Petroleum is a critical raw material with global impact across all industries. From personal protective equipment to plastics, chemicals and pharmaceuticals, the use of petroleum products cannot be underestimated.
According to Business Research Insights, the crude oil market in 2022 was valued at $2,875.7 billion. And projections suggest it will rise to $3,522.2 billion by 2031. Despite the changing energy landscape and sustainability concerns, crude oil is expected to remain important globally.
CNBC reports that OPEC is forecasting a significant increase in global oil demand, which is expected to reach 2.25 million barrels per day in 2024. This forecast contrasts with the IEA’s more modest forecast, which calls for an increase of 1.1 million barrels per day over the same period. A number of countries have significantly increased oil production over the past decade to participate in this expanding market.
Check out the 5 countries with the highest oil production increases over the past decade.
5. Bulgaria
Rate of change in production: 105.68D
Bulgaria’s oil production mainly comes from several onshore oil fields, but the output is not sufficient to meet domestic demand. In recent years, Bulgaria has focused on diversifying energy sources and reducing dependence on fossil fuels. The country plans to stop importing crude from Russia in 2024 and instead switch to imports from countries such as Kazakhstan, Iraq and Tunisia, traders and LSEG data show.
The country is investing in renewable energy sources such as wind, solar and biomass to improve energy security, reduce greenhouse gas emissions and comply with European Union energy guidelines.
4. Switzerland
Rate of change in production: 151.00D
Switzerland’s domestic oil production is minimal in absolute terms and is largely dependent on imports to meet demand. About 39% of the crude oil that Switzerland imports comes from Nigeria. The US supplies 32% and Libya 25%. Switzerland’s only refinery is located in Créssie, canton Neuchâtel, and meets a quarter of the country’s oil needs. Most finished products come from neighboring European countries, especially Germany.
3. Bangladesh
Rate of change in production: 206.51D
In the energy sector, Bangladesh faces challenges due to limited domestic resources. It is heavily dependent on fossil fuel imports. This dependence raises economic and energy security issues. To address these challenges, Bangladesh is investing in the energy sector.
Recently, in March 2024, the Bangladesh government launched an international tender for oil and gas exploration in 24 blocks of the Bay of Bengal. The move is aimed at increasing the country’s oil production. The government has set a deadline for bid submissions by the first week of September. The valuation and transaction are expected to be completed by the end of the year.
2．Kyrgyzstan
Percent change in production: 520.00D
Kyrgyzstan produces 6,200 barrels of oil per day, ranking 106th in the world. Although it does not produce much oil, it uses oil for a variety of purposes, including converting it into various chemicals and products. One notable application is the production of plastics, which has a variety of industrial and commercial applications.
1. Israel
Percent change in production: 3,746.15D
Israel’s total crude oil exports in 2022 were $558 million. The top destination for Israeli crude oil exports was Chinese Taipei with $344 million, followed by India with $212 million. Smaller grants went to Portugal, $710,000, Ghana, $270,000, and Italy, $163,000.