Top 10 Largest Oil Producing Countries In The World
Petroleum is considered one of the most valuable natural resources of any country. Although it is the most valuable commodity, oil is also considered a guarantee of a country's prosperity. Today, thanks to enormous technological advances, mining techniques have improved.
It is expected that in the near future, old wells will be exhausted due to current oil consumption, and new oil-rich places will be explored to meet the world's oil needs. With a total output of 90 million barrels per day, 10 major producers manage more than 60% of oil flows. Here are the main oil manufacturers in the world:
Biggest Oil Producing Countries In The World
- Saudi Arabia
- United States
- Russia
- China
- Iran
- Canada
- United Arab Emirates
- Mexico
- Brazil
- Kuwait
1. Saudi Arabia
Saudi Arabia is the world's largest and leading oil producer. It produces 11.75 million barrels per day. The country's total reserves are at 260 million barrels, second only to Venezuela. However, Saudi Arabia lags far behind the US in energy production, including natural gas and biofuels.
2. United States
The US ranks second with production of 10.59 million barrels per day. It is the second largest producer in the world and produces 12% of total output. Thanks to high technology and rapid exploitation, the United States is the largest producer of unconventional energy.
It produces large amounts of tar sands and shale oil. Americans' consumption is much larger than theirs and that is why they are forced to ship oil from Mexico, Canada and other countries.
3. Russia
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Russia ranks third on the list and is the world's third largest oil producer. Russia with total production of 10.3 million barrels/day. It represents 1/6 of the total mass of the Earth.
But Russia has not yet exploited and explored all its reserves, especially in eastern Siberia, and if Arctic oil is included, they would amount to 100 billion barrels.
4. China
China ranks fourth in bulk oil production. China has recently increased production over the past 50 years and now accounts for 4.7% of total production. But because of China's large and dense population, its consumption is much larger than its output.
China's reserves are very modest. But China's output will likely increase thanks to fracking and other techniques. The Penglai 19-3 oil field, which suffered a serious oil leak in 2011, has officially been allowed to resume operations.
5. Iran
Coming in fifth place, Iran processes 4.5% of daily output. Most iron oils are largely conventional so their extraction does not require much technology. Because it is a member of OPEC, an organization of oil exporting countries, Iran also affects oil prices to some extent.
Iran's reserves are enough for another 90 years of production at current prices, ensuring prosperity for future generations.
6. Canada
Canada ranks sixth with the largest oil reserves. This country is famous for maple leaves and elk which is also rich in oil. Although it makes up only a small percentage of the population, it produces 4% of all oil produced.
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Most reserves are in the form of oil sands, which are difficult to separate and relatively expensive. But Canadian production could increase in the future as Arctic ice recedes.
7. United Arab Emirates
The United Arab Emirates ranks seventh due to its high oil reserves. The United Arab Emirates is a federation of seven emirates; it is considered the richest and oil-rich region in the Persian Gulf. It produces 3.23 million barrels per day.
However, the majority of reserves are located in Abu Dhabi, about 92 billion barrels. Abu Dhabi has been very generous to other cities by supplying them with oil when needed, and the UAE is expected to receive billions of dollars per week in future oil revenues.
8. Mexico
Although not an energy powerhouse, the country is the world's 8th largest oil producer with 3% of daily output. Most of Mexico's oil is exported to the United States for use in gas reservoirs, and 10% of total revenue comes from Mexico's oil exports. But what is alarming is that Mexico's reserves have decreased and the country's position is at risk of falling on this list.
9. Brazil
Brazil ranks 9th in the list of 10 countries with the largest oil reserves. In 2006, Petro-bras announced its largest oil discovery in the Lula field. Brazil produces 3.15% of the world's daily oil and the Lula field contributes only a small portion.
But recently it was discovered that the Jupiter oil field has reserves of nearly 12.86 billion barrels. At this rate of discovery, oil reserves are expected to increase in the near future.
10. Kuwait
Kuwait ranks 10th in the top 10 list. Kuwait's oil fields currently produce 3% of global oil output. Kuwait has reserves of 104 billion barrels, although more could be extracted with better technology. Kuwait's oil is expected to last 100 years and provide a steady stream of wealth for some time.
