Overall world development of oil is 12 percent and the oil around the world will deplete in a few years. Every country is trying to discover more stocks and shares of oil. It is the major requirement of this age that we must deal with. However, we shall endeavor to take full benefits of the oil development. In this article we have the list of top ten oil producing countries.
- Saudi Arabia
- United States
- United Arab Emirates (UAE)
Kuwait is one of the largest oil producing countries in the world. The production of oil is more than 2.5 million barrels a day and 1.4 million of oil are exported every day. Petroleum products attribute half of the Kuwait’s GDP.
Brazil holds the record of producing 3.05 % of world’s total oil production and produces around 2.5 million barrels daily. It exports around 699,000 barrels per day as Brazil expertise in extraction of deep water oil search which is around 73% of its total reserve.
8. United Arab Emirates (UAE)
With the oil production of 2.7 million barrels per day, UAE contributes 3.32% of world’s total oil production. It exports nearly 2 million barrels a day but is keen to explore on new ways to increase its production and export as well. Sharjah and Zakum are some of the major oil fields in the Middle East.
Oil production of 3 million barrels per day has made Mexico score 7th in the list of top ten. Oil Industry is the largest source of foreign income for the country followed by industrial exports, manufactured goods, electronics and others.
Around 100 new oil fields are spud daily in Alberta and this has made Canada continue to be one of the leading oil producing countries. It produces nearly 3.2 million barrels per day and constitutes 3.90% of world’s total oil production. Some of the major fields in Canada include Terra Nova oil field, Alberta and Hamburg oil field
Oil production in China is around 3.9 million barrels a day. Though it produces a high volume of oil, increase in domestic consumption restricts oil exports in respective quantity. With 7.5% of growth in oil consumption every year China is looking forward to enter into oil deal with Afghanistan.
Around 4,172,000 million barrels of oil is produced by Iran every day. Oil export contributes in more than 80% of Iran’s total revenue and plays an important role in its economic development. Despite cut in oil production due to Iraq war in 1980’s it continues to have one of the largest oil reserves in the world.
3. United States
United States is producing around 9,056,000 million barrels of oil daily. With 20.68 proven reserves it exports nearly 1.92 million barrels every day. Although it is 3rd largest producer of oil but since 2011 has been depletion in oil production and requires huge investment for reserve sustainability.
2. Saudi Arabia
There are around 267 billion barrels of oil reserves in Saudi Arabia and is hence reputed to be second largest producer of oil. It produces 9,764,999 barrels of oil per day and that makes a whopping 10.06% of world’s total oil production.
Russia is the world’s largest producer of oil and its yields around 10,120,000 barrels per day. Although its world’s largest producer but when we talk about export it scores 2nd as Saudi Arabia tops the list. Samotlor Field, Romashkino Field, Priobskoye field are some of the established oil fields in Russia.