Oil plays an enormously relevant role in the global economy and, consequently, in the lives of all people. It is the primary source of fuel used in navigation and transportation. Despite considerable criticism of its consumption, our dependence on it, as well as on other minerals, persists.
The largest concentration of world oil reserves is in the Middle East, and the largest known reserve belongs to Venezuela. However, when it comes to extraction and processing, the situation changes considerably. This means that having the largest reserve does not guarantee the highest production.
To delve deeper into this subject, we will present in this article the top 10 oil producers in the world:
1. UNITED STATES OF AMERICA
The United States of America is widely recognized as the world’s largest oil producer, with a daily extraction of over 16 million barrels. Additionally, the country holds 4% of the world’s total reserves, with around 68.8 billion barrels available for exploration. Thus, the United States plays a crucial role in the global oil industry landscape.
2. SAUDI ARABIA
In second place, we find Saudi Arabia, with an average daily production of approximately 11 million barrels. This country’s reserves are truly impressive, representing 17% of all global reserves, totaling 297 billion barrels. Throughout the year 2021, the production and export from this country increased. Besides being the second-largest producer in the world, Saudi Arabia also has the second-largest oil reserve, trailing only Venezuela.
In third place, we have Russia, with an average daily production of around 10 million barrels. The country has a 6% share in the world’s total reserves, which amounts to 107 billion barrels. Most of this production originates from Siberia.
In the fourth position, we find Canada, and here there is a significant difference compared to the top three producers in the world. Canada’s production capacity is almost half of Russia’s production. The country produces, on average, 5 million barrels per day; however, Canada’s reserves are vast, representing 10% of all oil ever discovered in the world, totaling an impressive amount of 168 billion barrels.
Moving to the fifth place, we have Iraq, with a daily production capacity of approximately 4 million barrels. Furthermore, Iraq stands out for having a large reserve, accounting for 8% of all globally known oil. There are about 145 billion barrels to be explored. Oil is the mainstay of the country’s economy, responsible for generating most of its Gross Domestic Product (GDP).
Right after Iraq, China occupies the sixth position, with a daily production capacity of about 3.9 million barrels of oil. The basins in its territory hold approximately 26 billion barrels.
7. UNITED ARAB EMIRATES
The United Arab Emirates ranks seventh on the list, with a daily production revolving around 3.6 million barrels. Situated along the Persian Gulf, this region encompasses 6% of the world’s total oil reserves. Thus, the country holds about 97 billion barrels, with oil being its main source of revenue. Due to this, the local government invests substantially to increase its export capacity and raise production to the levels of the top three producers in the world.
The eighth position is occupied by Iran, with an average daily production of about 3 million barrels. Besides being among the top 10 oil producers in the world, the country holds 9% of the globally known reserves, totaling approximately 157 billion barrels to be explored. Consequently, Iran is making significant investments in infrastructure to boost its production and increase its share in exports.
Brazil, very close to Iran, takes the ninth position in the ranking of oil producers. The country has a production capacity of 3 million barrels per day. Currently, Brazil ranks 16th in terms of the size of oil basins and has about 11 billion barrels in reserves. For many years, the country was among the top 15 holders of these reserves.
Finally, in the tenth position, we find Kuwait, with a daily production of approximately 2.6 million barrels. When it comes to oil reserves, Kuwait holds 6% of the known reserves in the world, totaling around 101 billion barrels. These reserves are considered the property of the local government.”