Wanting to know about the Largest Oil Producers In the World? Oil is still one of the most lucrative commodities in the world and its extraction is also a great danger to the environment.
As long as renewable energy sources are unable to replace it, the world will remain hostage to this fuel, being one of the fundamental pieces of foreign policy in several countries and the global economy today.
The production of oil is measured in barrels per day or BPD. This number counts how many barrels a country draws daily. Below we reveal which are the 10 largest oil producing countries in 2020.
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Top 10 Largest Oil Producers In the World
1. United States of America
At the top of the list is the United States, which is not only the largest oil producer in the world but also one of the largest consumers of this oil. Despite being the largest producer, the country is also one of those that most buys and imports barrels of oil-related items across the globe.
Russia has become one of the leading figures in the production and export of oil in the world over the past decade. Its reserves have grown 45% over the past four years to a total of $ 518 billion in 2019.
3. Saudi Arabia
Traditionally, Saudi Arabia is the most important oil producer in the world. It is also the country with the second-largest oil reserve in the world, representing about one-fifth of conventional oil worldwide.
94% of Iraq’s energy needs are based on Oil and the country is one of the few places where large proven and unknown reserves remain. However, the history of wars and conflicts in recent years has also hampered investment and modernization of this sector in the country.
One of the largest oil producers and exporters in the world, Canada exports about 96% of its production to the United States of America. Oil exploration in Canada derives from so-called bituminous sand, a semi-solid form of oil found especially in the province of Alberta in the country.
Since China is the most populous country in the world and not the largest producer of oil, we find that the size of the population does not necessarily have to do with oil production or consumption. Most of the oil produced by China is extracted from countries in the Middle East, in particular Iran.
7. United Arab Emirates
The federation known as the United Arab Emirates comprises 7 emirates, the capital of which is the modern and ostentatious Abu Dhabi. about 30% of this nation’s gross domestic product is based on oil production since the discovery of reserves in this region.
Between 2016 and 2017, Kuwait suffered a huge drop in oil production, from 3,072,000 barrels per day to 2,652,000. These data are significant since oil production represents 60% of the country’s domestic product.
Brazil enters the list of the largest oil producers in the world and its production is marked by the accelerated growth of the exploration of this commodity in the last decades. One of the factors was the discovery of oil deposits in the Pre-Salt region in 2005. In 2019, the country increased its production by 7.78% and marked 1 billion barrels for the first time in history.
Iran owns about 13% of the world’s global oil reserves and the country plans to invest $ 500 billion in the sector before 2025. However, the recent conflicts with the United States, as well as the sanctions imposed by them and other countries, make the future of the country’s oil production and export uncertain.
The largest oil reserves in the world
Having large oil reserves does not necessarily mean that the country is rich or that it has economic prosperity and social equality. One of the most evident cases is that of Venezuela, which has the largest oil reserve in the world and is experiencing one of the worst economic crises in its history.
Factors such as the high cost of extracting heavy oil and high taxes, such as Brazil, mean that several countries with large oil reserves are not able to prosper with this sector as much as others. See below the list of the 15 countries with the largest oil reserves in the world counted in billions of barrels.
1. Venezuela (300.90 Bi)
2. Saudi Arabia (266.50 Bi)
3. Canada (169.70 Bi)
4. Iran (158.40 Bi)
5. Iraq (142.50 Bi)
6. Kuwait (101.50 Bi)
7. United Arab Emirates (97.80 Bi)
8. Russia (80.00 Bi)
9. Libya (48.40 Bi)
10. Nigeria (37.10 Bi)
11. United States (36.50 Bi)
12. Kazakhstan (30.00 Bi)
13. China (25.60 Bi)
14. Qatar (25.20 Bi)
15. Brazil (12.70 Bi)
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