Oil is commonly referred to as the black gold and is the world’s most important resource. Most activities in the world from energy production, industrial processes to transportation utilize oil to run. Oil is very important for economic success of oil producing countries and the world by extension. As a result there has been so much politics and even wars related to oil. So who is who as far as oil production is concerned? Here are the countries that made it to the list of top ten oil producers in the world.
Kuwait produces 2.75 million barrels a day and this accounts for 3.1 percent of the total global oil production. Kuwait has produced oil since 1938 and still has reserves amounting to 104 billion.
Brazil produces 2.8 million barrels of oil a day giving it a 3.15% of the world’s total oil production. Brazilian oil mainly comes from the Lula oil field which has around 8 billion barrels. Brazil has a total oil reserve of 12.86 billion barrels but this is expected to rise as more discoveries are being made.
With A production of 2.95 million barrels a day, Mexico accounts for 3.3% of the global oil output. More than a third of the oil produced in Mexico is exported to the US. The revenue generated from oil exports make up to 10% of the country’s export earnings. The country has 10.42 billion barrels in reserve and newer discoveries are being made.
United Arab Emirates (UAE)
The UAE produces 3.23 million barrels of oil every day and this accounts for 3.6% of the total global production. The UAE has 98 billion barrels of proven oil deposits which is mostly in Abu Dhabi. Oil exploitation in the country is done judiciously to ensure long term benefits are accrued from the resource.
Canada produces 3.92 million barrels of oil per day, thereby accounting for 4.4% of the global oil production. The production is expected to go up once plans are finalized to begin production from unconventional sources. Oil discovery has been made in Canadian sands but the technology to exploit it is still lacking.
Iran generates 4.13 million barrels of oil per day. This accounts for 4.6 percent of the total global oil production. Iran has large proven oil deposits amounting to 137 billion barrels and is the second biggest producing member of OPEC.
China used to completely rely on foreign countries for its fuel needs before the 1950s discovery of large deposits in the country’s north. China currently generates 4.19 million barrels of oil a day. This gives it a global production share of 4.7 percent. But like the US, China consumes more oil than it produces and, therefore, must import more oil from other countries to make for the difference. The country has proven deposits that amount to 20.35 billion barrels.
Russia produces 10.3 million barrels of oil every day or 11.64% of the global output and this makes it the world’s third largest producer. The country has proven reserves amounting to 60 billion barrels which is yet to be fully explored. Being at the tip of the arctic, Russia is thought to have the ability to generate up to 100 billion tons of oil and gas.
The United States
With a daily production of 10.59 million barrels, the US is the world second largest oil producer. This production gives it 11.94% share of the total global production. However, being one of the world’s biggest oil consumers, the US must import more oil to meet its domestic demand for the resource. The US has proven oil deposits amounting to approximately 21 billion barrels. Studies have estimated that the country might have technically recoverable deposits amounting to around 219 billion barrels.
Saudi Arabia is the world’s largest oil producer, generating 11.75 million barrels a day. This translates to 13.24% of the global oil production. The Middle East Kingdom still possesses a large volume of proven oil deposits that amounts to approximately 263 billion barrels, second largest after Venezuela. Saudi Arabia is the biggest producer in the Organization of Petroleum Exporting Countries (OPEC).