In 2022

According to a report issued by Visual Capitalist, Kuwait ranked tenth on the list of the world's largest oil producers in 2022, producing 3.028 million barrels of oil per day, which accounted for 3.2% of the total world oil production in 2022, or 93.848 million barrels per day on average. This average constitutes Production is an increase of 12% over the country’s production in 2021.

According to Al-Anba daily, oil prices soared to their highest level in 8 years in 2022 after a full year of turmoil in energy markets caused by the Russian-Ukrainian war.

With rising oil prices, oil companies have doubled their profits and economies of the world's largest oil producers have gained significant momentum.

Using data from the Energy Institute's Statistical Review of World Energy, the report ranked the countries responsible for most of the world's oil supplies 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.
10- Kuwait with 3.028 million barrels.

As a result, the United States has become the largest oil producer in the world since 2018 and has continued its dominance in 2022 by producing approximately 18 million barrels per day, or approximately 5% of the world's oil. Three-quarters of the country's oil production is concentrated in five states: Texas, New Mexico, North Dakota, Alaska, and Colorado.

Almost 13% of the global supply comes from Saudi Arabia, which produces more than 12 million barrels per day.

In 2022, Russia produced 11 million barrels per day, ranked third. With Canada in fourth place and Iraq in fifth place, these three giant oil-producing countries account for more than half of all oil supplies on the planet.

More than 70% of the world's oil is produced by the top ten oil-producing countries, including China, the United Arab Emirates, Iran, Brazil, and Kuwait.

The global production increased by 4.2% on an annual basis between 2021 and 2022 as all ten major countries increased their production.

Middle Eastern countries account for a third of global oil production, while North American countries account for nearly a third. The Commonwealth of Independent States is another major regional oil producer, with a 15% share of global production.

What is clear from the data is that Europe's share of oil production has declined to 3% of global production. In the past 20 years, oil production in the European Union has fallen by more than 50% due to a variety of factors, including environmental regulations. The most stringent transition to natural gas.

Regarding regional production, OPEC members control about 35% of global oil production and 70% of global oil reserves. More than half of the global oil supply comes from the OPEC+ group.

 

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