Despite having thousands of ways to be economically rich, but oil is still the valuable mean for creating massive fortunes. Global oil production has reached an alarming level in recent years. According to the U.S Energy Information Administration, the world is extracting 80,622,000 barrels per day. Only the top 10 countries are producing 68% while the rest amount came from the fourteen countries.
List of Largest Oil Producing Countries in the World
The OPEC countries are widely known for their rich natural resources. Actually, the OPEC countries which include Saudi Arabia, Iraq, Iran, UAE, Qatar, and others are holding more than 80% of the natural resources. For those who are curious to know about the list of the largest oil-producing countries. Let check out our list of the top 10 largest oil-producing countries in the world.
Let’s get started with Brazil. Yes, the country known for its sports range also make its presence on our list. Petrobras has announced the discovery of the largest natural oil resource in 2006. The recent statistics have revealed the staggering figure. The figure is showing that the county is producing 2,515,459 barrels per day.
In the list of top oil-producing countries, Kuwait has been producing 2,923,825 barrels per day. The State of Kuwait has been contributing as one of the natural reserves since 1938. The oil production of Kuwait is 3 percent of the global oil production which is retaining Kuwait in our list of the largest oil-producing countries.
3. United Arab Emirates
UAE, the federation of 7 countries, is most famous for Dubai, Sharjah and Abu Dhabi. These are famous for their modernize lifestyle but also the biggest names when to list down oil-producing tycoons. With the 3,106,077, the United Arab Emirates is producing 3.6 percent of the global daily output. Only the natural reserves have uplifted the economies of the OPEC countries to sky high.
Canada is playing the prime role of a significant contributor to the global daily output. Although, the country is well-known for maple leaves and the coolest weather, the country is producing the 4% percent of the global production. The recent chart has shown, Canada is getting 3,662,694 barrels per day.
Whether you’re listed down the technologically advances countries or the largest oil-producing countries, China is the one that surely stands out in the top-ranking. China has been increasing its production from the last 50 years. Surprisingly, the country has been producing 3,980,650 barrels per day, but unable to meet the country’s need. Due to having a huge population, China has to import thousands of barrels to meet the oil consumption needs.
At five, The Islamic Republic of Iran has grabbed a rank. As oil consumption is increasing day-by-day, the largest oil-producing countries have driven up the per day barrels. The U.S Energy Information Administration has revealed that the country is producing 3,990,956 barrels per day and tries to do it more efficiently. Most commonly, the country believed to be the second-largest oil consuming and the 5th oil-producing country in the world.
With 4,451,516 barrels a day, Iraq is among the world’s largest oil producing countries in the world. The OPEC member attempted to increase the barrels per day. However, the country’s production affected by the brutal war that has almost ruined the country’s infrastructure.
8. United States
While listing down the largest oil producing countries, the United States will always go on third. The country is strategically pushing the production which increasingly reaches to its maximum of 8,875,817 barrels a day. The U.S Energy Information Agency has made a prediction that the country will become the largest oil producing country sometime between 2020 to onward. It’s mainly due to the hydraulic fracturing and the drilling technology in the major areas like North Dakota, New Mexico, and Texas. No doubt, the country has produced a large amount of oil from natural reserves but on the other hand, the consumption graph is also going high.
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9. Saudi Arabia
The Kingdom of Saudi Arabia took the second spot on our list of the top 10 largest oil producing countries. Although, the country faces the decrement but, still standing out on the second rank for producing 10,460,710 barrels per day. Last year, the country has made a statement that it will not cut its output by boosting up prices.
Over the past few years, the country has been increasing its per day oil production steadily. According to the U.S Energy Information Administration, Russia is topping on the list of top 10 largest oil producing countries in the world for having the production rate of 10,551,497 barrels per day. It’s not surprising because Russia comprises about one-sixth of the world and not fully tapped.