The natural oil source is the plethora of oil wells all around the globe, of course. The interesting part about oil wells is that they do not only trap oil. Excess water and other natural gases are trapped in the wells, too, so miners have to separate the unnecessary water retention and additional gas before containing oil in barrels.
This list is in order of oil production as well, so the United States of America ranks as the country with the highest rates of oil production, and Kuwait is the tenth highest oil-producing country, et cetera. Here is a list of the top ten countries next to their respective BPD rates…
- The United States, 15,647,000 BPD
- Saudi Arabia, 12,090,000 BPD
- Russia, 11,210,000 BPD
- Canada, 4,958,000 BPD
- China, 4,779,000 BPD
- Iran, 4,695,000 BPD
- Iraq, 4,455,000 BPD
- The United Arab Emirates, 3,721,000 BPD
- Brazil, 3,363,000 BPD
- Kuwait, 2,825,000 BPD
Let’s go into detail about the amount of oil that three of these ten countries is responsible for producing, starting with the USA. We’ll talk about China, which is the fifth highest oil producer in the world, and then go into conversation about Kuwait, the country the tenth highest oil production rates to date.
The United States
The daily oil production that the United States is responsible for comes to a total of over fifteen million barrels per day. With a rough estimate of 15,647,000 BPD of oil, the United States has been a top oil producing country for years upon years. It makes sense, too, because the US is one of the greatest consumers of oil across the world, too. The production of oil is an industry that the United States should not anticipate seeing a drop in any time soon, considering the country’s dependency on producing oil in terms of economic standing.
In 2016, the US produced about 14,855,000 which climbed to roughly 15,647,000 barrels per day of oil the following year. Despite producing, exporting, and distributing more oil than you could ever wrap your mind around, the United States also purchased and imported upwards of seven and a half billion barrels of oil-related items. If you combine the production of oil and the consumption of oil in the United States alone, you come up with a total of just under twenty million BPD of petroleum, which just goes to show how much oil there is circulating the globe.
As the third largest country in the world, it is interesting that China is ranked as number five on the list of oil producing countries. But this goes to show that the population size and the total area of a nation does not have much to do with oil production. Instead, it comes down to the country’s knowledge about where to find oil as well as the rules governing which countries can and cannot extract in certain parts of the world.
Even though China is number five on this list, the nation’s oil production is still out of this world in terms of magnitude. China is quoted as being responsible for about 4,779,000 BPD of oil. Most of the oil that China produces is extracted from regions in the Middle Eastern country of Iran. This region of the world has forever been a touchy subject, especially where discussions on oil are involved. That said, China has always been on a tightrope, hoping to have Iran as an oil source for years to come. Either way, the country of China has watched as its oil production rates have slowly dropped over the years.
The tenth most involved country in the oil production industry is Kuwait, and unlike many oil producing countries, this Western Asian nation experienced a serious drop in oil production rates between 2016 and 2017. In the year 2016, Kuwait derived 3,072,000 barrels per day of oil, compared to the rate of 2,825,000 BPD in 2017. This is not a good sign for the economy of Kuwait, given that oil makes up sixty percent of the gross domestic product in Kuwait, so a drop in oil production will continue to impact the country’s economic standing unless government officials find a way to up the oil production rates in Kuwait. It’s either that, or the nation needs to invest in another industry immediately. Kuwait relies on oil for just over ninety-five percent of its entire revenue stemming from exports, so the decline in Kuwait’s oil production is a stressful factor for the nation.
Some Of The World’s Major Producers Of Oil
There is oil in many countries, but some regions of the world are especially well known for oil production. In general, crude oil production by the countries of the world is increasing. Here are several examples of robust crude oil production by the countries of the world:
1. Saudi Arabia
Saudi Arabia has often been the world’s largest producer of oil. Although, Russia is currently producing more oil. Saudi Arabia produces over 10 percent of the world’s oil supply. Saudi Arabia produces around 10 million barrels of oil each day. It’s thought that there could be as much as 260 billion barrels of oil still underground in Saudi Arabia.
2. The United States
A large portion of US oil is contained in oil sands. In the past these reserves weren’t accessible, but these reserves can now be accessed. Twelve percent of the world’s oil supply comes from the United States. Drilling operations in the United States are exceptionally extensive.
Unfortunately, some of the United States’ oil reserves have become depleted in recent times. This is particularly evident with many of Texas’ oil reserves. However, new oil reserves are still being discovered within Texas and in other areas of the country.
There is a large amount of oil in Siberia and under the bottom of the Arctic Ocean along Russia’s north coast. Currently, Russia produces more than 11.5% of the world’s oil. However, this number could rise if the oil reserves of eastern Siberia were fully tapped. This figure is likely to increase significantly if the reserves under the arctic ocean are tapped. In fact, it is likely that there is more than 100 billion barrels of oil in Russia that are still in the ground.
It’s possible that new oil reserves could be discovered in some regions of Russia. There is a lot of unexplored land throughout the country.
It’s estimated that there is an oil reserve of 20.5 billion barrels in China. The technology used to drill for oil in China has improved substantially in recent years, and this has increased the country’s oil production. In fact, China often uses hydraulic fracturing to drill for oil. China currently produces 4.19 million barrels of oil per day.
Iran has a significant oil reserve that is expected to last for 90 years or longer. The country produces 4.13 million barrels of oil each day. Most of the oil in Iran can be extracted with traditional methods of drilling. There is no need for hydraulic fracturing.
A significant amount of oil in Canada is trapped in oil sands. In fact, the Bakken Oil fields extend into Canada. It’s thought that there are 180 billion barrels of oil in the country’s reserves. The country produces 4% of the world’s oil.
7. The United Arab Emirates
The United Arab Emirates has an exceptionally large amount of oil production for a country its size. It’s located in a region of the world where there is an exceptionally large amount of oil underground. This small country produces several million barrels of oil per day, and they are attempting to increase their oil production even more.
It’s estimated that the country has 98 billion barrels of oil in its reserves. However, most of this oil is located in one region of the country, Abu Dhabi. Therefore, it is possible that conflict could arise within the United Arab Emirates as a result of oil. This conflict could result in a decrease in oil production in the future.
Mexico is a substantial producer of oil, and the country produces 2.95 million barrels per day. It is estimated that 3% of the world’s oil comes from Mexico. Unfortunately, Mexico’s oil reserves are being depleted quickly.
Brazil is only responsible for a relatively small portion of the world’s oil production, but this is likely to change. Currently, Brazil produces 2.8 million barrels of oil each day. Around ten years ago, a new oil field was discovered in Brazil. Then, yet another oil field was discovered. In total, it’s estimated that Brazil has more than 12 million barrels of oil in its reserves.
Kuwait is a small country, and it is located to the south of Iraq. Currently, Kuwait produces 3% of the world’s oil. Kuwait has an annual oil production of 2.75 million barrels per day. In addition, Kuwait has been producing oil since 1938. It is estimated that the oil in Kuwait could last for another century.
Iraq has large underground reserves of oil, and their oil production is likely to continue increasing. In the past, oil production in Iraq was seriously limited by the fact that the country was a war zone. Iraq has become somewhat more stable since war broke out during the early 2000s, and this stability is likely to continue increasing.
Venezuela is thought to have more underground oil reserves than any other country. Venezuela has been a major oil producer for many decades. As they become more advanced, their oil production is likely to continue increasing.