The ongoing geopolitical conflict in Europe is affecting global oil prices.
Bloomberg noted that on the first day of the Russian invasion of Ukraine, Thursday (February 24th), Brent crude oil prices surged 3.5% to US$100 per barrel, their highest level in seven years. West Texas Intermediate (WTI) oil prices also jumped 4.6% to US$96.22 per barrel, the highest since August 2014.
According to British Petroleum's (BP) Statistical Review of World Energy 2021, the largest oil producer is currently the United States (US), which produced 712.7 million tons of oil in 2020, representing 17% of global production.
Following the US is Russia, which produced 524.4 million tons of oil, or 12.6% of global production in 2020.
Next is Saudi Arabia with 519.6 million tons and a 12.5% global contribution. This is followed by Canada with 252.2 million tons and a 6% global contribution, and Iraq with 202 million tons and a 4.8% global contribution.
(Also read: Russia's Military Spending Among the Top Five in the World)