Apr 22, 2020 15:00:00

History of prosperity over the past half century as seen in the top 10 oil-producing countries since 1973

The economic environment surrounding crude oil is unprecedented, with crude oil futures prices declining for

the first time ever against the backdrop of slowing economic activity accompanying the spread of new coronavirus infection and reaching the limit of crude oil storage capacity. It is said that there is something. In the meantime, a movie has appeared that makes it easy to understand the transition of crude oil production since 1973 when the oil price recorded a historically high price due to the oil shock .

[OC] Top Countries By Crude Oil Production Since 1973 from r / dataisbeautiful

The movie was created by u / worldwide engineering, an online bulletin board Reedit user. In this movie, the top 10 oil producing countries by February from 1973 to January 2019 announced by the Organization for Economic Co-operation and Development (OECD) are displayed in ranking format along with a bar graph showing the amount of oil produced.

This is the top 10 in February 1973. The United States is ranked first, with an average daily oil production of about 9.19 million barrels. And the Soviet Union 8.34 million barrels, Saudi Arabia 7.62 million barrels, Iran 5.86 million barrels, Venezuela 3.35 million barrels, Kuwait 3 million barrels, Libya 2.15 million barrels, Nigeria 2.06 million barrels, Iraq 2.01 million barrels. Followed by Canada's 1.79 million barrels.

The following year, the United States fell from the top and the Soviet Union took first place. After that, the United States will not return to number one until the latter half of the 2010s, when

shale oil production is in full swing. Also, Libya, which had been rapidly losing momentum in 1973, fell outside the ranking zone and was replaced by the United Arab Emirates (UAE).

Furthermore, by the end of 1975, Saudi Arabia, which had been in third place until then, overtook the United States to become second.

Also, China, which had been in 10th place for only one month in 1975, was ranked again in 1977. With this opportunity, China will become the top 10 regulars.

In the 1980s, Saudi Arabia suddenly slowed down, and the United States again came in second.

However, in 1990, Saudi Arabia again increased its production volume, surpassing the United States ...

In 1991, the following year, he jumped to number one. On the other hand, the Soviet Union, which is about to collapse, is sharply dropping oil production.

The

Soviet Union finally collapsed in December 1991. Russia has succeeded to third position.

In November 1998, Russia overtook the United States to take second place. Since then, Saudi Arabia ranked first, Russia second, third America and fourth Iran continued for a long time. Also, when looking to the bottom, it is impressive that the Nordic regions such as Norway and the United Kingdom are showing strength.

In 2006, Russia jumped to the top spot again. On the other hand, Scandinavian people have disappeared outside the area.

Also, in April 2011, China, which was slowly catching up, overtook Iran and ranked 4th.

When the

shale gas revolution began in 2013, the United States began to chase.

Meanwhile, Venezuela dropped out in February 2017.

And in January 2018, the United States regained the top spot for the first time in 45 years.

This is the ranking of January 2019 when the movie ended. Compared to 1973, the number one oil production in the US was 12.18 million barrels, a 33% increase, Russia (the Soviet Union in 1973) was 10.84 million barrels, a 30% increase, and Saudi Arabia in third place was 9.84 million. 29% barrel increase, Iraq in 4th place increased by 135% with 4.72 million barrels, Canada in 5th place increased by 144% with 4.4 million barrels, China in 6th place increased by 251% with 3.82 million barrels, and UAE in 7th place 3.4 million barrels increased 101%, 8th ranked Iran increased 3% to 49%, 9th Kuwait to 2.88 million barrels decreased 4%, and 10th Nigeria to 1.95 million barrels decreased 8%. It was