10 Countries With The Largest Oil ProductionI in The World

Which Countries Produce The Most Oil

Despite the popularization of the green economy, oil remains the most valuable resource on Earth. Those who have access to it build artificial islands in the Persian Gulf, buy football clubs and hold large-scale cultural events in their countries.

In the future, energy will definitely change, the world will go towards renewable sources. It will be necessary to decide on the disposal of thousands of oil rigs. But while they are “pulling” entire states and regions, daily bringing in more than 90 million barrels. Below we presented a rating about which countries produce the most oil.

10. Kuwait [2.75 Million Barrels Per Day]

Kuwait's oil fields became the main prize for the country following the results of the Persian Gulf War (1990-1991). Today they make 3% of the world's total oil production. The first wells were launched in 1938. According to a rough estimate, Kuwait has reserves in the region of 104 billion barrels, and the introduction of modern technology will increase this figure. At the current pace, a country can pump oil for another 100 years, guaranteeing itself well-being.

9. Brazil [2.8 Million Barrels Per Day]

Brazil collects 3.15% of all oil produced daily. In 2006, Petrobras (a Brazilian oil and gas company) announced the discovery of the largest field in the western hemisphere, which was called Lula (in honor of the president). Also in the oil and gas basin of Santos recently discovered another deposit - Jupiter. According to analysts, its reserves are 12.86 billion barrels.

Thus, the oil industry has become one of the main areas of the Brazilian economy. According to many experts, Lula, which will reach its peak in 2020-2021, has the potential to completely cover global oil needs.

8. Mexico [2.95 Million Barrels Per Day]

In response to the question of which countries produce the most oil, Mexico is almost never mentioned. The media rarely position this state as “sitting on an oil well,” but nonetheless it accounts for 3% of the daily world production.

A significant part of the volume is exported to the United States. This is an important segment of the economy - 10% of all export revenue comes from oil sales to America. But experts do not see big prospects in Mexico. Deposits are almost exhausted. Soon the country will give way to Brazil.

7. UAE [3.23 Million Barrels Per Day]

The United Arab Emirates is a federation of seven territories (emirates). The most famous of them are Abu Dhabi and Dubai. They are located in the southern Persian Gulf, a very rich oil region. The share of the UAE in world daily production is about 3.6%. The country has about 98 billion barrels in reserves.

But you need to pay attention that 92 billion are in Abu Dhabi. This can cause inter-empirical political problems. True, earlier Abu Dhabi was quite generous with its twin cities, and literally saved Dubai from financial problems several years ago. With current prices and the ability to produce up to 4 million barrels per day, the UAE will be in an excellent position for many years.

6. Canada [3.92 Million Barrels Per Day]

The country of moose and maple leaves ranks sixth in the ranking of the most active oil producers. With a population of 37 million people (4 times less than in Russia), Canada accounts for 4% of the daily production of “black gold” in the world. The situation is good in perspective. Most of the current reserves are in tar sands (fossil fuels, one of the types of  unconventional oil) .

As technology advances, Canada will benefit from these reserves, not to mention what might be discovered by a reduction in sea ice in the Arctic. Now Canada has 180 billion barrels in reserve, and is in third place in the world in this indicator.

5. Iran [4.13 Million Barrels Per Day]

Iran produces 4.5% of oil per day from global production. Most of it is clean, that is, it does not require sophisticated technology to extract. In addition, Iran is a member of OPEC, which gives it some power in controlling prices. At the moment, Iranian reserves will last for 90 years of active production.

4. China [4.19 Million Barrels Per Day]

China is steadily increasing its pace. Over the past half century, it gives 4.7% of the total production of the whole world daily. However, this is not enough for rapid economic development and providing for a gigantic population. Like the United States, China consumes more than it produces. China's reserves are quite modest - 20.35 billion barrels. But with the introduction of hydraulic fracturing and other technologies, they are likely to increase in the future.

3. Russia [10.3 Million Barrels Per Day]

If you ask a Russian about which countries produce the most oil, he will certainly mention the state in which he lives. Russia accounts for 11.6% of the daily global oil production. And this is not surprising, given the fact that our homeland occupies 1/9 of the land on Earth.

But “due to” geographical difficulties, the Russian Federation has so far failed to use all the reserves that are concentrated in the Far East, Eastern Siberia and the Arctic territories. According to general estimates, Russian oil reserves exceed 100 billion barrels, including Arctic sources.

2. United States [10.59 Million Barrels Per Day]

Unfortunately for Americans who want to be the first in everything, the United States is only in second place in terms of daily production. A stable investment climate and a high degree of technological development allow the country to introduce unconventional sources such as tar sands and shales.

US reserves are currently estimated at 1,442 billion barrels, but consumption is higher than production. That is why the country imports a lot of raw materials from Mexico and Canada.

1. Saudi Arabia [11.75 Million Barrels Per Day]

The Kingdom of Saudi Arabia receives 13.2% of the daily Oil Production on the planet. Based on the fact that the country is seated on an oil throne of 260 billion barrels, its position for the coming decades is beyond doubt.

True, the crown of world championship in the energy sector is likely to be selected. The United States has gained a significant pace in the production of biofuels and natural gas, and has already overtaken the Saudis in terms of total energy productivity.

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