Here is some latest information about Top 10 Oil producing Countries in the World that have huge oil reserves. Oil has become one of most valuable natural resources of any country. It is most consumed and traded commodity that seen as the Guarantee of Country’s fortune. It is the biggest source of power generation and almost 99.85% transportation in the world is due to oil and natural gas power. The oil production and consumption are influential factors such as per capita, quality of life, income, and rate of economic growth. There are many largest oil producing countries in the world, but some have massive oil reserves. Their economic status also depends on their oil reserves. You can see the List of largest oil production countries on Forbes.
In these countries, some wells are still undiscovered, but extraction techniques improved with the increase of new technology. Saudi Arabia is the top oil-producing country in the world which produces 11.75 millions barrels per day. Barrels per day is the unit at which oil produced quantity is measured. The following are the Top 10 oil producing countries in the world. These countries are responsible for over 60 % production of oil barrels per day.
10. Kuwait – 2.75 Million Barrels Per Day
Kuwait is an Islamic country which established in 1752. It is the tenth largest oil producing country in the world. As we know, Kuwait Currency value is most valuable, and its oil reservoirs are a significant source of income. This country is producing a 3% of world’s oil. First time wells were tapped in 1938 and continue to sit with 104 billion barrels. According to a report, Kuwait exported $34.1 million worth of oil in the world in 2015.
9. Brazil – 2.8 Million Barrels Per Day
The oil production of Brazil has increased for last ten years. Petrobras declared in 2006 the biggest oil discovery in Lula Field, Brazil. In 2015 another oil field Jupiter was discovered with almost 12.86 billion barrels. More than 50 companies are involved in Brazil’s oil reserves recovery and exploration. This country has 6000 km long crude oil pipelines system and import terminals. The Brazil oil producing figure will inevitably increase in future.
8. Mexico – 2.95 Million Barrels Per Day
Western hemisphere Mexico is the one of largest oil producing country in the world. Mexico produced 3.2 million Barrels for last 12-15 years, but annual production was decreased or increased since 2003-2004. Mexico has three grades of crude oil, and some other oil fields discovered recently. Oil revenues play a significant role in the Mexico’s export economy. Mostly Mexico’s oil export to the America in its gas tanks.
7. United Arab Emirates – 3.23 Million Barrels Per Day
The United Arab Emirates is considered a one of the wealthiest country in the world. It is the federation of seven emirates and oil-rich part of Persian Gulf. The majority of reserves are present in Abu Dhabi which almost 92 billion barrels. In 1973, the oil production was 2.1 million barrels in UAE and in 2015 it reached $51.2 billion of the world’s total oil exports. It is expected that in future UAE will produce billions of dollar per week.
6. Canada – 3.92 Million Barrels Per Day
Canada is famous for its moose and maple leaf and produces a vast quantity of oil. The Country is increasing its oil production day by day. Its most reserves are in tar sands that are difficult to trap from the ground. But with the new technology, Canada will be able to separate these reserves from the ground. Arctic sea ice retreats are one of these which will produce a significant production of oil in future. In 2015, Canada exported $50.2 billion worth oil in all over the worth. Over 70,000 wells drilled from 2005 and every day; almost 100 new trapped in the Alberta province.
5. Iran – 4.13 Million Barrels Per Day
Iran is producing a 4.5 % daily output of oil. No need much technology for the extraction of iron’s oil which is much conventional. Iran has a membership of OPEC ( Organization of Petroleum Exporting Countries), due to which, it influences the oil prices to some extent. Iran Oil production has affected by the America trade embargo. Many Heavy sanction and economies depend on exports from Iran. But despite these troubles and penalties, Iran can look forward over 90 years of production at the current level.
4. China – 4.19 Million Barrels Per Day
China is the highest economy country, and a significant source of income is because of the oil production. This country is one of largest oil producing country in the world. After 1950, Oil fields were discovered in China and import crude oil at this time. Domestic production could not fulfill the demand due to high population. Then China has become a net oil importer since 1993. The China’s fields are modest, and its output is increased, due to hydraulic fracturing and other techniques.
3. Russia – 10.3 Million Barrels Per Day
Russia is the third largest oil producing country which has the share of 11% in global oil exports. It is said that Russia has still some undiscovered natural gas and oil reserves that found in eastern Siberia. Russia is the number one natural gas producer and exporter in the world. Russia is a massive and transcontinental country which comprises 1/6 of the Earth’s landmass. If Arctic oil includes in its oil reserves then, it could reach 100 billion barrels per day.
2. The United States of America – 11 Million Barrels Per Day
The United States of America is most nearly of Saudi Arabia in oil producing. It is the second largest oil producer country and provides 12 % per day of total production. The United States of America is at the top of non conventional energy projects including tar sands, and shale oil, due to its high technology economy, as well as stable investment climate. After 2008, Oil production has increased and got new peaks soon. Most of Oil reservoirs of US concentrated along the Southern states of Texas and Louisiana. According to a report, 2500 wells drilled for oil and gas search by the United States.
1. Saudi Arabia – 11.75 Million Barrels Per Day
Saudi Arabia is a Muslim state which is a number one oil producing country in the world. They Have largest oil reservoir and export all over the world. Saudi Arabia obtains 95 % oil from eight major fields. According to an estimation, Saudi Arabia produces 13.24 percent oil produce daily all over the world. This country is also producing the largest quantity of natural gas and bio-fuel production.
List of 10 Largest Oil Producing Countries in 2017 At a Glance
|Sr. No||Largest Oil Producing Countries||Oil Production / barrels per day (Million)
|2||The United States of America||11|
|7||United Arab Emirates||3.23|
We conclude that Oil and natural gas play a significant role in the economy of any country. Oil has become the important thing for our daily transportation. Countries which described above are doing export and import their oil and earning the significant amount of money.