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!
The UAE is one of the many countries that have established an economic stronghold after finding valuable and commercially viable oil resources. The UAE relies on their oil and petroleum production for 50% of their GDP.
Like half of the items on this list of the 8 countries that produce the most crude oil in the world, Kuwait is located in the Middle East. 60% of Kuwait’s annual GDP depends on their oil production, and about 95% of all their exports are from the oil and gas sectors.
Despite the political problems that have gripped Iraq in the last decade, Iraq’s oil production has remained to keep the country somehow afloat economically. Iraq is one of the founding members of the OPEC.
The first oil well ever found in the Middle East was found in Iran’s Khuzestan Province, in 1908. Like its next door neighbor Iraq, Iran is one of the founding members of the OPEC.
China’s oil and petroleum sector, just like many of their other industries, is rising into the top ranks of the global market at lightning speed. In 2013, for instance, China rose to the top countries that produce the most crude oil in the world for the first time. The Asian country has also recently overtaken the United States as the world’s largest importer of petroleum.
3. United States
The United States may only be third in the list of the countries that produce the most crude oil in the world, but the North American giant is on the top list for overall oil production thanks to high production quantities of natural gas. The US crude oil production has experienced a significant increase in the first quarter of 2016 and is seen as a game changer in the market.
2. Saudi Arabia
The first oil well in Saudi Arabia found in Dammam was not discovered until 1938. Since then, the kingdom’s rose on to become the world’s biggest exporter of oil and petroleum products. Oil and petrol account for 50% of their GDP.
Russia’s massive oil production is responsible for 12% of all the oil in the world. Aside from being the number one country on this list of the 8 countries that produce the most crude oil in the world, Russia also has the largest production and reserves of natural gas.