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These countries will be the largest oil producers in 2024

These countries will be the largest oil producers in 2024

Atlantic Basin countries are gaining compared to traditional producers in the Middle East.

The United States of America will lead the world's production of oil and petroleum products in 2024, leaving behind members of the Organization of the Petroleum Exporting Countries (OPEC).

This year, the United States is expected to produce 19.63 million barrels of oil and petroleum products per day. Followed by Russia with 13.65 million barrels per day and Saudi Arabia with 9.02 million barrels per day.

The list continues with Canada (5.84 million bpd), China (4.33 million bpd), Iraq (4.29 million), Brazil (3.77 million), United Arab Emirates (3.23 million), and Iran (3.11 million).

The data comes from the International Energy Agency (IEA) and was compiled by 'El Economista'.

The United States' rise to the top depends on a new wave of the shale oil revolution obtained from hydraulic fracturing, or fracking.

The United States now controls approximately 20% of the world's oil supply, is no longer dependent on other countries and has begun selling crude oil and its derivatives abroad.

Russia continues to put oil on the market despite restrictions on the price of its crude, and this is an important way for Vladimir Putin's regime to obtain revenues to continue the war effort in Ukraine.

For its part, Saudi Arabia no longer leads global oil production, at a time when it is trying to reduce production, along with OPEC+ members, to try to contain market prices. But given the attack by the United States and non-OPEC+ countries, this initiative to lower prices appears doomed to failure.

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The IEA said: “The shift in global oil supplies from major products in the Middle East to the United States and other Atlantic Basin countries, and the dominant influence of China and its petrochemical sector on oil demand, are severely impacting global oil trade.” In its December report.

“Markets east of the Suez Canal have already absorbed most Russian flows after the invasion of Ukraine, as well as increased Iranian exports, but must now adapt to increasing volumes from the Atlantic Basin. Rising production and slower demand growth will complicate efforts by major producers to defend their share.” in the market and maintain high oil prices, according to the International Energy Agency.