What are the countries that produce the most crude oil in the world?
Oil has been one of the most important commodities in the world, and the discovery of oil deposits have both skyrocketed the economies of many countries and drive new quests for more deposits. The commodity that keeps the world running provides vast amounts of power to the countries that produce the most crude oil in the world.
There are many available data floating around the internet about oil production by country per year – and it wouldn’t be surprising if you get different figures. You see, “oil” or “petroleum” are terminologies that can encompass a whole lot of different things – and it usually has to do with extraction processes and stages, at the very least. For instance, the statistics from the US Energy Information Agency shows ‘crude oil’ production alongside natural gas and other petroleum and liquids. This other data from CNN Money shows a slight variation from the former, in that it includes lease condensate and refinery processing gain. All of these – and maybe even more – can be encompassed by the singular term “Crude Oil”.
For the sake of the discussion on this article, we are only using the 2014 data on crude oil production from OPEC or the Organization of Petroleum Exporting Countries, which means the production quantity of unrefined, unprocessed oil. OPEC is an organization created and ran by 13 of the biggest oil producing and exporting countries in the world. We are using the 2014 data for the reason that there are no available complete, accurate, and credible statistics for 2015 as of writing.
Aside from keeping tabs on the petroleum production, exporting, as well as statistics on the 15 countries with the largest oil reserves, the OPEC is also an influential force in the global oil market and its prices. The influence and importance of OPEC make the organization a credible source for the figures presented in this article.
The quantity is measured in barrels (bbl) per day or b/d – the standard units that are used in measuring oil products.
So, what are the countries that produce the most crude oil in the world and just how much crude oil is produced in a day? Read on to find out!