10 Highest Oil Producing Countries

10 Highest Oil Producing Countries
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10. Kuwait – 2.75 million barrels per day

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Kuwait is a member of the Organization of the Petroleum Exporting Countries (OPEC) and in 2013 she was ranked tenth in global oil production. After Saudi Arabia, United Arab Emirates, Iraq and Nigeria, Kuwait is placed fifth in countries that export huge volumes of both oil and condensates.

Kuwait’s economy greatly relies on oil export revenues. This accounts for approximately 60% of the country’s GDP. On the same, oil exports accounts for 94% of total Kuwait’s exports. In 2007, the country exported approximately 2.6 million barrels daily. To guard against such a time when the country will have limited oil to export, Kuwait has a Future Generations Fund to which it contributes 10% of the total oil earnings.

Capital: Kuwait City
Population: 3.7 Million
Medium Income: $43,100

9. Brazil – 2.8 million barrels per day

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dailymail.co.uk

While Brazil is viewed as a major global energy consumer, she is also one of the significant producers. In 2014, she was regarded as the eighth largest consumer of energy globally; and the third in the Americas, after the US and Canada. The country’s energy consumption has been doubling because of her economic growth and development.

In 2014, the country produced nearly 2.95 million barrels daily. This was 9.5% increase on the volume that was produced in 2013. Globally, this figure placed the country ninth; and the third in the Americas, after the US and Canada. In 2014, 60% of the total energy production was from fossil fuels. This was a 5% increase compared to 2013. One of the major challenges that the country has been facing is the single operator monopoly, Petrobras

Capital: Brasilia
Population: 205,350,000
Medium Income: $15,700

8. Mexico 2.85 Million

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Behind America, Canada and Brazil; Mexico is the fourth major oil producer in the Americas. In 2014, the total oil production in Mexico was 781,000 barrels per day. This was approximately 11% of US’ total crude oil exports. Given the geographical proximity between Mexico and the US, the former is a major ally in the latter’s oil and gas industry. After a drop in production at Cantarell; the country’s total oil and gas production has been decreasing significantly. To steady the decline, Mexico enacted constitutional reforms that were aimed at terminating a 75 year old monopoly by the state owned Petroleós Mexicano Company. Oil production is an essential aspect of the country’s economy and in 2014 it accounted for an estimated 11% of the total export revenues

Capital: Mexico City
Population: 119,530,000
Medium Income: $18,850

7. United Arab Emirates – 3.23 million barrels per day

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chron.com

Oil has been a major part of UAE’s economy and in 2013 the country climbed to sixth in the world in oil production. In 2013 UAE’s total oil exports were approximately $123 billion. This was a considerable growth considering the total export earnings in 2010 were estimated at $75 billion.

Apart from the booming oil sector, other non-energy industries have been flourishing and as a result the kingdom has been drawing considerable interest from investors. As a result of the growing global interest and the recovery of the real-estate industry, the country’s GDP experienced a 5.2% growth in 2013. While new prospects of more oil discovery in UAE are slim, effective techniques; for example enhanced oil recovery; are used to extract current resources

Capital: Abu Dhabi
Population: 9,580,000
Medium Income: $35,400

6. Canada – 3.9 million barrels per day

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theglobeandmail.com

While Canada produces crude oil, she also exports other energy products; for example natural gas, coal and hydroelectricity. The US has been a major trading partner since she consumes most of Canada’s oil products. With the ongoing developments within the Asian market, Canada is looking to diversify her market.

As of 2015, it was reported that the country has approximately 173 billion barrels of verified oil reserves. This has seen her rated third globally, behind Saudi and Venezuela. The country’s oil industry has been privatized and as a result it has drawn the interest of various global and local extraction companies. Regarding production, in 2014, the country produced approximately 4.4 million barrels per day. This was an increase of nearly 300,000 barrels per day compared to 2013

Capital: Toronto
Population: 36,050,000
Medium Income: $45,500

5. Iran – 4.4 million barrels per day

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asianews.it

Iran has been placed fourth in proved crude oil reserves globally. She is also rated second in natural gas reserves. In spite of having these resources, as a result of global economic sanctions, the country’s extraction processes have largely declined.

As a result of contract terminations and delays Iran has been unable to effectively implement her upstream projects; a case that has contributed to the falling oil and gas extraction. As a result of the sanctions, the country experienced nearly 1.0 million barrels per day fall. In 2013, the country produced approximately 3.2 million barrels per day. The previous year, she had produced an estimated 5.6 million cubic feet of natural gas

Capital: Tehran
Population: 78,200,000
Medium Income: 12,330,000

4. China – 4.6 million barrels per day

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reuters.com

Given the country’s large population, China has emerged one of the largest consumers of energy globally and she is also a producer. Recently, China has emerged as a major player within the oil industry and because of its large population; the country has drawn considerable interest from the other energy producing countries.

In 2011, she was the leading energy consumer internationally and the second in global oil products consumption; after the US. In 2014, as a result of the growing energy needs in China, the country consumed approximately 43% of the total oil consumption development. In 2015, it is projected that the country will consume one quarter of the total oil produced. While the country has approximately 24.6 billion barrels in reserves, in 2014, she recorded 4.6 million barrels per day; and 92% was crude oil and the rest was non-refining liquids.


Capital: Beijing
Population: 1,376,000,000
Medium Income: 8,280

3. Russia – 11 million barrels per day

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businessinsider.com

Russia has been rated as the largest crude oil producer and second in natural gas production. The country also mines coal. As a result, oil and gas accounts for approximately 50% of the country’s export revenues. In 2014, the country mined approximately 10.9 million barrels per day. In 2013, she also produced an estimated 22.1 trillion cubic feet of dry natural gas; thus coming in second after the US. In 2014, Russia supplied 30% of her oil and gas products to Europe. Europe has risen as a major market for Russia because in 2014 she exported approximately 70% of her crude oil and 90% of natural gas

Capital: Moscow
Population: 144,200,000
Medium Income: $8,060

2. United States 11.7 Million

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theatlantic.com

The oil and gas industry in the US has been growing steadily over the years. In 2011, the country extracted 5.6 million barrels per day and this continued increasing in the following years; 7.5 in 2013 and 8.7 million barrels per day in 2014. In 2016, it is likely that oil production per day will hit the 9.2 mark. Although this is a drop considering the growth rates in 2013 and 2014, it is forecasted that the rising trend will continue. Some of the drilling regions in the country include Marcellus, Utica and Eagle Ford.

Capital: Washington, D.C.
Population: 322,370,000
Medium Income: $54,630

1. Saudi Arabia – 11.9 million barrels per day

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16% of the globe’s oil reserves are in Saudi Arabia and she is also the chief exporter of liquid petroleum. The country has approximately 266 billion barrels in reserves. Her production capacity is also unrivaled as compared to the other producing countries. The country’s economy is greatly reliant on the oil sector and as a result, in 2013, this industry accounted for an estimated 85% of the country’s total export incomes.

In the recent past, the country has heavily invested in the various projects within the industry thus implying that she will diversify the energy products on offer. In 2013, the total crude oil and non-crude oils’ barrels that were produced per day were 11.6 million. To accommodate production in Canada and the US; both of which are non-OPEC members; Saudi Arabia lessened her production

Capital: Riyadh
Population: 30,770,000
Medium Income: $20,677

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