This article discusses the 5 Countries That Increased Oil Production the Most in A Decade. If you want to get detailed analysis on the oil sector and other Countries That Increased Oil Production the Most in A Decade, you can head on to 20 Countries That Increased Oil Production the Most in A Decade.
5. Bulgaria
Percentage Change in Production: 105.68%
Bulgaria’s oil production primarily comes from a few onshore fields, but the output is not sufficient to meet domestic demand. In recent years, Bulgaria has been focusing more on diversifying its energy sources and reducing dependence on fossil fuels. Moreover, in 2024, it’s aiming to halt the import of oil from Russia, and instead, is replacing it with imports from countries like Kazakhstan, Iraq and Tunisia, according to traders and LSEG data.
The country has been investing in renewable energy sources such as wind, solar, and biomass to enhance energy security, reduce greenhouse gas emissions, and comply with European Union energy directives.
4. Switzerland
Percentage Change in Production: 151.00%
Switzerland has minimal domestic oil production in absolute terms and is largely dependent on imports to meet its needs. About 39% of the crude oil that Switzerland imports comes from Nigeria. The US provides 32%, while Libya supplies 25%. Switzerland’s sole oil refinery sits in Cressier, in the canton of Neuchâtel, and covers a quarter of the country’s oil requirements. Most of the finished products come from European neighbors, mainly Germany.
3. Bangladesh
Percentage Change in Production: 206.51%
In energy, Bangladesh faces challenges due to limited domestic resources. It heavily depends on imported fossil fuels. This reliance raises economic and energy security issues. To tackle these challenges, Bangladesh is investing in its energy sector.
Recently in March 2024, the Bangladesh government opened bids from around the world for oil and gas exploration in 24 blocks located in the Bay of Bengal. This move is geared towards boosting the country’s oil production. The government has set a deadline for bids by the first week of September. Evaluations and deals are anticipated to be completed by the end of the year.
2. Kyrgyzstan
Percentage Change in Production: 520.00%
Kyrgyzstan produces 6,200 barrels of oil per day, ranking 106th globally. While oil production is modest, the country still utilizes it for various purposes, like transforming it into different chemicals and products. One notable application is the production of plastics, which have diverse industrial and commercial uses.
1. Israel
Percentage Change in Production: 3,746.15%
In 2022, Israel’s crude petroleum exports totaled $558 million. The primary export destinations for Israel’s crude petroleum were Chinese Taipei at $344 million, followed by India at $212 million. Smaller amounts went to Portugal with $710,000, Ghana with $270,000, and Italy with $163,000.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at Top 25 Oil Exporting Countries in the World in 2024 and 10 Most Undervalued Oil Stocks To Buy According To Hedge Funds.
