Top 10 Largest Oil Producing Countries In The World
Here is the list of top 10 largest oil producing countries in the world (List Update), The earth’s cross seems to be one of the places god took out time to beautifully create given the varying colors textures and minerals available there oil which is one of such minerals has boasted the economies of many nations to gain world dominant and prominence the discovery of oil in any country make or mao the economy in question giving the stakes in place the production of oil globally in 2019 averaged 100 million barrels per day with approximately 68 coming from 10 counters with an overlapping 44 percent coming from the rest the oil industry is one of the most watched sectors in the world partly due to interpretation for high volatility like any other financial market the biggest factor controlling the price of oil is the relationship between supply and demand supply factors that affect the price of oil include production decisions made by organizations of the petroleum exporting countries or pec geopolitical issues and severe weather conditions demand factors include reliance on oil the price of the us dollar and global economic performance the top 10 biggest oil producers supply 71 of the world’s oil which is more than 100 million barrels per day the oil is mainly used in transportation but it also supports the production of certain lubricants plastics and pharmaceuticals the two most popular oil benchmarks in the world are brent crude and west texas intermediate.
List of Top 10 Largest Oil Producing Countries In The World
10. Kuwait – 2,940,000 barrels per day (Oil Producing Country)
kuwait’s oil production is responsible for more than 60 of its GDP and more than 95 percent of its export revenue given the revenue and subsequent progress achieved by the sales of oil Kuwait had plans to boost its production levels to 4 million BPD in 2020 but growth has slowed down due to the global pandemic despite the changing plans Kuwait is to one of the top 10 oil-producing countries whose output has been on an Opio for a while now in 2016 production reached 372 000 BPD then dropped BPD in 2017. in the year 2018, the country made a slight recovery producing two million eight hundred seventy thousand BPD, and was back up at two million nine hundred and forty thousand BPD in 2019 because Kuwait is so dependent on oil production to maintain its economic standing it may need to find another industry to boost its revenue if not the very fragile system might mile the economy when it drops
9. Iran, 3,190,000 barrels per day (Oil Producing Country)
Iran has slashed crude oil production to its lowest level in the four decades as tourist tanks and vessels are almost full due to a drop in export this slash in production has led to a decrease from 471 000 BPD in 2018 to 319,000 BPD according to the EIA Iran holds towards fourth largest proven oil reserves and the world’s second largest natural gas reserves despite the count is abundant in reserves Iran’s oil production has substantially fallen in recent years and natural gas production growth has been slower than expected changing economic conditions have caused Iran to lower its oil revenue expectations from 29 percent of GDP in 2019 to just 9 for 2020 however it remains committed to its investment in oil with the aim of injecting over 500 billion dollars into the sector by 2025.
8. Brazil, 3,678,000 barrels per day (Oil Producing Country)
oil production in Brazil has been on an overall increasing trend since 2008 when it amounted to less than 2 million barrels per day since then production has increased by nearly 53 percent reaching an average of 2.88 million barrels per day last year brazil’s oil production jumped dramatically from 3 million 428 000 BPD in 2018 to 3 million 678 000 bpd the recent surge in production in exports is said to be the result of years of large investments by state-run patrelio Brasileiro or Petrobras unfortunately like most other production countries prices all experts decrease in recent months due to the lower global demand the country holds less than one percent of the world’s oil reserves enough to last around 15 years
7. The United Arab Emirates, 4,010,000 barrels per day (Oil Producing Country)
the united Arab emirates is an OPEC member and have ranked among the top 10 oil producing counters for decades according to the UAE state of energy report of 2019 UAE has an estimated 98 billion barrels of all reserves in 2018 it saw a small decrease in production from the previous year’s 3 million 791 000 BPD however it appears that all output is stabilized and is back off the front to four million and ten thousand BPD the country holds the world’s seventh largest proven oil reserves at ninety-seven point eight billion barrels according to the UAE state of LG report of 2019 with most of those reserves located in Abu Dhabi the other six emirates combined accounts for just six percent of the country’s total reserves
6. Iraq 4,700,000 barrels per day (Oil Producing Country)
