According to the most recent data, the top five oil-producing nations are the United States, Saudi Arabia, Russia, Canada, and China.
At our current consumption rate of about 20 million barrels a day, the Strategic Petroleum Reserve would last only 36 days if we were faced with a situation where the oil had to be released all at once (however, only 4.4 million barrels a day can be withdrawn, extending our supply to 165 days).
Top 10 highest-earning oil and gas companies in 2021
- The biggest oil and gas companies by revenue.
- Sinopec, also known as China Petroleum and Chemical Corp – $323bn in 2020.
- PetroChina, part of CNPC – $296bn in 2020.
- Royal Dutch Shell – $181bn in 2020.
- BP – $180bn in 2020.
- ExxonMobil - $179bn in 2020.
Searchable List of Crude Oil Exporting Countries in 2020
| Rank | Exporter | Crude Oil Exports (US$) |
|---|
| 1. | Saudi Arabia | $113,748,793,842 |
| 2. | Russia | $72,564,294,000 |
| 3. | Iraq | $50,828,799,000 |
| 4. | United States | $50,285,962,000 |
In early December 2018, it was reported that the US had turned into a net exporter of oil "last week", thus breaking nearly 75 continuous years of dependence on foreign oil. Reportedly, the US sold overseas a net of 211,000 barrels a day of crude and refined products such as gasoline and diesel.
Crude oil production in the U.S. by state 2020
Texas is by far the largest oil-producing state in the United States. In 2020, Texas produced a total of 1.78 billion barrels. In a distant second place is North Dakota, which produced 431.2 million barrels in the same year.The U.S. was able to supply 90 percent of its own oil demand until the 1970s; however, we currently use about 20 million barrels of oil a day. We import about 50 to 60 percent of our oil from other countries, mostly Canada, Mexico, Saudi Arabia, Venezuela and Nigeria.
The top five source countries of U.S. gross petroleum imports in 2020 were Canada, Mexico, Russia, Saudi Arabia, and Colombia.
So, how many gallons in a barrel of oil? A standard 42-gallon crude oil barrel contains approximately 45 gallons of salable refined crude oil products per barrel.
While almost 40% of a barrel of oil is used to produce gasoline, the rest is used to produce a host of products including jet fuel and plastics and many industrial chemicals.
The largest markets for U.S. petroleum exports are Mexico and Canada, but the U.S. exports petroleum to 180 countries. The recent increase in domestic oil production, especially since 2010, has had a significant impact on U.S. petroleum imports and exports.
The Trump administration agreed to cut some tariffs on Chinese goods in exchange for purchases of American farm, energy and manufacturing exports. As part of a deal, Beijing agreed in January to buy $52.4 billion worth of oil and liquefied-natural-gas from the U.S. by the end of 2021.
The United States imported an average of 177,000 barrels of petroleum per day from Iraq in 2020. That year, the coronavirus pandemic and resulting oil crisis brought about a notable decline in petroleum imports, with overall petroleum imports from OPEC countries decreasing by roughly 50 percent.
With hydrocarbon-rich Iran and Turkmenistan to its west, Afghanistan harbours around 1.6 billion barrels of crude oil, 16 trillion cubic feet of natural gas and another 500 million barrels of natural gas liquids.
The volume of
crude oil, shale oil, oil sands, and natural gas liquids supplied by Russia continuously increased until 2019, making it the world's third-largest oil producer.
Oil production in Russia from 2000 to 2020 (in 1,000 barrels per day)
| Characteristic | Oil production in thousand barrels per day |
|---|
| - | - |
| United States imports from Russia | Value | Year |
|---|
| Mineral fuels, oils, distillation products | $9.46B | 2020 |
| Pearls, precious stones, metals, coins | $2.58B | 2020 |
| Iron and steel | $940.12M | 2020 |
| Fish, crustaceans, molluscs, aquatics invertebrates | $902.13M | 2020 |
World's longest pipelines: Natural gas
- West-East Gas Pipeline: 8,707km.
- GASUN, Brazil: 4,989km.
- Yamal-Europe Pipeline: 4,196km.
- Trans-Saharan Pipeline: 4,127km.
- Eastern Siberia-Pacific Ocean Oil Pipeline: 4,857km.
- Druzhba Pipeline: 4,000km.
- Keystone Pipeline: 3,456km.
- Kazakhstan-China Pipeline: 2,798km.
According to Eurostat, 30% of the EU's petroleum oil imports and 39% of total gas imports came from Russia in 2017. For Estonia, Poland, Slovakia and Finland, more than 75% of their imports of petroleum oils originated in Russia. The Russian state-owned company Gazprom exports natural gas to Europe.
