#Historical oil production by country drivers

3 oil producer to keep supplying non-Western customers to avoid a global shortage that would drive up prices for everyone. READ MORE: India and China increasingly welcome shunned Russian oilĪt those prices, Moscow’s shipments avoid triggering the $60 price cap imposed by the Group of Seven major democracies to try to limit oil profits flowing into Russia’s war chest. Western sanctions over the war in Ukraine have forced Russian oil to sell at discounts of around $53 to $57 per barrel. On top of that, Russia may find current prices to its liking because its oil is finding eager new customers in India, China and Turkey. “Our expectation is that OPEC+ will stick with current output quotas,” he said, adding that “there have been signs that the government may be readying to live with lower oil prices and running budget deficits.” That may have been one motivation behind Energy Minister Abdulaziz bin Salman’s warning to speculators that they will be “ouching” if they keep betting on lower oil prices.īin Salman’s pointed comment isn’t necessarily a prelude to a cut at Sunday’s meeting, said James Swanston, Middle East and North Africa economist at Capital Economics. The International Monetary Fund estimates the kingdom needs $80.90 per barrel to meet its envisioned spending commitments, which include a planned $500 billion futuristic desert city project called Neom. The Saudis, on the other hand, need sustained high oil revenue to fund ambitious development projects aimed at diversifying the country’s economy. READ MORE: What is the Strategic Petroleum Reserve? officials may be less worried about OPEC cuts than in months past. recently replenished its Strategic Petroleum Reserve - after Biden announced the largest release from the national reserve in American history last year - in an indicator that U.S. Falling energy prices also helped inflation in the 20 European countries that use the euro drop to the lowest level since before Russia invaded Ukraine.

#Historical oil production by country drivers

drivers as the summer travel season kicks off, with prices at the pump averaging $3.55, down $1.02 from a year ago, according to auto club AAA. International benchmark Brent crude climbed as high as $87 per barrel but has given up its post-cut gains and been loitering below $75 per barrel in recent days. Then, several OPEC members led by the Saudis made a surprise cut of 1.16 million barrels a day in April. President Joe Biden by threatening higher gasoline prices a month before the midterm elections. Oil prices have fallen even after OPEC+ slashed 2 million barrels per day in October, angering U.S. The decision comes amid uncertainty about when the slow-growing global economy will regain its thirst for fuel for travel and industry, and with producers counting on oil profits to bolster their coffers. Russia, the leader of the non-OPEC allies, has indicated no change to output is expected.

Saudi Arabia, dominant among the oil cartel’s members, has warned speculators that they might get burned by betting on lower prices. The 23-member group is meeting Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves. drivers and helped ease inflation worldwide. Meanwhile, gas production continued to grow in North America (+4.8%, including +4.3% in the USA and +7.3% in Canada), in China (+6%), in Australia (+7.3%), in the Middle East (+3.2%) and in Latin America (+3.7%, spurred by the development of the Vaca Muerta field in Argentina and by Mexico, despite a nearly 7% drop in Brazil, where gas consumption collapsed).FRANKFURT, Germany (AP) - The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to U.S. Gas production also declined in Africa (-4.8%), with lower output in Algeria, Egypt and Nigeria. The continuous decrease in gas production in the Netherlands (-15% in 2022) contributed to a 7.6% drop in the EU gas production, which was partly offset by a higher output in Norway and in the UK. Gas production fell by 12% in Russia due to lower exports to Europe. Global gas production, which had increased by 4.3% in 2021, remained stable in 2022, in a context of lower gas demand, and as the fall in Russia’s production was offset by higher output in North America, the Middle East, China and Australia. After its 2021 rebound, global gas production remained stable in 2022.