Monday, October 24, 2016

Who Crudes The Most?

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I was actually having a discussion this weekend about the proposed Saudi Aramco IPO which would value the company at about $1 trillion. With oil having an amazing run from the August low of $39 to $50/brl on better than expected inventory reports, and general fear in the Middle East I decided to take a look at who leads the world in crude oil production.  After all it's considered common knowledge that Saudi Arabia is the worlds oil juggernaut in production and reserves.  If you asked most people which country is the oil king I bet Saudi Arabia would be the first country to come out of their mouths.

So who really does produce the most crude? Or as I'd like to say "Who Crudes the Most"?

From this EIA chart we can see that Saudi Arabia isn't in fact the worlds largest producer. The USA is! Saudi Arabia was the largest producer last in 2012.  This is where the fracking boom has given America a big edge in oil production. Another interesting fact from this info is OPEC members only represent 4 of the top 10.  So who has the largest reserves?

Here we see that once again Saudi Arabia does not have the largest reserves. It's actually Venezuela.  The USA comes in 10th place. Here you can see OPEC members make up a larger portion of reserves with 7 out of 10.


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