In this article, we will tell our readers about the leading oil markets in the world.
The US is the leading producer of oil in the world. According to EIA, the US is producing oil at a record level of 12.3 million barrels per day. Also, the US has shown its ability to impact the oil business of other countries as it almost closed the exports of Iran in recent months.
China is the second-largest consumer and the largest importer of oil in the world. The country imports around 10.64 million barrels per day. This is enough to tell where the Chinese oil market is going. On a monthly basis, often China is the largest customer of Saudi Aramco.
Russia is a producer of 10 million barrels per day or one-tenth of global oil production. Recently according to the U.S. Energy Information Administration, the Russian oil and petroleum sales to the US has reached six-year highs
Saudi Arabia is home to the world’s most profitable oil company. It has the second largest oil reserves in the world. Oil from Saudi Arabia is used to fuel most of East Asia. Aramco is expanding its exports to other countries including India in order to compensate for the lost Iranian oil.
India imports 4.5 and 5 million barrels of oil per day. India is globally the third-largest consumer of oil. India has the potential to soon have an impact on the market as China has.