Top oil producing countries 2024

Oil is an important component of the world economy. When oil is converted into petroleum, it becomes an energy source used for vehicles, aircraft heating, and electricity. Apart from being an important energy source, oil is also used in petroleum, plastic paint, chemical tape, and many other things. It is very difficult to imagine a world without oil.

Every country in the world has a huge demand for oil. The oil-producing countries of the world earn tens of billions of dollars by exporting oil. The three largest oil-producing countries in the world are the USA, Saudi Arabia, and Russia. These three countries produced about 40 million barrels of oil per day in 2020, which is 43 percent of the world’s total.

In this article on BD Tech Diary, we will discuss the top ten oil-producing countries in the world. So, let’s get started.

Top 10 largest oil producing countries

Biggest oil producers

Country

United States

Source: developmentaid

USA

At the moment,  largest oil producer in the world is the United States. The United States produces an average of 9,352,000 barrels of oil per day, which is 19 percent of the world’s oil production. The United States has held the top spot in oil production for the past four years.

The United States surpassed Russia in 2012 to become the world’s second-largest oil producer. And in 2017, the former top country in oil production surpassed Saudi Arabia and moved to the number one position. The International Energy Agency predicts the United States will retain the top spot in new oil production.
In addition to being a major producer of oil, the United States is also a major consumer of oil.

Saudi Arabia

Once the number one oil-producing country in the world, Saudi Arabia currently contributes 12.4% of the world’s oil production. Saudi Arabia is the first member of OPEC, the Organization of the World’s Oil Exporting Countries. Saudi Arabia produces 11.8 million barrels of oil per day.

The majority of Saudi Arabia’s total revenue comes from oil production and exports. According to The World Fast Book, 42 percent of Saudi Arabia’s GDP comes from the oil production sector. Saudi Arabia’s current leader, Prince Mohammed bin Salman, has signaled a plan to diversify the Saudi economy away from dependence on oil revenues in a program called Saudi Vision 2030.

Russia

Russia is one of the top oil-producing countries in the world.
Although they need to catch up in alignment. In 2019, Russia produced about 12 percent of the world’s oil supply. Russia currently produces 11.5 million barrels of oil per day.

Russia supplies a large part of its oil production to major European markets, including China, the Netherlands, and Germany. After the collapse of the Soviet Union, much of Russia’s oil and gas industry has now returned to state control, overseen by government-backed companies, including Rosneft and Gazprom.

Canada

About 97 percent of Canada’s oil, the world’s fourth-largest oil producer, is located in the sands of the western Anbar province. Canada has the third largest known oil reserves in the world, after Venezuela and Saudi Arabia. Canada produces 5.6 million barrels of oil per day, which is about 6 percent of total global production.

Canada’s oil production is expected to nearly double by 2050. This growth is expected to come primarily from sand production. But this production will be very expensive. However, contemporary technological advances can significantly reduce costs. The main sources of Canadian oil production are the oil sands of Alberta, the Western Canada cm, and the Atlantic Oxford offshore fields.

China

China makes our list as the fifth largest oil producer. China proves that population size and a nation’s total area have little to do with oil production. Rather, it depends on the knowledge to control where oil is found and which parts of the world countries can and cannot extract.
Most of the oil that China produces is extracted from various regions in the Middle Eastern country of Iran.
China produced an average of 4.89 million barrels of oil in 2020, which is 500% of the world’s oil production. China is said to be one of the oil importers, as the country consumed an average of 13.89 million barrels of oil in 2018. China is the world’s second-largest consumer of oil after the United States.

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Iraq

Iraq is the world’s sixth-largest oil producer. Iraq produces 4.16 million barrels of oil per day. Which is 4 percent in the world. Due to war, political instability, and lack of advanced technology, Iraq is unable to produce oil as expected. The main reason for Iraq’s instability is the hatred and greed of other major countries for Iraq.

best oil producing countries 2024

Brazil

Brazil is the only Latin American country on this list. Brazil produced 3.89 barrels of oil per day in 2020. Which is about 4 percent of the world’s population. In 1995, the country was the first to end state monopolies in its exploration and production industries.
Brazilian state-backed company Petrobrush plays a very active role in Brazil’s domestic oil industry. Most of Brazil’s oil production is located in the deep waters of the Santos and Campes areas south of Rio de Janeiro in the South Atlantic Ocean.

UAE

In recent times, the UAE has been ranked as one of the top oil-producing countries in the world. The UAE produced 3.89 million barrels of oil per day in 2020.
The state-owned Abu Dhabi National Oil Company controls most of the UAE’s oil reserves. Most of the oil produced by the UAE is exported to Japan.
25 percent of the UAE’s GDP comes from oil production. The country has been a member of OPEC since 1967.

Iran

Iran is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). Iran produced 3.01 million barrels of oil per day in 2020. Which is 3% of global oil production. Despite holding 10 percent of the world’s oil reserves, severe economic sanctions imposed in response to their nuclear weapons programs prevent the commercial potential of oil resources from being maximized.

Iran’s oil and gas reserves are controlled by the state-owned National Iranian Oil Company. Its headquarters is in the capital Tehran.

Kuwait

Kuwait is the world’s 10th largest oil producer. Between 2016 and 2020, the rate of oil production in this western Asian country has declined drastically. Which is not a good sign for the Kuwaiti economy. 60 percent of Kuwait’s total GDP comes from oil exports.

Declining oil production will only affect the country’s economic situation if government officials find a way to increase Kuwait’s oil production rate or find other industries to invest in.

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