The world's biggest oil producers
The United States is by far the world’s biggest producer of oil, having produced around 16.6mn barrels of per day (bpd) of oil on average in 2021, Statista reports.
Saudi Arabia and Russia follow virtually neck and neck in second and third place, having produced around 11 and 10.9mn barrels of oil per day respectively.
According to data compiled by BP, the top three countries produced more oil than the bottom seven countries in the top 10 combined. Completing the top ten roundup are Brazil with 3mn bpd and Kuwait with 2.7mn bpd.
This year Russia’s oil production has held up remarkably well, considering the sanctions on transport and self-sanctioning by oil traders in the developed countries that are avoiding Russian oil.
Most of the reduction of oil exports to Europe, which are down by half compared to 2021, has been taken up by India and China, which have become Russia’s top customers. In October Russia was still producing 10.7mn bpd, but that fell to 9.9mn bpd in November.
Following the imposition of the EU’s oil price cap and embargo on December 5 production is anticipated to fall and could end the year at around 9mn bpd; however, the overall level of output for 2022 is expected to be on a par with that of 2021 or even slightly ahead. At the start of the war the government was predicting a 15% fall in production this year.
The outlook for 2023 is very uncertain as much depends on how successfully the West can enforce its oil price cap scheme, but analysts predict that production could shrink by anything between 0.5mn bpd and 1.5mn bpd.
You will find more infographics at Statista
Real wages are up in Russia, but thanks to inflation and subsidised mortgages, the middle classes are getting richer, while the poor are getting poorer.
Russia’s strong growth, driven by heavy military spending, has created growing inflationary pressure as the economy starts to overheat, the Bank of Finland institute for Emerging Economies (BOFIT) says in its weekly update.
In the most recent poll conducted by the Russian Public Opinion Research Center (VTsIOM), President Vladimir Putin's trust rating remained steady at 78.5%.
Ukraine’s leading investment bank Dragon Capital has cut its GDP forecast for Ukraine in 2024 in half to 4% y/y in anticipation of another year of war, The New Voice of Ukraine reported on December 7.
Czech industrial production increased by 1.9% year on year and by 2.8% month on month in October. The October increase follows a 5% slump registered in September, which alarmed local analysts.
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