The Asia-Pacific region accounted for 8.4% of world oil production in 2020. The region is led by China and India, which is the fifth largest oil producer in the world. In recent years, Asia’s share of global oil production has been declining slowly but steadily, but Asia will account for 77% of global oil demand growth by 2025 and will be dependent on oil imports. Will increase to 81% by 2025.
This is primarily the result of regional oil production flat during periods of increased global production. However, the Asia-Pacific region consumes most of the world’s oil, consuming about 38% in 2020, primarily driven by Chinese demand, so demand continues unabated.
- The largest oil producers in Asia are China, India and Indonesia.
- China accounts for more than half of Asia’s gross domestic product and imports additional oil to meet domestic demand.
- Malaysia and Thailand are also the largest oil producers in Asia.
- India is the third largest oil consumer after the United States and China.
- Demand remains strong, with the Asia-Pacific region consuming 38% of global oil production.
In 2020, Asia’s oil production was 7.4 million barrels per day. While many countries in the region have discovered large amounts of new reserves, others are facing reduced production due to dilapidated oil fields. As a result, analysts expect production trends across the region to continue.
China is the largest oil producer in the region, accounting for 5 million barrels of oil per day. It accounts for more than half of Asia’s total production and announced that it will increase capital investment in oil production by 20% in 2019. China is importing more than 10 million barrels a day in 2019 to meet domestic demand, so it wants to increase production and become energy-independent.
China’s oil industry is led by some of the world’s largest energy companies. Sinopec, China Petrochemical Corporation. China National Offshore Oil Corporation, or CNOOC; and PetroChina. These three companies produce most of the country’s total annual production.
India produced 771,000 barrels per day in 2020. In recent years, production growth has been stable, but India’s oil consumption has continued to grow exponentially. India is the world’s third largest oil consumer after the United States and China.
India’s oil production is dominated by the state-owned Oil and Natural Gas Corporation, which accounts for about 71% of domestic production. Cairn Oil & Gas, Vedanta Limited, an Indian subsidiary of British oil and gas company Cairn Energy PLC, is the second largest contributor to the Indian oil market, producing 24% of India’s domestic crude oil.
Indonesia lags behind India in 2020 with a daily production of about 743,000 barrels. From the high production of the 1990s to 2000, Indonesia produced 1.5 to 1.7 million barrels per day.
However, since that period, production has been on an almost uninterrupted declining trend to its current level. In 2009, Indonesia was forced to withdraw from the Organization of Petroleum Exporting Countries (OPEC), which had been a member since 1962, due to a decrease in production in dilapidated oil fields and an increase in domestic demand.
PT Chevron Pacific Indonesia and PT Pertamina, subsidiaries of American energy giant Chevron Corporation, are two of Indonesia’s largest oil producers. Foreign oil companies such as Total SA, ConocoPhillips and CNOOC are also important producers in the region.
Malaysia will produce 596,000 barrels of oil per day in 2020, most of which is extracted from offshore oil fields. Production has been fairly stable over the last decade and has been on a slight downward trend since 2016. Since the oil and gas sector is an important part of Malaysia’s economic growth, the government has focused on increasing hydrocarbon production.
The number of barrels of oil produced daily in the world in 2020.
Petronas Nasional Berhad, also known as Petronas, is Malaysia’s state-owned energy company. It manages all oil and gas resources in the country and is responsible for the development of their assets. International integrated oil and gas companies such as ExxonMobil Corporation, Murphy Oil Corporation and Royal Dutch Shell PLC are involved with Petronas in oil production activities in Malaysia.
In 2020, Thailand’s oil production was 418,000 barrels per day. Thailand’s domestic crude oil reserves are declining and must import large amounts of oil to meet growing domestic demand. There was little investment in upstream activities due to the political crisis, floods and the difficulty of passing amendments to the oil law.
Chevron is Thailand’s major oil producer. It operates Benjamas, Thailand’s largest oil field and invests in many other important production sites in Thailand. PTT Exploration and Production, Thailand’s state-owned oil company, is Thailand’s second largest oil producer. Other international companies involved in Thailand’s oil production include the Coastal Energy Company and the Salamander Energy PLC.
Which country in Asia produces the most oil?
In Asia, China produces the most oil. In 2020, the country produced 4.93 million barrels per day. India was the country that produced the most oil in Asia after China.
Where are the largest oil producers?
The largest oil producers in 2020 and their production will be the United States (18.6 million barrels per day), Saudi Arabia (10.82), Russia (10.50), Canada (5.26) and China (5.93).
Who has the most oil?
Venezuela has the largest oil reserves in the world. The country’s reserves are estimated at 300 billion barrels, but many of these reserves are difficult to reach. After Venezuela, Saudi Arabia has the highest oil reserves at 266.5 billion barrels.