FX.co ★ Top 10 countries influencing the global oil market

The member countries of OPEC who concluded an agreement to reduce oil production called on all leading global oil producers to join this treaty. Recall, it provides for a reduction in the production of black gold by the end of 2018. Experts have compiled a list of 10 oil-producing countries that will determine the future of the oil market.

Russia

Last year, Russia outstripped Saudi Arabia in terms of oil production having won the status of the largest oil producer. It cooperates with OPEC joining the agreement to reduce the extraction of raw materials.

Saudi Arabia

The Kingdom is considered the second largest among the world's leading oil producers. Since May 2017, Saudi Arabia has reduced the production of black gold to the level below 10 million barrels per day.

The USA

Currently, the United States does not adhere to the OPEC agreement. They, on the contrary, increase oil production. Experts say that it especially involves the producers of shale oil.

Iraq

In August 2017, Iraq, one of the largest oil-producing states, went on to cut production. The country began to produce 4.38 million barrels per day instead of 4.4 million barrels.

Canada

In Canada, the production of black gold in August this year amounted to 3.12 million barrels per day which is much lower than previous values.

Venezuela

One of the leading global oil producers, Venezuela, in August 2017 produced 2.1 million barrels per day. Experts believe that these indicators of the country, which is on the verge of default, mean a lot for the global economy.

Nigeria

This state is considered one of the largest oil producers in Africa. OPEC allowed Nigeria not to reduce the level of black gold production because of the extremely unstable political situation in the country.

Mexico

Analysts record a decline in the level of oil production in the country for the third month in a row. In August, Mexico produced about 1.94 million barrels per day.

Angola

Angola is considered the second largest oil producer in Africa after Nigeria. The country produces about 1.68 million barrels per day.

Norway

Norway is also decided to reduce oil production in order to stabilize the global market of black gold. In August 2017, the country produced about 1.57 million barrels per day after 1.62 million a month earlier.