The Banking Executive Magazine - April 2022 Issue

Who Owns World Resources? INTRODUCTION Latest world development, mainly wars and alliances, motivates us to raise the question of who owns world resources. Food security, oil and gas supply and distribution, healthcare provision, and rising prices coupled with shortage in life essential products and services are becoming a major concern for world populations. This article presents worlds statistics on ownership of world resources with particular focus on top countries producing oil, gas, wheat, and sugar. Following these statistics, the article overviews latest development in global wars and COVID-19, and sheds light on impact of wars on global economy with particular focus on Russia invasion to Ukraine (Rus- sia – Ukraine war). Impact analysis from IMF, OECD, UNCTAD, and world experts are overviewed. The article concludes with recommenda- tion for Arab banks to play a key role in governing and ensuring fair and equitable distribution of world re- sources and in restoring world re- sources imbalances by working at local and global levels to develop the Global Supply Chain, boost agricul- ture production and technologies, counter-act cyber wars, conduct RDI Research, Development, and Innova- tion, explore alternative sources of energy, and prevent global health cri- sis. OWNERS OF WORLD RESOURCES This section presents worlds statistics on ownership of world resources with particular focus on top countries producing oil, gas, wheat, and sugar. OIL Oil generates revenue for countries with enough oil reserves to produce more oil than they consume. For economies that are heavily depend- ent on imports, oil expenditures must be factored into national budgets. Events such as unrest in oil-produc- ing regions, new oil field discoveries, and advances in extraction technol- ogy profoundly affect the oil industry. Most of the time, the top oil-produc- ing countries in the world make a lot of profit from their production. Global production of oil and other petroleum liquids averaged 95.5 mil- lion barrels per day (b/d) in 2021, ac- cording to the United States Energy Information Administration. The top three producing countries are the United States, Saudi Arabia and Rus- sia. The top five producers include Canada and China. Key facts: • Despite continuing growth in re- newable energy, oil production continues to play a key role in the global economy. • According to the most recent data, the top five oil-producing nations are the United States, Saudi Arabia, Russia, Canada, and China. • The United States became the world's top petroleum liquids pro- ducer in 2013 and the world's top crude producer in 2018. • Russia's production has been held back by Western sanctions but its clout in the global oil market in- creased after it formed the OPEC+ alliance with Saudi Arabia and other key exporters. • China's production meets just over a third of its oil consumption. leav- ing it the world's largest petroleum importer. ISSUE 160 APRIL 2022 the BANKING EXECUTIVE 9 World’s Top Oil Producers # Country Yearly Oil Production (Barrels per day) 1 2 3 4 5 6 7 8 9 10 United States Saudi Arabia Russia China Canada Iraq Iran United Arab Emirates Brazil Kuwait 14,837,639,510 12,402,761,040 11,262,746,200 4,905,070,874 4,596,724,820 4,443,457,393 4,376,194,355 3,772,788,273 3,242,957,836 2,990,544,137 Sources: United States Energy Information Administration, Knoema, Investopedia, world population review, worldometers, CIA World Factbook