Oil production is one of the most important industries in the world. It is a critical driver of economic growth, job creation, and technological innovation. As such, it is essential to know which countries are the biggest oil exporters in the world. In this article, we will explore the top 10 oil-producing countries and analyze their respective oil production capabilities.
List of top 10 oil-producing countries
United States of America (USA)
The USA is the leading oil-producing country in the world with an average daily production of 19.5 million barrels per day (bpd). The country’s shale oil boom has helped it surpass both Saudi Arabia and Russia in terms of oil production. Texas, North Dakota, and New Mexico are the leading states in oil production.
Saudi Arabia
The second-largest oil-producing country in the world is Saudi Arabia with an average daily production of 11.8 million bpd. The country is the de-facto leader of OPEC and is responsible for maintaining the balance of the global oil market. The majority of the country’s oil production comes from the Ghawar field, which is the largest oil field in the world.
Russia
Russia is the third-largest oil-producing country in the world with an average daily production of 10.8 million bpd. The country’s oil production is concentrated in Western Siberia and the Volga-Ural region. The oil industry is the backbone of Russia’s economy, accounting for around 40% of the country’s total export revenue.
Canada
Canada is the fourth-largest oil-producing country in the world with an average daily production of 5.5 million bpd. The majority of the country’s oil production comes from the oil sands in Alberta. Despite being a major oil producer, Canada is also known for its strict environmental regulations.
China
China is the fifth-largest oil-producing country in the world with an average daily production of 4.8 million bpd. The country’s oil production is primarily located in the Northeast and Northwest regions. China is also the world’s largest crude oil importer, with the majority of its oil imports coming from Saudi Arabia, Russia, and Angola.
Iraq
Iraq is the sixth-largest oil-producing country in the world with an average daily production of 4.6 million bpd. The country’s oil production is concentrated in the southern region, particularly in the Basra oil fields. Despite its large oil reserves, Iraq has struggled to increase its oil production due to political instability and security concerns.
Iran
Iran is the seventh-largest oil-producing country in the world with an average daily production of 4.4 million bpd. The country’s oil production is concentrated in the Khuzestan province. However, due to economic sanctions imposed by the United States, Iran has struggled to export its oil to other countries.
United Arab Emirates (UAE)
The UAE is the eighth-largest oil-producing country in the world with an average daily production of 3.3 million bpd. The country’s oil production is primarily located in the Abu Dhabi emirate. The UAE is also a member of OPEC and is responsible for maintaining the balance of the global oil market.
Kuwait
Kuwait is the ninth-largest oil-producing country in the world with an average daily production of 2.7 million bpd. The country’s oil production is concentrated in the Burgan field, which is one of the largest oil fields in the world. The majority of Kuwait’s oil exports go to Asian countries, particularly China and India.
Venezuela
Venezuela is the tenth-largest oil producer in the world, producing over 2 million barrels per day. The country has some of the largest oil reserves in the world, primarily located in the Orinoco Belt.
