Leading exporter of "black gold" in the world
Restrictions on oil production is planned to extend until the end of 2018. It is expected a sharp rise in oil shale mining in the United States, so in a few years the balance of power among the exporting countries will change
OPEC and non-OPEC countries can, in November 2017 may decide to extend the global agreement to reduce production of oil (OPEC deal +) until the end of 2018. Participants in the transaction is likely to take a decision on the extension of the global agreement on the reduction of production earlier than planned - during the meeting, which will take place November 30 in Vienna, Reuters reported with reference to the two ministers.
While the oil price exceeds $ 60 per barrel, setting a two-year maximum record. High oil prices mean a new round of activity among companies of slate. OPEC serious competitors are countries not members of the cartel and does not share his goal to reduce oil production.
1. Saudi Arabia
Saudi Arabia is the world's leading exporter and the second largest oil producer. According to data published on the website of the cartel, the country exported 7, 5 million barrels per day in 2016.
November 5, 2017 in Saudi Arabia were removed from power and arrested 11 high-ranking officials, including ministers and royals. Most of them are charged with bribery, money laundering and other abuses. Among them - the billionaire Al-Walid bin Talal.
Russia - the world's largest oil exporter, is not part of the cartel, OPEC, has exported more than 5 million barrels of oil per day in 2016 - the country has increased exports of oil a year to a year for 4, 8% - to 253, 9 million tons, should be from the Central Information supervisory control (CDC) Mining. According to OPEC forecasts the next five years, demand for oil in the world will grow by 5 million barrels per day, and by 2040 - to 14, 7 million barrels per day primarily due to developing countries. But in Russia it is expected to gradually decrease in oil production due to the depletion of old fields and US sanctions that prohibit the supply to technologies for oil shale production and projects in the Arctic.
In the long term, oil production in Russia, OPEC forecasted to drop to 11, 2 million barrels per day in 2025 and to 11, 1 million barrels per day in 2030 and remain at that level in 2035 and in 2040. As a result, Russia will give way to the United States the world leader in terms of oil production, and the share of Russian oil will be reduced from 11, 4% of world consumption in 2017 to 9, 9% in the 2040 m.
Although Iraq is the second largest producer and exporter of oil among OPEC members, Baghdad is not yet reduced the production volume to a level at which it agreed last winter. The country exported 3, 8 million barrels per day in 2016, according to data released by OPEC.
Canada ranks third in the world in oil reserves, according to recent data published by the World Factbook, Canada exports little more than 3, 2 million barrels a day. The country is not a member of the cartel, exports almost as much as two of the leading exporter in Africa. Canada can significantly interfere with rebalancing the oil market. According to Kevin Byrne from IHS Markit, only the US will overtake Canada as production growth in the coming years. According to the forecasts of the Canadian Association of Petroleum Producers (CAPP), oil production will increase by 270,000 barrels per day in 2017 and by a further 320,000 barrels - in 2018. In total, almost one third of all volumes, which agreed to withdraw from the market, OPEC and other major manufacturers.
According to OPEC, in 2016 the United Arab Emirates exported nearly 2, 5 million barrels per day in 2016. About 40% of the country's GDP is directly dependent on oil and gas production. UAE joined OPEC in 1967.
According to OPEC, Kuwait in 2016 exported more than 2, 1 million barrels a day. The share of oil and gas sector of Kuwait accounts for about 60% of the country's GDP and 95% of all export earnings.
In 2016, Iran exported nearly 2 million barrels per day by OPEC. In October, the US president, Donald Trump has adopted a new strategy with regard to Iran. It accused Tehran of interfering in the conflict in Syria, Yemen, Iraq, Afghanistan. Trump said that Iran does not comply with the spirit of the nuclear deal, signed in 2015 and threatened to change the terms of the deal on the Iranian nuclear program, and if it is approved by the US Congress. This will be the resumption of the US sanctions against Iran, which would affect the ability of international companies to conduct business there.
In 2016 Venezuela, a country-foundress cartel exported about 1, 9 million barrels a day. Although Venezuela boasts the largest oil reserves in the world, it is now the country is in the midst of full-scale crisis. International rating agency S & P announced reduction Venezuela rating to default level. Venezuela I roused food shortages, inflation and enormous street clashes. Continuing unrest were caused by years of economic crisis, aggravated by a three-year decline in oil prices. Oil revenues account for about 95% of the country's export earnings.
Nigeria - the most populous country in the OPEC cartel, it - the largest exporter and producer of oil in Africa. According to data released by OPEC in 2016. The country is slightly ahead of Angola's oil exports - a result of a little more than 1, 7 million barrels per day
In 2016, Angola exported 1, 7 million barrels per day by OPEC. Oil and ancillary activities associated with it constitute about 45% of Angola GDP and about 95% of its export. After joining the OPEC in 2007, Angola became the sixth largest oil exporter in the cartel.