Published On: Thu, Aug 6th, 2015

The State Of The Global Oil Market 2015

It should come as no surprise to most of you that the global oil industry is booming. Over the last 100 years, growth rates have been astronomical. As you might expect, the drive towards renewable energy has placed a major spanner in the works for oil barons. However, most are still making a killing in Canada and the Middle East. After performing a lot of research, we discovered which countries are making the most profit out of the sticky black substance. This article will explain everything you need to know. We’ll talk about all the top oil producing countries. Hopefully, the information should shed some light on the industry.

Oil refinery at Altona, Victoria

United States

Out of all the top oil producers in the world, the United States still sits comfortably in the number one spot. It is estimated the US excavates around 12,343 barrels per day. However, the International Energy Administration believes production will surge by the year 2019. They estimate the US will produce no less than 13.1 million barrels per day. Experts say the jump is down to extra investment and the spoils of war. You can learn more about US oil production by searching online. There is a wealth of information out there for anyone who is interested.

Saudi Arabia

There is a fantastic amount of oil under the Middle Eastern deserts. So, it makes sense that Saudi Arabia makes the number two spot. The Monarchy over there controls much of the oil industry, and that is why they are so rich. Experts say that Saudi companies currently produce around 11,702 barrels per day. While it doesn’t quite reach the level of US production, Saudi Arabia makes millions from the substance every single week. Indeed, that is why their leaders have become so friendly with the western world. We are their best customers!

Russia

Russia currently produces 10,764 barrels of oil every day. That makes them the world’s third largest producer. Interestingly, most of the oil excavated by Russian companies comes from inside the borders of their homeland. The same is not true for the two nations we have already mentioned. America drills all over the world, and Saudi Arabia handles much of the work in the Middle East. There are some restrictions on the sale of Russian oil these days. They came into force after the country got involved in the recent East European conflict.

With a bit of luck, that information should have shed some light on the state of the oil industry. Will things continue to go from strength to strength? It looks very likely. Renewable energy is the number one threat to companies in that marketplace. However, most governments are slow to implement relevant regulations. That means we could continue to use fossil fuels well into the future. The words of environmental campaigners seem to fall on deaf ears. Still, that just means everyone can continue making a fortune out of black gold.

Before you start condemning your government for failing to push renewables, take a look at home much energy gets used in your home. While you’re still a heavy consumer, nothing is likely to change.

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