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The Organization of the Petroleum Exporting Countries ( OPEC, / ˈoʊpɛk / OH-pek) is an organization enabling the co-operation of leading oil-producing countries in order to collectively influence the global oil market and maximize profit.
References. List of countries by oil production. Top 5 oil producing countries 1980–2022. World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
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Main articles: Borders of China, Coastline of China, and Territorial changes of the People's Republic of China. China is the third-largestcountry in the world by land area after Russia, and the third or fourth largest country in the world by total area.
American production decline. By 1969, American domestic output of oil was peaking and could not keep pace with increasing demand from vehicles. The U.S. was importing 350 million barrels (56 million cubic metres) per year by the late 1950s, mostly from Venezuela and Canada.
It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP). [note 2] China accounted for 19% of the global economy in 2022 in PPP terms, [34] and around 18% in nominal terms in 2022.
Deepwater Horizon was a 10-year-old semi-submersible, mobile, floating, dynamically positioned drilling rig that could operate in waters up to 10,000 ft (3,000 m) deep. Built by South Korean company Hyundai Heavy Industries and owned by Transocean, the rig operated under the Marshallese flag of convenience, and was chartered to BP from March 2008 to September 2013.
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] . Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
