How Much Oil is Produced Outside of OPEC?
Jan 13 2020 Read 218 Times
Fronted by 13 nations, including heavyweights such as Saudi Arabia, Iran and the UAE, OPEC produces around 40% of the world's crude oil. While the cartel has enormous influence over the global oil market it has no control over other oil-producing nations, including big shots such as the United States.
This lack of control started to show in 2019, with non-OPEC production soaring by 752 kb/d to 50,482 kb/d in August, representing a significant jump from the 49,730 kb/d reported in July. The positive trend marked the first noteworthy monthly increase in 2019, with the United States one of the major contributors.
United States emerges as world's largest oil producer
During August the US added 599 kb/d to its oil output, which left non-OPEC oil production just 295 kb/d short of hitting the historic high of 50,777 kb/d seen in December 2018. Together with 13 other non-OPEC producers, the United States contributed to 87% of total non-OPEC output in August.
The United States also stepped up as the world's largest oil producer, extracting a huge 12.3 million bpd in 2019. The figure was released by the US Energy Information Administration and represents a significant increase from the 10.96 million bpd reported in 2018. The production spike also saw the US surpass Russia and Saudi Arabia, which produced around 11 million bpd and 10 million bpd respectively in 2019.
The rise of OPEC+
While Russia isn't an official member of OPEC it does engage in alliances with the cartel. Together with 10 other non-OPEC nations, including Mexico and Kazakhstan, the organisation created a union known as OPEC+. Together, OPEC+ nations control 55% of global oil supplies and 90% of proven reserves.
China, which isn't a member of OPEC or OPEC+, contributed to gains with production rates of more than 4 million bpd in 2019. The People's Republic also increased capital investment in oil exploration to US$77 billion in 2019, marking a 20% increase. Canada is currently sitting on an estimated 180 billion barrels of oil, much of it trapped in sands. Like China, the country produces around 4 million bpd and contributes to around 4% of the world's oil supply.
With oil prices so volatile, maximising economic efficiency has become front of mind for producers. There's also a big focus on climate change, which has heightened the importance of sustainability. If you'd like to know more about the latest techniques being used to boost efficiency by reducing build-up of deposits, don't miss 'Ultrasensitive Determination of Silicate in Process and Boiler Water Using Rapid Photometric Tests.
Do you like or dislike what you have read? Why not post a comment to tell others / the manufacturer and our Editor what you think. To leave comments please complete the form below. Providing the content is approved, your comment will be on screen in less than 24 hours. Leaving comments on product information and articles can assist with future editorial and article content. Post questions, thoughts or simply whether you like the content.
In This Edition Fuel For Thought - Successful JASIS sees Tanaka announce appointment of new general manager - USA appointments underpin Signal Group growth plan - Leading European sensor tr...
View all digital editions
Mar 01 2020 Chicago, IK, USA
Mar 04 2020 Beijing, China
Mar 09 2020 Memphis, TN, USA
Mar 09 2020 Muscat, Oman
Mar 10 2020 Rotterdam, The Netherlands