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 :