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Five countries with economies fuelled by oil

A look into the biggest oil producing countries in the world shows that in 2012, the 10 foremost oil-producing countries in the world accounted for 64% of the world’s oil. Essential to the economies of these countries, the demand for oil at every juncture in life drives growth and development within them.

The data sets released by the International Energy Agency (IEA) in 2012 revealed that oil production in most of the major countries is consistent. Managing the supply to ensure demand is satisfied and not exploited is key, though seasonal, geopolitical and global finance trends and influences ensure it is a dynamic landscape in which to do business.

According to the IEA 2012 figures, the biggest economy driven by oil is Russia, producing around 11 million barrels of crude oil per day. That accounts to 544 million tonnes per year, or just over 13% of the world’s total.

The next biggest producer after Russia is Saudi Arabia, which, in 2012, produced around 10 million barrels per day or 520 Mt/year; equivalent to 12% of the world total.

The third biggest economic oil driver was the U.S., which produced around 8.4 million barrels per day, or 10% and 387 Mt for the year.

The figures also showed that China, with oil production amounting to just over four million barrels a day, achieved annual production figures of 206 Mt in the year. That is 5% of the world total for the year and sees the country placed fourth in the list.

Iran, too, is a big producer; with production nearer to 4.5 million barrels a day, it appears bigger than China. However, with geopolitical tensions affecting the country, just 186 Mt or 4 % globally was produced in 2012.

Overall, the global oil production in 2011 was 4,011. In 2012 this grew to 4,142 Mt, showing the demand for oil continues to grow.

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