Energy Shift
The World’s Biggest Oil Producers in 2023
See this visualization first on the Voronoi app.
The World’s Biggest Oil Producers in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Despite efforts to decarbonize the global economy, oil still remains one of the world’s most important resources. It’s also produced by a fairly limited group of countries, which can be a source of economic and political leverage.
This graphic illustrates global crude oil production in 2023, measured in million barrels per day, sourced from the U.S. Energy Information Administration (EIA).
Three Countries Account for 40% of Global Oil Production
In 2023, the United States, Russia, and Saudi Arabia collectively contributed 32.7 million barrels per day to global oil production.
| Oil Production 2023 | Million barrels per day |
|---|---|
| 🇺🇸 U.S. | 12.9 |
| 🇷🇺 Russia | 10.1 |
| 🇸🇦 Saudi Arabia | 9.7 |
| 🇨🇦 Canada | 4.6 |
| 🇮🇶 Iraq | 4.3 |
| 🇨🇳 China | 4.2 |
| 🇮🇷 Iran | 3.6 |
| 🇧🇷 Brazil | 3.4 |
| 🇦🇪 UAE | 3.4 |
| 🇰🇼 Kuwait | 2.7 |
| 🌍 Other | 22.8 |
These three nations have consistently dominated oil production since 1971. The leading position, however, has alternated among them over the past five decades.
In contrast, the combined production of the next three largest producers—Canada, Iraq, and China—reached 13.1 million barrels per day in 2023, just surpassing the production of the United States alone.
In the near term, no country is likely to surpass the record production achieved by the U.S. in 2023, as no other producer has ever reached a daily capacity of 13.0 million barrels. Recently, Saudi Arabia’s state-owned Saudi Aramco scrapped plans to increase production capacity to 13.0 million barrels per day by 2027.
In 2024, analysts forecast that the U.S. will maintain its position as the top oil producer. In fact, according to Macquarie Group, U.S. oil production is expected to achieve a record pace of about 14 million barrels per day by the end of the year.
Energy Shift
How Many New Mines Are Needed for the Energy Transition?
Copper and lithium will require the highest number of new mines.
How Many New Mines Are Needed for the Energy Transition?
Nearly 300 Mines
According to Benchmark Mineral Intelligence, meeting global battery demand by 2030 would require 293 new mines or plants.
| Mineral | 2024 Supply (t) | 2030 Demand (t) | Supply Needed (t) | No. of Mines/Plants | Type |
|---|---|---|---|---|---|
| Lithium | 1,181,000 | 2,728,000 | 1,547,000 | 52 | Mine |
| Cobalt | 272,000 | 401,000 | 129,000 | 26 | Mine |
| Nickel | 3,566,000 | 4,949,000 | 1,383,000 | 28 | Mine |
| Natural Graphite | 1,225,000 | 2,933,000 | 1,708,000 | 31 | Mine |
| Synthetic Graphite | 1,820,000 | 2,176,000 | 356,000 | 12 | Plant |
| Manganese | 90,000 | 409,000 | 319,000 | 21 | Plant |
| Purified Phosphoric Acid | 6,493,000 | 9,001,000 | 2,508,000 | 33 | Plant |
| Copper | 22,912,000 | 26,576,000 | 3,664,000 | 61 | Mine |
| Rare Earths | 83,711 | 116,663 | 32,952 | 29 | Mine |
Copper, used in wires and other applications, and lithium, essential for batteries, will require the most significant number of new mines.
Manganese production would need to increase more than fourfold to meet anticipated demand.
Not an Easy Task
Building new mines is one of the biggest challenges in reaching the expected demand.
After discovery and exploration, mineral projects must go through a lengthy process of research, permitting, and funding before becoming operational.
In the U.S., for instance, developing a new mine can take 29 years.
In contrast, Ghana, the Democratic Republic of Congo, and Laos have some of the shortest development times in the world, at roughly 10 to 15 years.
Energy Shift
Visualizing Europe’s Dependence on Chinese Resources
Europe depends entirely on China for heavy rare earth elements, critical for technologies such as hybrid cars and fiber optics.
Visualizing Europe’s Dependence on Chinese Resources
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Despite efforts by European countries to reduce their reliance on China for critical materials, the region remains heavily dependent on Chinese resources.
This graphic shows the percentage of EU raw material supply sourced from China for 12 raw materials used in various industries. Bloomberg published this data in May 2024 based on European Commission research.
China’s Dominance in Clean Energy Minerals
Europe is 100% dependent on China for heavy rare earth elements used in technologies such as hybrid cars, fiber optics, and nuclear power.
Additionally, 97% of the magnesium consumed in Europe, for uses ranging from aerospace alloys to automotive parts, comes from the Asian country.
| Raw Material | Percentage Supplied by China | Usage |
|---|---|---|
| Heavy rare earth elements | 100% | nuclear reactors, TV screens, fiber optics |
| Magnesium | 97% | Aerospace alloys, automotive parts |
| Light rare earth elements | 85% | Catalysts, aircraft engines, magnets |
| Lithium | 79% | Batteries, pharmaceuticals, ceramics |
| Gallium | 71% | Semiconductors, LEDs, solar panels |
| Scandium | 67% | Aerospace components, power generation, sports equipment |
| Bismuth | 65% | Pharmaceuticals, cosmetics, low-melting alloys |
| Vanadium | 62% | Steel alloys, aerospace, tools |
| Baryte | 45% | Oil and gas drilling, paints, plastics |
| Germanium | 45% | Fiber optics, infrared optics, electronics |
| Natural graphite | 40% | Batteries, lubricants, refractory materials |
| Tungsten | 32% | Cutting tools, electronics, heavy metal alloys |
Almost 80% of the lithium in electric vehicles and electronics batteries comes from China.
Assessing the Risks
The EU faces a pressing concern over access to essential materials, given the apprehension that China could “weaponize” its dominance of the sector.
One proposed solution is the EU’s Critical Raw Materials Act, which entered into force in May 2024.
The act envisions a quota of 10% of all critical raw materials consumed in the EU to be produced within the EU.
Additionally, it calls for a significant increase in recycling efforts, totaling up to 25% of annual consumption in the EU. Lastly, it sets the target of reducing dependency for any critical raw material on a single non-EU country to less than 65% by 2030.
-
Electrification2 years agoThe Six Major Types of Lithium-ion Batteries: A Visual Comparison
-
Real Assets2 years agoWhich Countries Have the Lowest Inflation?
-
Misc3 years agoHow Is Aluminum Made?
-
Electrification2 years agoThe World’s Top 10 Lithium Mining Companies
-
Real Assets1 year ago200 Years of Global Gold Production, by Country
-
Electrification3 years agoVisualized: Battery Vs. Hydrogen Fuel Cell
-
Electrification2 years agoLife Cycle Emissions: EVs vs. Combustion Engine Vehicles
-
Real Assets3 years agoDoes Gold’s Value Increase During Recessions?