Definition: This entry is the total oil produced in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.
Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of January 1, 2012See also: Oil - production map
OPEC: No cut in world oil production
Consumer Affairs - 11/28/2014 5:59:05 PM
That country has almost single-handedly ... eating turkey and watching football, OPEC oil ministers gave them something to be thankful for. At the insistence of the Saudis, OPEC voted not to cut back oil production to reduce worldwide supplies, even ...
How the price of oil is set - video explainer
Daily Telegraph - 11/28/2014 8:50:53 PM
And as with most things in this world, the cost of oil is mainly dictated by supply and demand. In the past, the supply was primarily determined by the Organisation of Petroleum Exporting Countries (Opec), which meets every two years to set production quotas.
Global oil prices to remain lower, triggering production cuts: Analysts
Economic Times - 11/28/2014 11:06:53 PM
signaling that the group of oil-producing countries was content to let the market dictate production and pricing levels. "It's probably time to admit we are now in a $70/bbl oil world," wrote Wangler, an analyst with Wunderlich Securities. The lower prices ...
Here's How Low Oil Prices Put The World Economy At Risk In The Longer Term
businessinsider.in - 11/28/2014 9:12:21 PM
Venezuela's foreign minister Rafael Ramirez told reporters earlier this month that the country was ready to cut oil production. The commodity makes up 95% of the Venezuela's export revenue. The country needs the average price of oil to sit at about $85 to ...
OPEC keeps oil output steady despite falling prices
FOX News - 11/28/2014 6:24:44 AM
Analysts say the government has organized its 2015 budget around an oil price of $78 a barrel based on production of 2.4 million barrels a day — but the country is pumping only about 2 million barrels a day. Angola, Ecuador and other OPEC members with ...
Future of oil prices unclear after OPEC holds output level
Business Recorder - 11/28/2014 8:15:05 PM
"It's a victory for the coalition of countries in the Gulf Cooperation Council led ... "Today, there is a lot of competition and OPEC pumps only 30 percent of world oil production," Kuwaiti oil minister Ali Omair told reporters. "It was inevitable to ...
Oil plunge a shot in arm for world economy
azcentral.com - 11/28/2014 7:53:37 PM
Partly because of the shale oil boom in the U.S., the world is awash in oil at a time when demand ... because it badly needs high oil prices to fund its government. The country's oil production has been steadily declining for years so the combination ...
Oil sinks to four-year low on OPEC decision
Channel News Asia - 11/28/2014 11:14:03 PM
NEW YORK: Global oil prices ... Exporting Countries (OPEC) opted on Thursday to maintain its collective output ceiling at 30 million barrels per day, where it has stood for three years, sending prices plunging. OPEC refused to cut production despite ...
World Sets New Oil Production and Consumption Records
Energy Trends Insider - 7/9/2014 11:53:36 PM
Last month BP (NYSE: BP) released the Statistical Review of World Energy 2014. This report is one of the most comprehensive sources of global and country level statistics on production and consumption of oil, natural gas, coal, nuclear power and renewables.
Saudis Are Unlikely To Cut Oil Production At The OPEC Meeting In November
Seeking Alpha - 11/18/2014 8:19:48 PM
By cutting production, Saudi Arabia as the world's largest exporter can have a major ... Existing sanctions and low oil prices inflict economic pain on Iran, a country that needs $140.00 per barrel of oil produced to be profitable. It is probable that ...
Oil price plunges as OPEC decides against cutting output despite world glut
MercoPress - 11/28/2014 6:24:44 AM
Ministers from the Organization of the Petroleum Exporting Countries had been discussing at their meeting in Vienna whether to agree a production ... oil market vulnerable to much bigger falls as abundant supply of high quality, light crude oil floods ...
Oil prices dip to four year low as OPEC maintains production levels
Australian News - 11/28/2014 6:53:22 AM
Saudi Arabia, world's largest oil producer ... lower demand in most of the developed countries and a boom in North American shale oil and gas production. Abdalla Salem el-Badri, OPEC's Libyan-born secretary general, brushed aside concerns Thursday about ...
Australian energy firms hit hard by OPEC
The China Post - 11/28/2014 11:57:00 PM
SYDNEY--Australian energy firms were hit hard Friday by the OPEC oil cartel's decision against cutting production ... one of the country's largest oil and gas producers, saw its shares sink 13 percent, while stocks in the world's biggest miner BHP Billiton ...
Gushing Oil of OPEC Will Pressure Weakest Players, From Iran to Wildcatters
Businessweek - 11/28/2014 8:15:05 PM
The countries “are unlikely to be able to maintain their production trends in the face of today’s oil price declines.” “It’s pretty clear to me that the Saudis are no longer interested in being the world’s central banker for oil,” said John ...
Oil Tumbles Below $70 as Stocks Drop; Bonds, Dollar Rally
Bloomberg - 11/28/2014 8:22:15 PM
The Organization of Petroleum Exporting Countries kept its production ceiling unchanged ... The repercussions were felt through asset classes. Oil and gas producers in the MSCI All-Country World Index dropped for a fifth day, the longest streak in more ...