Top 10 Most Oil-Producing Countries In The World

Top 10 Most Oil-Producing Countries In The World

*bpd: barrels per day

10. Kuwait: 2.75 Million bpd

As expected, When we mention Kuwait or any other gulf country The first thing came to our minds is oil, This small country on the Persian Gulf holds nearly 10% of the world’s oil reserve, Kuwait if one of the OPEC members and it produces 2.75 million barrels per day that is almost 3% of the world’s production, Moreover, Kuwait still dependent on oil production, Petroleum contributes nearly half of Kuwait’s GDP and 95% of government income,  However, The Kuwait petroleum corporation (KPC) has recently announced an intention to optimize oil production to 4 million barrels per day by the year 2020.

9. Brazil: 3.3 Million bpd

Brazil has shown a big improvement in oil production during the last decade, the country is currently producing 3.3 million barrels per day, Brazil has also around 14.4 billion barrels which make it the second-largest proven oil reserves in South America after Venezuela, However, with the rising demand in the international market, Brazil becomes a net exporter when they break a record in 2018 by exporting 1.12 million barrels per day which represent about 40% of Brazil’s oil production.

8. United Arab Emirates: 3.72 Million bpd

The UAE and is considered as one of the top oil producing countries in the middle east, The UAE produce 3.72 million barrels per day and according to Oil & Gas Journal, UAE has the seventh largest world’s oil reserve by around 98 billion barrels most of the reserve is located in Abu Dhabi (96%), while the other 6 emirates own only 6% of the total reserve, United Arab Emirates is one of the OPEC’s members.

7. Iraq: 4.5 Million bpd

Despite the wars and the political problems which occurred during the last 2 decades in Iraq, The country is still one of the top oil-producing countries in the world, In fact Iraq produce daily around  4.5 million barrels, Oil’s production represent a large share of Iraq’s GDP, Moreover, Iraq is an OPEC member and it holds approximately 10% of the global’s oil reserve at 144 billion barrels.

6. Iran: 4.69 Million bpd

The petroleum industry in Iran plays a big role in the country’s economic, Iran oil’s production is 4.69 million barrels a day which equals 5.1% of the world’s total oil production, Iran generates around US$30 billion from oil’s production and that represents about 18.7% of its GDP, According to EIA Iran holds the fourth-largest oil reserve in the world, this is roughly 10% of the world’s total proven reserve, Iran is also one of the OPEC’s members.

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5. China: 4.77 Million bpd

China is the fifth largest oil producer in the world by 4.77 million barrels per day, it is also considered as the second-largest consumer of oil in the world, as well as the biggest net importer in the world, In 2015 China broke a record by importing 6.7 million barrels a day, China is the third-largest reserve of recoverable shale oil of about 5 billion tonnes.

4. Canada: 4.95 Million bpd

Canada produces daily 4.95 million barrels of oil, the majority of oil production occurs in Alberta province by 79.2% of Canada’s oil, The country produces more oil than what it consumes, which leads Canada to be a large net exporter to the international markets, In 2017 Canada exported 3.3 million barrels per day to the U.S which represent a large percentage of Canada’s total oil production, Moreover, The production of oil, natural gas, and electricity generates about US$107 billion to Canada’s GDP, The country is the world’s third oil reserves at 172 billion barrels, majority of the reserves are in the oil sands.

3. Russia: 11.2 Million bpd

Third largest oil producing country in the world, Russia produce 11.2 million barrels per day last year which the following is equivalent to 12% of the world’s oil production, Moreover, Russia has one of the largest oil reserves in the world by 80 billion barrels, However, Russia is considered as a large net exporter of energy sources, In 2016 around 70% of Russia’s crude oil exported to European countries, specifically to Germany, Poland and Belarus.

2. Saudi Arabia: 12 Million bpd

The largest oil producing country in the middle east and the world’s second, Saudi Arabia produce daily 12 million barrels and it has the largest oil field in the world (Ghawar field), That field itself generates a maximum of 3.8 million barrels per day operated by Saudi Aramco, The petroleum sector contributes 87% of Saudi revenues and 42% of Saudi’s GDP, Saudi Arabia ranks as the largest exporter of oil as well as it has the second largest proven oil reserves in the world by 268 billion barrels.

1. The United States: 15.6 Million bpd

The world’s largest oil producing country by 15.6 million barrels per day, However, The United States still one of the largest net importers, Most of the petroleum imported by The U.S is crude oil, According to EIA, In 2017 the US imports daily around 3.77 million barrels from Canada, Saudi Arabia, Iraq, Mexico and Venezuela, The United States has a proven oil reserves by 39 billion barrels of crude oil, According to a study done by API has shown that Oil & Gas industry contributes US$ 1.3 trillion to the United States economy that’s around 7.6% of The U.S GDP.