Since the first oil wells were drilled in China in 347 AD, crude oil has become the backbone of the world economy and it is used almost everywhere. Still we have a huge proven global crude oil reserve of 1,481,526 million barrels. I’ve compiled a list of top 10 oil producing countries by the numbers of barrels they produce per day. Don’t forget to comment…
Production: 2,638,000 barrels per day
Besides the great tension in the country they are producing a great amount of crude oil per day but still Iraq is in need of investment in the crude oil industry which could boost their production. If they continue to extract oil at the present rate their oil reserves will run out of oil after 158 years.
Production: 2,682,000 barrels per day
The country having the strongest currency in the world is on no. 9. After the discovery of crude oil in Feb, 1932 in Kuwait their days were changed and now the economy of this country is mainly based on the huge production of crude oil and they also have hold on 10% of global oil reserves. The country also have about fifteen big oil companies.
Production: 2,934,000 barrels per day
Commercial oil production was started in 1901 in Mexico and they are doing well in the crude oil industry and because of that crude oil production plays a very important part in the Mexican economy. Mexico have a total global share of 3.56% of crude oil. However, Mexican petroleum production peaked in 2008 and now the oil production and export in Mexico is going in a severe decline.
7. United Arab Emirates
Production: 3,087,000 barrels per day
The first commercial oil production was started in 1958 in the UAE. It is another country mainly based on oil and gas production. Almost 30% of UAE’s GDP is directly based on crude oil and natural gas production. Since the discovery of oil in the UAE, the country (like other Middle Eastern counteries) has become a modern state with a high standard of living.
Production: 3,592,000 barrels per day
The was first oil well was dug in 1858 by hands in Ontario, Canada and by 1864 about 20 refineries were operating in Ontario, Canada. Most of crude oil produced by Canada is exported. Crude oil production is the most important industry in not only Canada but also the North America. According to some experts the Canadian oil production will reach its peak in 2020 if they continue to produce at the current rate. Canada have a share of 3.60% on the global oil production.
Production: 4,073,000 barrels per day
After the discoverey of major oil reserves in Songhua Jiang-Liao basin in northeast of China many more crude oil reserves were discovered and as the discovery begins the export of petroleum increase and increase until 1993 and no export of petroleum was possible after that due to the great internal demand of oil. So, China shifted from an oil exporter to an oil importer.
Production: 4,231,000 barrels per day
Iran is an energy superpower country and oil plays a role of captain in it. Besides the great tension in the relations of Iran between U.S.A. and U.S.A’s allies, Iran export most of it’s oil to other countries including China, France, Italy, Greece and South Korea etc. They produce about 5% of all crude oil in the world.
3. United States of America
Production: 9,023,000 barrels per day
Shortly after the discovery of oil in Pennsylvania, United States in 1859, petroleum plays a very important role in the economy of the United States and by 2008 United States was the third largest producer of oil having hold on 8.91% of the total oil reserves in the world. But as time passed the oil production in the United States peaked in 1970 but still they have plenty availble atleast to run a superpower.
2. Russian Federation
Production: 10,210,000 barrels per day
This superpower have hold on 11.01% share in the total crude oil reserves and their petroleum industry is on of the largest in the world. The petroleum export plays a very important role in the economy of the Russian Federation. But, unfortunetly they are in dire need of investment in their petroleum industry. They have about 15 very big oil and gas company and the largest oil producer in Russia is Lukoil.
1. Saudi Arabia
Production: 11,150,000 barrels per day
The discovery of oil came to Saudi Arabia as Aladin’s lamp it changed their days about one-fifth of all crude oil is under the deserts of Saudi Arabia and ofcourse because of that petroleum is the most important part of their economy and it also plays a very important role in their GDP. But, a new country have found a lot more oil than Saudi Arabia under their land and in the coming days they could come up to atleast top 3 producers of oil from no. 13 that country is Venezuela.