ONYX Research - Research & Analysis for business & investment clients Research & Analysis for Business
and Investment Clients
The Trillion Dollar Club - Oil Production by Country - Analysis - 2017 - ONYX RESEARCH, INC.®



The Trillion Dollar Club
Oil Production by Country - Analysis - 2017

WASHINGTON D.C. – AUGUST 2017

The United States Energy Information Administration (U.S. EIA) estimates that roughly 81 million barrels of oil are produced per day (bbl/day). In U.S. dollar currency, this is roughly $1.5 trillion dollars traded annually (assuming $50 per barrel for the year). This article analyzes how these $1.5 trillion dollars are distributed by country. Based on the data, the top five producing countries produce half the world's oil.

Oil Production by Country

World oil production by country.  The top five countries produce half of the worlds output
      Those countries in order are (1) Russia, (2) Saudi Arabia, (3) The United States, (4) Iraq, (5) Iran

The graphic above shows that the top five countries produce half the world's oil. These countries in order are (1) Russia, (2) Saudi Arabia, (3) The United States, (4) Iraq, (5) Iran. In addition to the top five producers, there are 93 other global producing countries. These other 93 countries produce the remaining 50% of world output.

deep water oil rig flaring

The top twenty producing countries produce roughly 90% of world oil. These countries contribute between 1-10% of global output. Should any one country see sharp reductions in output due to operational or geopolitical instability these data give national security experts, world leaders, and financial traders an idea of the impact magnitude. For example, should Venezuela output decline, the maximum impact on global supply would be roughly a 3% reduction.

How this 3% reduction would impact downstream supply chains and refinery operations is another matter.

Looking for knowledge unique to your needs? Click on the Onyx Premier Black icon below.

Onyx Premier Black Services