It’s easy to forget that Russia is the biggest producer, although not the biggest exporter (who? Saudi Arabia, exactly).
The top 5? Russia, Saudi Arabia, U.S., Iran, and China.
These 5 countries happen to have pretty complicated relationships with each other; Russia was in a race with the U.K. at the turn of the 20th century to dominate alliances with Persia (Iran). The U.K., in the form of Sir Percy Sykes, won.
Saudia Arabia and the U.S. well, you don’t need me to tell you about that, right?
And then of course Iran and China. Very very strategic alliances there.
Creepy.
US and China? Obvious Statement: They totally consume all their production.
I’d take a Big Hit (temporary?) on the price of oil if it meant freedom for the people of Iran.
Here’s the whole table:
| Global Crude Oil Production and Exports (2009) | ||
| Country | % of Global Production | % of Global Exports |
| Russia | 13% | 13% |
| Saudi Arabia | 11% | 15% |
| U.S. | 7% | 0% |
| Iran | 6% | 5% |
| China | 5% | 0% |
| United Arab Emirates | 3% | 5% |
| Iraq | 3% | 5% |
| Kuwait | 3% | 3% |
| Nigeria | 3% | 5% |
| Angola | 3% | 4% |
| Algeria | 2% | 3% |
| Libya | 2% | 3% |
| Qatar | 1% | 2% |
Source: Energy Information Administration, Haver Analytics, FMRCo, (MARE) as of 12/31/09
(Disclosure: I am a Fee-Only Financial Planner. I hold no positions in Oil. My website)