The world’s largest oil-producing countries play an important role on the global stage as gatekeepers of a commodity that has driven industrialization and has a consistent high level of global demand.
There are an estimated 1.73 trillion barrels of proven global oil reserves, and three powerful nations dominate the world’s production of this fuel, which has numerous applications such as transportation, industry, and heating, as well as plastics and chemical manufacturing.
The top oil producing countries of the world are:
The United States – 12,108,000
With a rough estimate of 12,108,000 barrels per day, the United States has been a top oil-producing country for years upon years. The US is also one of the greatest consumers of oil worldwide. The production of oil is an industry that the United States should not anticipate seeing a drop in any time soon, considering the country’s dependency on producing oil in terms of economic standing. The country’s rise has been fuelled by the shale fracking revolution of the last decade, in which new technologies and drilling techniques have provided access to previously inaccessible unconventional resources.
Russia – 10,835,000
Russia is home to the world’s biggest natural gas reserve and along with the US, dominates global production of this resource. The majority of its exports are destined for China, as well as key European markets such as the Netherlands and Germany.
Following the collapse of the Soviet Union, much of Russia’s oil (and gas) industry was privatised and is now under state control, overseen by government-backed companies such as Rosneft and Gazprom. Russia produces about 10,835,000 barrels of oil per day.
Saudi Arabia – 9,580,000
Saudi Arabia has approximately eighteen percent of the world’s proven protruding reserves and is the largest exporter of returning as a result, the oil and gas sector accounts for approximately fifty percent of its GDP and approximately eighty-five percent of its export earnings. It produces 9,580,000 barrels of oil per day.
Iraq – 4,620,000
Producing 4,620,000 barrels per day, it has the world’s fifth largest proven oil reserves, with 144 billion barrels, accounting for nearly 18% of the reserves in the Middle East and nearly 9% of global reserves. The southern field of Romalia, which accounts for approximately 1.6 million barrels per day, is currently Iraq’s most important oil field. Ao Zubai misun and the west kuna are two other large southern fields.
Canada – 4,129,000
Almost all of Canada’s proven oil reserves are located in Alberta, and according to the province government, 97 percent of oil reserves today are in the form of or sand energy exposes the US accounts for the vast majority of Canada’s total energy exports, but due to economic and political considerations, Canada is developing ways to diversify shooting partners, particularly by expanding ties with emerging Asian markets.
Canada is gradually moving up the list of leading oil producers, moving from fifth to fourth place, with production expected to increase by more than 120 percent.
China – 3,823,000
China is the world’s second lightest consumer, having risen from second to first in net oil imports among the top ten oil producing countries in 2014. China is the world’s most populous country, with a rapidly growing economy, which has contributed to the country’s high overall energy demand. The majority of China’s oil is extracted from regions in the Middle Eastern country of Iran. This world region has always been a contentious issue, particularly when it comes to oil. Having said that, China has always been on a tightrope, hoping to keep Iran as an oil source for many years to come. China has watched as its oil production rates have gradually declined over the years.
United Arab Emirates – 3,068,000
In recent years, the United Arab Emirates (UAE) has grown in stature as a global oil producer. Although the state-owned Abu Dhabi National Oil Company (Adnoc) controls a large portion of the UAE’s oil reserves, it frequently collaborates with foreign, private-sector companies in upstream operations. The country has the seventh-largest proven oil reserves in the world.
Kuwait – 2,652,000
Despite its small size, Kuwait, which is sandwiched between Saudi Arabia, Iraq, and the Persian Gulf, is one of the world’s most important oil-producing countries. The state-owned Kuwait Oil Company oversees oil production in the country, which is home to the massive Burgan oilfield in the southeast, one of the world’s largest oilfields. Northern Kuwait also has significant oilfields, such as the Raudhatain and Sabriya fields.
