Natural bitumen

As it appears, this article is about natural bitumen. Therefore, we will talk

about the related news and events in this regard. Hope you find this article useful.

Russia, the third-largest oil producer

Generally speaking, Russia is the third-largest oil producer in the world,

producing 11.49 million barrels per day and accounting for 11% of the

world’s total oil production market. It was once the world’s largest oil

producer, but Saudi Arabia gradually overtook and then the United States. Statistics show that the growth of oil production in this vast European

country between 2018 and 2019 was less than one percent, and now the

major Russian oil companies have agreed to reduce their manufacturing

due to declining oil demand in the world. In the first six months of

this year, Russia’s oil production fell by 20 percent over the previous year,

in line with OPEC’s policy of cutting production.

Natural bitumen in Russia

As you might know, Russia’s largest oil field is in western Siberia. Russia

is currently the fifth largest consumer of oil in the world, consuming 3.31

million barrels of oil per day. In fact, oil consumption in Russia is

equivalent to 4% of total world consumption.

Canada, the fourth-largest oil producer

It is interesting to know that Canada is the fourth-largest oil producer in the

world and currently produces 5.5 million barrels of oil per day. However,

the Corona epidemic has hit Canada’s oil industry and the economy hard. In 2018, Canada was fifth on the list, producing only 5.29 million barrels of oil per day,

but with the tremendous investments it made, it could rise one-step. By 2050, Canada’s oil production will grow by 120 percent,

which is higher than the growth rate of oil production in other

non-OPEC countries.

Of course, some believe that the cost of this work is high for the

Canadian economy and may not be economic at all,

but the officials of the Canadian oil industry believe that by using the

technologies at their disposal, they can reduce the cost of oil production

and their profitability. Canada currently produces 96 percent of its oil

from oil sands, and it also requires advanced technology. Despite all

the investment, the cold country on the American continent accounts for

only 5% of world oil production.

Natural bitumen in Canada

However, Canada also has a special place in the consumer sector. In the first

half of this year, Canada consumed 2.4 million barrels of oil per day,

and the country’s oil reserves are large enough to meet the country’s

needs for 180 consecutive years. Additionally, the Government of Canada

has proclaimed that it intends to sign new trade agreements with

various countries and become more active in the export market. We expect

these agreements to be final by the end of 2022.

China as a major consumer

Until now, we have always known China as a major consumer in the world,

but it is interesting to know that it is the fifth-largest producer in the world

and produces 4.89 million barrels of oil per day. Of course,

this amount of production does not meet the consumption needs of this

vast Asian country, because in the first half of this year, at the height

of the Corona crisis, the consumption needs in this country were equal to

14 million barrels per day. China is the second-largest consumer of

oil in the world, which is why its consumption policies or declining demand

in this Asian country severely affect the oil market and provide the basis for

price changes. China accounts for only 4% of the world’s oil production,

and its major oil fields are in the northeast and northeast of the country.

We should note that China’s oil production has declined in recent years.

Natural bitumen in China

China is in high demand for oil for rapid industrial development,

and major producing countries are competing for more market share.

In recent years, Saudi Arabia and the United States have been in

close competition for control of the Chinese market. In fact,

Saudi Arabia’s market share is now significant. Recently, the news was

about the Iran-China agreement, which, if implemented, we could expect

to give Iran a higher share of the Chinese oil market.

Needless to mention that Iraq produces 4.74 million barrels of oil per day

and has a share of less than 4% of the world market,

while the volume of approved oil reserves is 140 billion barrels and

accounts for 9% of the world’s total oil reserves. Since oil, revenues are

essential for the Iraqi economy, and the country has many policies to

attract investment in this industry and increase production and export capacity.

Natural bitumen in Iraq

Statistics show that between 2018 and 2019, oil production in this country

has grown by 2.6 percent, respectively. Iraq, the world’s sixth-largest oil

producer, ranks second among OPEC members in terms of oil reserves. It is also the second-largest oil exporter in the world. They achieved this position at a

time when Iraq has been at war for many years. Statistics show that Iraq’s

oil exports have doubled since 2010, from 2 million barrels per day in

2010 to 4 million barrels per day in 2020. As the final point, the bulk of

Iraq’s oil exports go to China and India, but Europe is also a major

buyer of Iraqi oil. more information :

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