FAQ
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FAQ & Information
Globally, oil is the most exported product. While Saudi Arabia was the largest oil exporter, the UAE and the US have increased their share in recent years. Here is a quick look at the top ten oil-exporting countries in the world that account for nearly 75% of the world’s oil exports.
- Saudi Arabia 11 million barrels/day
- Russia 6 Million barrels/day
- United States 4.5 million barrels/day
- Norway 4.1 million barrels/day
- Iraq 4 million barrels/day
- Canada 3.5 million barrels/day
- UAE 3.0 million barrels/day
- Brazil 2.8 million barrels/day
- Kuwait 2.5 million barrels/day
- Nigeria 1.8 million barrels/day
Some of the tankers shipping varieties in this category are as follows:
- VLCC: Known as Very Large Crude Carriers, these tankers have a cargo carrying capacitance of 2, 50,000 tons. Know more about them here.
- ULCC: They are known as Ultra Large Crude Carriers and have a cargo hauling capacitance range up to 5, 00,000 tons. Know more about them here. (Link here)
- Panamax: The classification of tankers that can pass through the Panama Canal is known as the Panamax. The cargo tankers which cannot be classified under this category owing to their size are known as the Post-Panamax tankers.
- Aframax: The Aframax cargo tankers are that type of tanker ships which are mainly used in the Mediterranean, China Sea and the Black Sea. These tankers have a dead weight tonnage (DWT) between 80,000 and 1, 20,000 tonnes.
- Suezmax: Panamax tankers are named for vessels which can navigate through the Panama Canal. On similar lines, the Suezmax vessels are so called because of their ease in passing through the Suez Canal.
Although it is a known fact that many cargo ships cause oceanic pollution and degrade the marine environment, it cannot be denied that in the present day scenario, these tankers shipping offer the best possible transportation efficiency.
The primary objectives of OPEC were:
- Coordinating and unifying petroleum prices across member countries
- Ensuring the stabilisation of oil markets
- Securing an efficient, regular, and economical supply to consumers
- Ensuring that producers and companies investing in the industry get a fair return on their investments
The Organization of the Petroleum Exporting Countries or OPEC consists of 13 major players in the global oil industry.
| Algeria | Angola | Equatorial Guinea | Gabon | Iran | Iraq | Kuwait | Libya | Nigeria | The Republic of Congo | Saudi Arabia | The United Arab Emirates | Venezuela |
In 2016, a larger group was formed called OPEC+ to increase the organisation’s control over the global crude oil market. These non-OPEC countries are:
| Azerbaijan | Bahrain | Brunei | Kazakhstan | Malaysia | Oman | Russia | Sudan | South Sudan |