The oil industry has always been an attractive industry that continues to keep the world curious about the top oil-producing countries. The amount of oil production by these top oil-producing countries is expected to be as strong as today in the future as well. Curious to know the countries’ name that tops the list of oil production?
Here is the list regarding the oil industry:
Top 10 Oil Producing Countries in World
- U.S.A.: Leading its way to the top of the list is the U.S.A. with a total of 15.6 million b/d. This quantity of oil production dominates around 13.4% of the total oil production in the world. Many experts believe that these figures are likely to increase in the future. As of now, the U.S.A. is truly one of the most influential names in oil-producing countries.
- Saudi Arabia: With a total of 12.1 million b/d, Saudi Arabia secures its position at the second spot in the oil production. The countries’ oil and gas sector accounts for a total of 50% of the countries’ GDP along with contributing 85% of export earnings.
- Russia: Russia contributes a total of 11.2 million b/d and thus is one strong name in the oil industry. It also contains the world’s 8th largest reserves of oil and thus plays an important role in oil production.
- Canada: The oil sands of the Alberta, the Western Basin of Canada Sedimentary and the fields of Atlantic offshore are some of the major sources of Canada’s oil production. The county produced 5 million b/d of oil in its previous year and thus made its strong presence amongst the oil-producing countries.
- China: Not only China consumes a lot of oil but it also is a leading player in oil production. It recently produced 4.8 million b/d which helped the country to mark its entry in the list. It is one of the leading names in the oil industry throughout the world.
- Iran: Iran dominates the Middle East region with its oil-producing In the previous year, it has produced around 4.7 million b/d of oil. The oil industry is one of the major employment options for the local residents there.
These Middle East Countries are the Biggest Oil Producers
- Iraq: The economy of the country largely depends on the production of oil and thus it takes all the possible efforts for maintaining its position in the list of oil-producing countries. The production and imports of oil contribute around 2/3rd of the countries’ GDP.
- UAE: Being one of the world’s largest oil reserves, UAE produces a total of 3.7 million b/d. Dubai, Abu Dhabi, and Sharjah are the major UAE’s oil reserves.
- Brazil: The entire South American region is supplied with the oil production done in Brazil. The Brazilian government is also trying to increase its oil imports to continue being one of the major oil-producing countries. Currently, it produces 3.4 million b/d.
- Kuwait: Kuwait is all planning to increase its total of 2.9 million of oil production for its future. The country leads 9.5% of the entire reserves globally.