Context:
Following the lapse last year of a pre-war transit agreement, Ukraine diverted Russian gas supplies from European customers.
- Russia has the world’s largest natural gas reserves and is the world’s second-largest producer of natural gas.
Who is World’s Largest Producer of Crude Oil?
The United States is the world’s largest producer of crude oil.
- Production:
- In 2023, the United States produced 19.4 million barrels of oil per day.
- Share of world total:
- The United States produces 22% of the world’s oil.
- Comparison to other countries:
- Saudi Arabia and Russia rank second and third in oil production, producing around 11.4 and 11.1 million barrels per day, respectively.
- India’s Import Status
- Russia is the largest supplier of crude oil to India, almost 41% of India’s crude imports are from Russia as of May 2024.