in the year 2017 despite increasing its output Iraq got bombed from 6th place by Iran on this top 10 oil producing counters list output in 2018 helped the nation regain its support position the middle eastern country marginally increased oil production from 4 million 616 000 BPD in 2018 to four million seven hundred and forty thousand bpt in 2019 it holds the world’s fifth largest proven oil reserves at 144 billion barrels that represent nearly 18 percent of the reserves in the middle east and almost nine percent of global reserves the most important oil field in Iraq currently is the southern field of romalia which accounts for about 1.6 million barrels per day other large southern fields include ao zubai misun and the west kuna
5. China 4,890,000 barrels per day (Oil Producing Country)
China has one of the world’s largest strategic oil reserves which is stockpiles of crude oil held by countries and privately for national security during the energy crisis china’s annual oil output increased in 2019 going up to 489 000 BPD from 4 million 779,000 bpt in 2018. China is the world’s second lightest consumer of all and moved from being the second largest net imports of oil to the largest in 2014 of the top 10 oil producing countries china is the world’s most populous country and has rapidly growing economic factors that have driven its high overall energy demand this is why the impact of the coronavirus on demand from China could have a significant effect on the market the EIA estimates that china’s domestic petroleum and earth liquids consumption averaged 13.9 million BPD in q1 2020 a decline of 0.6 million BPD from 2019 annual average primarily as a result of the Chinese government containment measures related to the coronavirus outbreak
4. Canada 5,500,000 barrels per day (Oil Producing Country)
Canada has been on a search in oil production from a production of 3.5 billion barrels a day in 2013 to 5.5 million BPD in 2019 surpassing 2018’s 5 million 295 000 barrels per day nearly 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 however because of economic and political considerations Canada is developing ways to diversify shooting partners especially by expanding ties with emerging markets in Asia Canada is slowly climbing the list of leading oil producers up from number five to number four production is said to increase by more than 120 by 2050 surpassing the growth rates of all non-OPEC countries though the drastic increase in production may be expensive as most of Canada’s oil about 96 comes from oil sands the country has access to the technology to bring the cost down further plans for the future include expansion to trade agreements which is expected to be concluded by December 2022
3. Russia 11,490,000 barrels per day (Oil Producing Country)
Russian oil output has been increasingly steady over the years growing from 11 million 401,000 BPD in 2018 to 11 490 000 BPD as of last year despite coming in third Russia is the world’s largest producer of crude oil and the second largest producer of dry natural gas according to the EIA most of Russia’s reserves are located in West Siberia between the Ural mountains and the central Siberian plateau as well as in the Urals Volga region extending to the Caspian sea overall production growth between 2018 and 2019 was less than one percent as OPEC and large Russian oil producers agreed to slow down production due to lower oil prices then in early 2020 kovi 19 curved output by up to 20 as of June 2020 Russia is the fifth largest consumer of oil consuming up to 3.31 billion ppd and that accounts for about four percent of the world’s total
2. Saudi Arabia 11,810,000 barrels per day (Oil Producing Country)
Saudi Arabia possesses roughly eighteen percent of the world’s proven protruding reserves and ranks as the largest exporter of returning as a result of this the oil and gas sector accounts for about fifty percent of its GDP and about eighty-five percent of its export earnings Saudi Arabia’s output came in at 12 419 000 BPD in 2018 and declined to 11 million 810 000 in 2019. in 2020 Saudi Arabia plays a key role in OPEC’s decision to curb all output and the country is now set to cut production by 3.3 million barrels a day from its current output levels to meet the conditions of the deal signed with other OPEC members and allies
1. The United States 19,510,000 barrels per day (Oil Producing Country)
the number one producer producing a whopping 19.51 million barrels per day is the united states of america it produced the most oil in 2019 with output increasing from 17 million 886 000 bpd in 2018 to 19 million 510,000 bpt the u.s has been described as a swing producer because production fluctuates alongside market prices oil is produced in 32 states and in u.s coastal waters the majority of 41 percent of which is trade in texas one of the main reasons why the us is a leader in oil production is because it was the first country to adopt new methods of drilling in addition to being a major oil producer the u.s is a big consumer of oil in 2019 the u.s took in a total of 7.47 billion buyers for trading products which is an average of 20.46 million bpt the corona virus pandemic has hit the us crude in 2020 with production expected to slom by 470 000 bpd and demanded to plunge by about 1.3 million bpt in 2020 according to the eia but then the nation still stands at number one sport there you have it explorers those were the top 10 oil producing countries in the world.