Top 10 Oil Producing Countries

By oil, we usually mean crude oil here which is present naturally and is a flammable liquid. It is a complex mixture of hydrocarbons which is extracted mostly by oil drilling. The crude oil contains within itself a myriad number of consumer products which are separated by the phenomena of reaching different boiling points. Some of the products which are obtained are petrol, kerosene, asphalt and some chemical reagents primarily used in the manufacturing of plastics and pharmaceuticals. The importance of petroleum is not a recent phenomenon rather it dates back to the ancient times ____ from the time of invention of the internal combustion engine, the increasing use of plastic and the propensity of the society towards the use of commercial aviation. Although, I am divulging to you a figure which was estimated in the year 1996, but it is just to give you a rough idea of the distribution of oil reserves within the world. According to the OPEC Annual Statistical Bulletin: 1996, a total of 1,047,200 million barrels of proven crude oil reserves were present in the world at that time of which 76.6% was in OPEC Member countries. In the wake of the escalating demand of the petroleum products, it is necessary to explore some alternative energy sources or at least explore other oil sites on the map to meet the sky-rocketing demands of the inhabitants. According to an estimate, the world demand of oil will be around 100 million barrels per day by the end of year 2020. If we consider the impact of the oil-spill on the environment, then The Exxon Valdez spill is known to be the number one spill in terms of damage to environment. As per a rough estimate, around 260,000 to 750,000 barrels (41,000 to 119,000 m3) of crude oil was spilled in Alaska on March 24, 1989. Nowadays, oil production is the blood-line of every country and striving economy. So, let us have a look on the list of the countries and see which country stands where in the top ten chart.

 

Oil Producing Countries

 

 

Oil Top 10 Oil Producing Countries

 

 

 

 

10.Kuwait

The production of oil here is around 2.5 million barrels per day and they also export 1.4 million barrels on daily basis. As per this figure of exports, Kuwait cements eleventh place in the list of top oil exporting countries. The discovery of oil took place in the year 1938 and as a direct result of it, many workers started moving to Kuwait in search of better job opportunities. In 1991, after getting rid of the Iraqi occupation, the government stringently adopted a policy limiting the entry of those workers whose leaders had supported the Iraqi side in the Gulf War. This policy, however, was abandoned later on and at the moment Kuwait has a reasonable foreign labor force at its disposal. Almost half of the GDP of Kuwait can be attributed to the petroleum products.

 

 

9.Brazil

It produces around 2.5 million barrels daily and on the other hand exports around 699,000 barrels per day 73% of the oil reserves are extracted from the deep water oil search, in which Brazil holds specific expertise. In 2000, 1,300,000 litres (340,000 USgal) of oil was released into the Guanabara Bay possibly due to the leakage of an underwater pipeline. It was so devastating an incident that its effects are still seen in the bay and it has pauperized the life entirely.

 

 

8.UAE

The production of oil in UAE is around 2.7 million barrels per day while it exports 2 million barrels. Despite of the fact that it is ranked eighth in the list, the government is adamant on its stance to explore out other forms of energy such as the solar energy.

 

 

7.Mexico

Mexico produces 3 million of barrels per day and exports 1.3 million barrels per day. On December 19, 2010, at least 27 people were killed and more than 50 were severely wounded when an oil pipeline at a Petroleos Mexicanos(Pemex) pumping station in the city exploded. This is not all in the sorry tale of this oil pipe-line explosion as myriad houses were destroyed completely and several others damaged. According to an investigation, this explosion might have occurred due to attempts to steal the oil from the pipeline.

 

 

6.Canada

Oil production in Canada is around 3.2 million barrels per day and its export is estimated to be around 1.929 barrels per day. In the province of Alberta, over 100 new oil wells are spud daily and broadly speaking, in the year 2005 about 25,000 new oil wells were spud. Some of the major oil fields in Canada are: Athabasca Oil Sands, Alberta, Terra Nova oil field, Hamburg oil field, Alberta.

 

 

5.China

3.9 million barrels of oil are produced every day in China. It is not much interested in exporting the oil as China itself is experiencing very high demand of oil for domestic purpose. You will be surprised to learn that China’s oil consumption grows by 7.5% per year, seven times faster than the U.S. In the year 2030, Chinese oil imports will be tantamount to that of U.S imports today, according to a report issued by International Energy Agency . Recently, national oil company of China entered into a oil-deal with Afghanistan to fuel its rapidly growing industries and other energy needs.

 

 

4.Iran

Iran is producing 4,172,000 million barrels of oil daily. In the 1980’s, the Iraq-Iran war resulted in the cut of oil production of Iran due to unstable ambiance but the reserves of oil are still the fourth largest in the world. The export of oil accounts for a major portion of the revenue for Iran ___ 80-90% of the total revenue. This clearly indicates that the oil industry is very vital for the Iranian economy and it cannot afford to overlook this at any cost.

 

 

3.United States

The production of oil in U.S is around 9,056,000 million barrels per day. The export of oil by USA is estimated to be 1.92 million barrels per day and there are approximate 20.68 billion barrels of proven reserves. The oil production has started plummeting from the start of the year 2011 and further investments are needed to sustain the production capacity of oil, according to a report by The U.S. Department of Energy. In the west side of the North Dakota, there is a possibility of a behemoth oil reserve.

 

 

2.Saudi Arabia

The oil production in Saudi Arabia is 9,764,999 barrels per day. The proven oil reserves in Saudi Arabia are approximately 267 billion barrels. According to a rough estimate, the total oil reserves of this country account for about one-fifth of the world’s total reserves.

 

 

1.Russia

The oil production is around 10,120,000 barrels per day and is the world’s largest producer of oil. Notwithstanding, Russia ranks first in the producers of oil around the world but it ranks second in the export of oil behind Saudi Arabia.