Why is the free fall in crude oil price not helping most of the economies to take off in terms of growth? As crude oil prices are falling, are countries like India and China or others taking full advantage of the situation?

Top 10 best crude oil in the world

Oil price is a boost, but it alone cannot compensate for all the problems in the economy.

Lets look at the worlds top 20 economies.

,Of these 20, 8 of them are major oil producers - Saudi Arabia, Russia, Brazil, Canada, UK, Mexico, Netherlands, Indonesia.

These countries are hurt, because they export billions of dollars worth of oil that have plummeted in price.

US is also a major producer, but since it is a huge consumer too, the effect evens out.

France mostly uses nuclear power for its energy and thus is fairly immune to oil prices.

,Of the remaining 10, Turkey has major political and geopolitical problems.

Australia exports a lot of commodities and those prices fall with oil price & thus screwed.

Spain, Italy and Japan are in a much bigger financial rut for a long time.

The oil price drop is like a glass of water to a seriously ill patient.

Good for a few minutes.

,China is growing, but is also in a big financial turmoil and that is dragging down its huge trade partner South Korea.

,That leaves India, Germany and Switzerland who are in the best shape in this crisis.

While Germany and Switzerland have to contend a bit with the fall in international trade, India doesnt worry as much as it is much less exposed to global trade.

top 10 oil-producing countries

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Top 20 oil producing countries

Because oil production and CO2 emissions are two completely different concepts.

,Norway is one of the 20 top oil producers in the world because it has a half share of North Sea oil production.

,Norway has very low CO2 emissions because there are only 5.

4 million Norwegians.

Oil production by country 2022

This is one of those questions where you should have realized it made no sense when you asked it, so you should have paused ten seconds and done some research.

,Biden didnu2019t slow down US oil production.

Domestic oil production was at 11 million barrels per day when he took office and is at 11.

6 million barrels per day as of March 2022u2014the most recent data published by the department of energy.

He also issued more domestic oil and gas drilling permits in his first year than his predecessor did in his first three years.

So Biden has been increasing our production.

,But oil is a commodity, so itu2019s price is determined by global supply and demand, not localized production.

Thinking our own oil costs lesson than oil produced overseas is like thinking gold we mine here is worth less than gold mined in other countries.

So just using our own oil and ending imports and exports wouldnu2019t solve the problem.

Domestic producers arenu2019t going to sell oil here for less than they could get on the global market.

Also, we produce a light sweet crude, but our refineries are designed to process heavy crude like we get from OPEC.

So we canu2019t actually even use the oil we produce.

,The issue with fuel prices is that we have an artificially low global oil supply thanks to the former guyu2019s two year deal with OPEC to slash production by 25% to drive up prices.

We canu2019t produce enough to fill that void.

We need OPEC to resume full production for global oil prices to stabilize.

So Biden is pushing not only for increased domestic production but also increased global production.

Because thatu2019s the only way to end the crisis his predecessor created.

top 50 oil-producing countries

The U.

S.

holds more oil reserves than anyone else in the world, including Saudi Arabia, Russia, and Venezuela.

,U.

S.

Has Worldu2019s Largest Oil Reserves | OilPrice.

comAs noted in the article, first, its a moving target and second, the approach to developing the numbers vary highly by country.

One item really stands out in that regard.

Over several years the Saudi output was up and down by 50% while their reserves number never changed.

Largest oil producer in the world 2021

Canada has its own oil companies, rather than relying on the giant multinationals.

The largest oil and gas companies in Canada are: Suncor Energy,Enbridge,TC Energy,Imperial Oil,Canadian Natural Resources,Cenovus Energy,Husky Energy,Shell Oil has a substantial presence in Canada as well, including oil sands mines, refineries, and a service station chain.

,Aramco is a competitor for the US market but has no presence in Canada.

,Suncor was established in 1919 as a subsidiary of the US company now known as Sunoco Inc.

It is now independent from and much bigger than its former parent company.

It is the largest oil sands producer in Canada as well as operating several oil refineries and the Petro Canada service station chain.

Suncor Energy bought Petro Canada in 2009.

,Enbridge operates one of the longest crude oil and liquid hydrocarbon transportation systems in the world.

It runs the largest natural gas distribution network in Canada and its distribution services extend to Quebec, Ontario, and New York.

,TC Energy operates a 92,600 kilometres (57,539 miles) of gas pipeline, which transports more than 25% of North American natural gas demand.

It was trying to build the recently cancelled Keystone XL pipeline in the US.

,Imperial Oil is a partially owned subsidiary of ExxonMobil, which has a 70% interest.

It operates oil sands mines and oil refineries and petrochemical plants in Canada.

It sold retail service station chain to third parties.

,Canadian Natural Resources, or CNRL, is one of the worlds largest natural gas and crude oil producers, but has no refineries or retail operations.

,Cenovus Energy has two projects in the oil sands and has 50 percent ownership in two refineries in the United States.

,Husky Energy operates heavy oil properties in Alberta and Saskatchewan as well as oil fields offshore of Newfoundland, plus refineries and a service station chain.

In 2021 Husky became a subsidiary of Cenovus.

,But the bottom line is that the Canadian oil industry has taken over ownership of most of Canadau2019s oil producing and refining from the giant American multinational oil companies.

I donu2019t think that most Canadians know that.

,If you buy gasoline from a Chevron station in Canada, its oil refinery and service stations are now owned by Parkland Fuel Corporation of Calgary, Alberta, and not by Chevron Corporation of California.

Parkland bought Chevronu2019s Canadian assets in 2017 and now markets under the Chevron name as well as Esso, Ultramar, and several others.

,The American oil companies have all bailed out of Canada due to distrust of the Canadian government, and Alberta would really like to bail out of Canada, too.