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Chart of the day: World’s Top Ten Oil Producing Countries 1965 to 2018 – Publications – AEI

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AEI Chart of the day: World’s Top Ten Oil Producing Countries 1965 to 2018 BP released its annual Statistical Review of World Energy 2019 today with data for 2018 including annual oil production by country from 1965 to 2018, which allowed me to create the “bar chart race” visualization above for the top ten oil-producers in each of those years. A few observations: 1. The US was the world’s No. 1 oil producer from 1965 until the mid-1970s when the USSR took the No. 1 spot from the US. 2. Saudi Arabia rose to the No. 1 position by 1993 and was the world’s top oil producing country until 2010. 3. Note the rise of US oil production starting about 2009 from the shale revolution which then brought the US back to the No. 1 spot by 2015 as the world’s leading oil producer again — with a

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Chart of the day: World’s Top Ten Oil Producing Countries 1965 to 2018

BP released its annual Statistical Review of World Energy 2019 today with data for 2018 including annual oil production by country from 1965 to 2018, which allowed me to create the “bar chart race” visualization above for the top ten oil-producers in each of those years. A few observations:

1. The US was the world’s No. 1 oil producer from 1965 until the mid-1970s when the USSR took the No. 1 spot from the US.

2. Saudi Arabia rose to the No. 1 position by 1993 and was the world’s top oil producing country until 2010.

3. Note the rise of US oil production starting about 2009 from the shale revolution which then brought the US back to the No. 1 spot by 2015 as the world’s leading oil producer again — with a commanding lead last year over Saudi Arabia’s oil production (by 24%) and Russia (by 34%).

4. Venezuela was among the world’s top ten oil producers in most years, and in the top five in some years, until about 2011 when its oil production declined from the corrosive effects of socialism and it dropped out of the top ten ranking. Last year, despite having the world’s largest oil reserves, Venezuela dropped to the No. 17 position for oil production by country, and its production has fallen by about another 40% so far this year compared to 2018.

5. Although its ranking has been steadily falling for oil production and will fall precipitously this year, Venezuela’s ranking rose last year to No. 1 in the world for another category in the BP report: reduction in CO2 emissions. Due its collapsing economy, energy shortages, electricity blackouts, and mass exodus of citizens fleeing the socialist nightmare, Venezuela’s carbon emissions fell by a staggering 13.2% in 2018, the biggest percentage decrease in the world, and nearly 2X the next largest CO2 decrease of -6.8% in Bulgaria!

So maybe socialism is “working” in Venezuela’s at least in terms of reducing its carbon footprint and greening the country, and could provide a model for AOC, Bernie, Biden and the other socialist Democrats. To implement the Green New Deal and save the planet, AOC et al. can follow Venezuela’s lead last year as the country with the greatest reduction in greenhouse gas emissions that resulted directly from impoverishing and economy-crippling socialism.

Chart of the day: World’s Top Ten Oil Producing Countries 1965 to 2018
Mark Perry

Mark Perry
Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan’s Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.

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