Top Oil Producers
The top five crude oil producers in 2011, based on the new data are
1. Russia – 9.8 million barrels a day (mbd)
2. Saudi Arabia – 9.5 mbd
3. United States – 5.7 mbd
4. China – 4.1 mbd
5. Iran – 4.1 mbd
The top five producers when substitute liquids of various kinds are included are the same countries, but in a different order. On this basis, the US also appears to be closer to catching up to the top two.
1. Saudi Arabia – 11.2 mbd
2. Russia – 10.2 mbd
3. United States – 10.1 mbd
4. China – 4.3 mbd
5. Iran – 4.2 mbd
Rankings: Top 20 Oil Producers
please note the drop in 2011 which is reflected below
As you can see from the graph in 2011 it is 73 mbpd an increase of 0.35 % as compared to 2010’s production.
Note: Russia, USA, China are not part of OPEC. Hence OPEC prices are not applicable to these nations.
OPEC: the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.
The International Energy Agency (IEA) which is predominately a consumer based group of nations has recently and publically been calling for OPEC and the IEA to merge. Russia is not part of either group, neither is China or India. For the most part, the IEA and OPEC are usually on the opposite end of the spectrum, with IEA and its consumer members calling for lower oil prices and therefore more production, while OPEC usually wants oil prices in the higher end of the range and thus cuts production. On this basis it is unlikely that OPEC and the IEA will work together under a single framework.
So where does all this leave Russia? Could it be that Russia is in fact quietly looking at new market infrastructure when it comes to trading oil and Gas? Certainly on the gas side, Russia has been the prime mover in the creation of the Gas Exporting Countries Forum (GECF), commonly referred to as the gas OPEC. Qatar and Iran are also members of the GECF. Russia, Iran and Qatar are the number one, two and three holders of gas reserves respectively in the world, with around 50%. As the world market in Gas grows, and begins to rival the influence of the oil market on economies around the world, Russia’s political and economic influence, and responsibility will also grow.
Russia is more likely to turn to Iran and importers such as China and India when it comes to energy politics, rather than the current status quo of OPEC and the IEA.
the analyst diary.. 