What countries produce the most oil in the World in 2020? Check to see if your country is on the list. Despite the popularization of the green economy, oil remains the most valuable resource on Earth.
Those who have access to it build artificial islands in the Persian Gulf, buy football clubs, and hold large-scale cultural events in their countries.
Largest Oil Producing Countries
In the future, energy is bound to change, the world will go in the direction of renewable sources. It will be necessary to solve the issue of recycling thousands of oil rigs. But so far they are “pulling” entire states and regions, bringing more than 90 million barrels daily. Below we presented a rating on which countries produce the most oil.
10. Kuwait (2.75 million barrels per day)
Kuwait’s oil fields became the country’s top prize after the 1990-1991 Gulf War. Today they make 3% of the total oil production in the world. The first wells were launched in 1938. Kuwait is estimated to have reserves of around 104 billion barrels, and the introduction of modern technology will increase this figure. At the current rate, the country can “pump” oil for another 100 years, guaranteeing its well-being.
9. Brazil (2.8 million barrels per day)
Brazil collects 3.15% of all oil produced daily. In 2006, Petrobras (a Brazilian oil and gas company) announced the discovery of the largest field in the Western Hemisphere, which was named Lula (in honor of the president). Also in the oil and gas basin Santos recently found another deposit – Jupiter. Analysts estimate its reserves at 12.86 billion barrels.
Thus, the oil industry has become one of the main areas of the Brazilian economy. According to many experts, Lula, which will reach a peak of productivity in 2020-2021, has the potential to completely close the world’s oil needs.
8. Mexico (2.95 million barrels per day)
Mexico is almost never mentioned in answering the question of which countries produce the most oil. The media rarely position the state as “sitting on an oil well,” but it nevertheless accounts for 3% of the world’s daily production.
A large part of the volume is exported to the United States. This is an important segment of the economy – 10% of all export income comes from the sale of oil to America. But experts do not see great prospects in Mexico. The deposits are almost exhausted. Soon the country will cede the position of Brazil.
7. UAE (3.23 million barrels per day)
The United Arab Emirates is a federation of seven territories (Emirates). The most famous of them are Abu Dhabi and Dubai. They are located in the southern part of the Persian Gulf, a very rich oil region. The UAE’s share of daily global production is about 3.6%. The country has about 98 billion barrels in reserves.
we need to note that 92 billion are in Abu Dhabi. This can lead to inter-world political problems. However, abu Dhabi was previously quite generous with its twin cities and literally saved Dubai from financial problems a few years ago. With current prices and the ability to produce up to 4 million barrels per day, the UAE will be in an excellent position for years to come.
6. Canada (3.92 million barrels per day)
The country of elk and maple leaves ranks sixth in the ranking of the most active oil producers. With a population of 37 million people (four times less than in Russia), Canada accounts for 4% of the world’s daily black gold production. The situation is good in perspective. Most of the current reserves are in the tar sands (a flammable useful fossil, a type of unconventional oil).
As technology improves, Canada will benefit from these reserves, not to mention what can be detected when sea ice is reduced in the Arctic. Canada now has 180 billion barrels in reserve and is the third-largest in the world in terms of this indicator.
5. Iran (4.13 million barrels per day)
Iran extracts 4.5% of oil per day from the level of global production. Most of it is clean, that is, does not require complex technologies to extract. In addition, Iran is a member of OPEC, which gives it some power in price control. At the moment, Iranian reserves will be enough for 90 years of active production.
4. China (4.19 million barrels per day)
China is steadily increasing its pace. In the last half-century, it has produced 4.7% of the total production of the world daily. However, this is not enough for rapid economic development and the provision of a gigantic population. Like the United States, China consumes more than it produces. China’s reserves are quite modest – 20.35 billion barrels. But with the introduction of hydraulic fracturing and other technologies, they are likely to increase in the future.
3. Russia (10.3 million barrels per day)
If you put this question across to a Russian chap about which countries produce the largest oil per day, he wouldn’t mention any other than the country he hails from. Russia as a big oil producer accounts for 11.6% of the world’s daily oil production, which is quite very substantial, it shouldn’t surprise anyone so much because Russia occupies one-half of the land area on planet Earth.
Fortunately, due to geographical difficulties, the Russian Federation is still yet to convert to use all the reserves that are concentrated in the Far East, Eastern Siberia, and the Arctic territories. It is estimated that Russian oil reserves exceed 100 billion barrels, including Arctic sources.
2. United States (10.59 million barrels per day)
Unfortunately for Americans who want to be first at all things are ranked as the second-largest when it comes to daily oil production and reserve. A stable investment climate and a high degree of technology allow the country to introduce unconventional sources such as tar sands and shale.
U.S. oil reserves are now estimated at around 1,442 billion barrels, even though consumption is higher than production which explains why the USA still has Canada and Mexico has her largest importer of raw materials for more production.
1. Saudi Arabia (11.75 million barrels per day)
As Statistics have it, Saudi has her seat on the oil throne of around 260 billion barrels, which is a very massive volume yet for the coming decade.
The Kingdom of Saudi Arabia gets around 13.2% of the daily oil production making her the largest oil-producing country on the planet.
However, the crown of the world championship when it comes to the energy industry is likely to be selected. The United States still remains a strong force when it comes to the production of biofuels and natural gas and has already overtaken the Saudis in total energy production.
Do you accept our ranking of the Largest Oil producers in the world? or do you think there is a country that should make it to the list, drop your comment in the conversation section below the fold.
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