The global oil industry has faced several highs and lows over the years. The oil crisis of 2013 lingered through a better part of 2015 and picked up pace in 2016.
The Energy Information Administration (EIA) reported in 2016 that world oil production achieved a new high of about 97 million barrels per day. This is a long way up from its value the previous year. This value received a significant boost in 2017, placing the world oil production at an average of 98.06 million barrels per day.
So what countries produce the most oil in the world? Here is the top 10…
Kuwait was forced to occupy the tenth position on the chart after an extensive drop from 3.07 million barrels per day in 2016 to 2.82 million barrels per day in 2017. With one of the world’s largest oil reserves, Kuwait is optimistic that this value will rise to about 6 million barrels per day in the near future. EIA report stated that Kuwait contributed up to 3% of the total world oil production in 2017.
Largest oil company: Kuwait Oil Company
The Brazilian oil and gas industry has experienced a steady increase of about 5% over the years. As of 2017, the country holds the ninth position in the chart, with a tremendous increase from 3.24 million barrels per day in 2016 to 3.36 million barrels per day in 2017. The EIA data showed that Brazil is responsible for 3% of the total world oil production in 2017. The EIA also reported an increase of its energy consumption – about double of its former value. This high demand of energy resulted in an increase in its oil imports.
Largest oil Company: Petrobras
8. United Arab Emirates
Although UAE has achieved substantial mileage in its oil and gas sector, it still lags behind, occupying the eight position at the table of the biggest global industry players. EIA reported 3.77 million barrels per day in 2017. The country still holds the seventh largest oil reserve in the world. With major oil reserves in Abu Dhabi, Sharjah, and Dubai, they believe they can raise the value from 3.72 million barrels per day in 2017 to over 5 million barrels per day in the near future.
Largest oil company: Abu Dhabi National Oil Company
Despite a slight increase in its daily oil output, Iraq lost sixth place to Iran and settled for the seventh position in the chart. However, the country still boasts of holding the world’s fifth-largest oil reserve. With a slight increase from 4.44 million barrels per day in 2016 to 4.45 million barrels per day, the country contributed only 5% of the total world oil production in 2017.
Largest oil company: Iraq National Oil Company (INOC)
As home to the fourth-largest oil reserve in the world, Iran still holds a seat at the table of the top players in the global oil & gas industry. The current Iranian oil and gas industry is a far cry from what it was a decade ago (in a positive way though). Thanks to technology. The country’s daily oil output received a boost from 4.22 million barrels per day in 2016 to 4.69 million barrels in 2017, accounting for 5% of the total world oil production that year. Iran is also home to the second-largest natural gas reserves in the world.
Largest oil company: National Iranian Oil Company
Following the slight decline in its daily oil output from 4.86 million barrels per day in 2016 to 4.78 million barrels per day, China lost fourth position to its close competitor – Canada. However, the country still accounted for 5% of the total world oil production in 2017. China currently occupies the position of the world second largest consumer of oil. The high energy demand is not much of a shocker as China is the most populous country in the world. The EIA report showed that a greater percentage of Chinese oil production (about 80%) comes onshore fields while the other 20% comes from shallow offshore reserves.
Largest oil company: Sinopec Group
Beating China to the fourth position, the EIA reported that Canada is responsible for 5 % of the total world oil production in 2017. The country’s daily oil output received an extensive boost from 4.59 million barrels per day in 2016 to 4.96 million barrels per day in 2017. With its primary oil sources being from the oil sands of Alberta, Atlantic offshore fields, and the Western Canada Sedimentary Basin, the EIA predicts that Canada’s oil production is likely to grow by 1.26 million barrels per day by 2040.
Largest oil company: Suncor
Although Russian oil output fell by 300,000 barrels per day in 2017, the country still maintains the third position on the chart. Russian oil output as of 2017 was capped at 11.21 million barrels per day, a significant decline from its value in 2016 which was capped at 11.24 million barrels per day. Notwithstanding, the EIA data showed that Russia supplied 11% of the world oil production in 2017. The country currently operates 8 major oil areas and still ranks as the second largest producer of dry natural gas.
Largest oil company: Gazprom
2. Saudi Arabia
Saudi Arabia is home to several oil fields. With nine major oil fields, the country was able to achieve a new all-time high in 2017, when it produced an average of 12.39 million barrels of oil per day. This is a huge spike from its daily oil output in 2015, which was capped at 12.07 million barrels per day. Saudi Arabia currently ranks as the world largest exporter of oil. Securing the second place on the chart, Saudi Arabia daily oil output in 2017 accounts for 12% of the total world oil production that year.
Largest oil company: Aramco
1. United States of America
The United States has been a major industry player since 2011. Daily oil production has increased tremendously over the years, shooting it to the number 1 spot as the largest oil-producing country in the world. Its daily output skyrocketed from 14.86 million barrels per day in 2016 to 15.65 million barrels per day in 2017, accounting for 16% of the total world oil production. With the oil boom in Texas and the Bakken formation in North Dakota, the EIA predicts that the U.S. will maintain the number 1 spot as the leading oil producing country for the next five years.
Largest oil company: Exxon Mobil
So there you have it- the largest oil producing countries in the world. There are no surprises on this list, except that the U.S. has surged to the top in recent years and looks to remain there for the foreseeable future.