From 2008 to 2018 the amount of oil produced by the U.S, Canada and Brazil almost doubled. These three countries now produce roughly one quarter of the world’s oil, according to BP’s annual Statistical Review of World Energy 2019.
The U.S. alone in this time has more than doubled its oil output and effectively grabbed an additional 8 percentage point slice of the world’s oil production.
Annual oil production data by country shows the U.S. with a world leading 16.2% share of global production last year. In 2008, the U.S. ranked third in the world with an 8.2% share. The top two a decade ago, Saudi Arabia and Russia, now trail at 13% and 12.1% of total 2018 production, respectively.
Other countries with the largest gains in production over the last decade, following the U.S., are Iraq, Canada, Brazil, and the United Arab Emirates.
Canada ranked seventh in the world in 2008 with a 3.9% world share but it rose to fourth globally with a 5.5% share last year. Iraq moved up six spots to sixth in the world. Kazakhstan and Qatar also each moved up six spots to 13th and 14th among the world producers. The Republic of Congo moved up seven spots, but accounts for a relatively small 0.35% share of global oil output.
Larger Slice of the Pie
Countries in turmoil were the largest decliners over the past decade, namely Syria, Venezuela, Sudan and Yemen. Syria fell 16 spots, Venezuela 11 and Sudan and Yemen each dropped 10 spots in the global ranking of output. Venezuela, the largest producer among the four, is now ranked 17th in the world with a 1.6% share.
Oil production from countries in the Persian Gulf and Arabian Sea regions rose from a 31.2% global share in 2008 to 33.3% by 2018.
© 2019 Bloomberg L.P.