Top 10 Oil Producing Countries
Country Production USA 15.6 Saudi Arabia 12.1 Russia 11.2 Canada 5.0
China 4.8 Iran 4.7 Iraq 4.5 UAE 3.7 Brazil 3.4 Kuwait 2.9 *2017 production in
million barrels per day
1. USA produced 15.6 million barrels per day in 2017, or 13.4% of global production. USA oil demand increased by 150,000 b/d in 2017, Oil consumption in the USA is expected to climb an additional 340,000 b/d in 2019 to 20.65 million b/d, according to EIA.
2. Saudi Arabia produced 12.1 million bpd in
2017. Saudi Arabia possesses 260 billion barrels of oil reserves, accounting
for around 22% of the world’s proven petroleum reserves and ranks as the
largest exporter of petroleum. The oil and gas sector in Saudi Arabia accounts
for about 50% of the country GDP, and about 85% of export earnings.
3. Russia produced 11.2 million bpd in 2017. Russia
has the eighth largest oil reserves in the world, it is also one of the top oil
exporting countries in the world. In 2016, Russia exported more than 5.2
million barrels per day (b/d) of crude oil and condensate and more than 2.4
million b/d of petroleum products, mostly to countries in Europe. Exports of
crude oil and petroleum products represented nearly 70% of total Russian
petroleum liquids production in 2017.
4. Canada produced 5.0 million b/d in 2017. Canada
Leapfrogged China in 2017 to become the world’s third-largest oil producing
countries. Currently, Canada’s main sources of oil production are the oil sands
located in Alberta, the Western Canada Sedimentary Basin and Atlantic offshore
fields. According to the EIA.
5. China produced 4.8 million b/d in 2017.
Currently, China produces 4.7% of global output. China’s oil reserves are
modest, at 20.35 billion barrels, but with the implementation of hydraulic
fracturing and other technology, the country’s oil production is likely to
grow.
6. Iran produced 4.7 million b/d in 2017. Iran
has significantly increased its oil production capacity from 3.5 million b/d in
2004 to over 3.7 million b/d in 2017. The oil production in Iran is one of
their major industries that employee majority of Iranian. The total revenue
generated from oil production in Iran is over 60% of the total government
revenues.
7. Iraq produced 4.5 million b/d in 2017. Iraq
has the world’s fifth largest petroleum reserve and it is currently world’s 7th
largest petroleum producing nation. Iraq’s economy is majorly depended on its oil
production and imports. Over two thirds of Iraq’s GDP is directly depended on
oil production and exports.
8. UAE produced 3.7 million b/d in 2017. The
UAE government has announced that they’ll increase the production of their oil
to 5 million b/d in coming years. The major oil reserves in the UAE are in the
regions of Abu Dhabi, Dubai, and Sharjah.
9. Brazil produced 3.4 million b/d in 2017. Brazil
is the largest producer of crude oil in the whole South American region. The
production of oil in Brazil has increased by over 5% year over year.
10. Kuwait produced 2.9 million b/d in 2017.
The petroleum industry in Kuwait is the largest industry in the country
accounting for over half of its GDP. Kuwait oil reserves are 4th largest in the
world with 9.5% of the global reserve.
Norb Leahy, Dunwoody
GA Tea Party Leader
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