Oil is a major commodity that drives the world’s economy. In fact, it is the world’s largest source of energy. Every day, we rely on oil to power our vehicles, heat our homes, and cook our meals. In addition, oil fuels the electricity that powers our computers and lights our offices and homes.
For the past decade, the world’s leading suppliers of petroleum have been the countries of the Middle East. These countries, such as Saudi Arabia, Iraq, and Iran, have been the main producers of oil and are responsible for the majority of the world’s oil supply. However, over the last few years, new countries have begun to emerge as major oil exporters.
Based on data from the U.S. Energy Information Administration (EIA), here is a list of the top ten oil-producing countries in the world:
1. Saudi Arabia: Saudi Arabia is the world’s top producer of oil. The country produces nearly 11 million barrels of oil per day, which is more than any other country in the world. It also has the largest crude oil reserves in the world estimated to reach 268 billion barrels.
2. Iraq: Iraq holds the second position with daily production of 4.6 million barrels per day. Oil is a major part of the country’s economy accounting for 95% of its exports and 60% of its GDP.
3. Iran: Iran is the world’s third-largest producer with 4.2 million barrels per day. The country also has the third-largest proven natural gas reserves in the world in addition to the fourth largest oil reserves.
4. UAE: The United Arab Emirates (UAE) is the world’s fourth-largest oil producer and the third-largest crude oil exporter. It produces 3.3 million barrels per day and has the fifth-largest proven oil reserves in the world.
5. Russia: Russia is the world’s fifth-largest producer with 11.2 million barrels per day. Russia has the largest proven reserves of natural gas in the world and is the leader in exports of oil and natural gas.
6. Kuwait: Kuwait is the sixth-largest producer in the world with 2.8 million barrels per day. Kuwait has the seventh-largest proven oil reserves in the world and is the largest exporter of liquefied petroleum gas.
7. Venezuela: Venezuela is the world’s seventh-largest producer with 2 million barrels per day. It is one of the world’s leading exporters of crude oil and is home to the world’s largest proven oil reserves.
8. Nigeria: Nigeria is the world’s eighth-largest producer with 1.7 million barrels per day. This country has the tenth-largest proven reserves in the world and is one of the world’s top exporters of oil and natural gas.
9. Angola: Angola is the world’s ninth-largest producer with 1.6 million barrels per day. The country also has some of the world’s largest reserves of natural gas and oil.
10. Algeria: Algeria is the world’s tenth-largest producer with 1.1 million barrels per day. The country has the ninth-largest proven oil reserves, has a well-developed oil and gas industry, and is the second-largest producer of natural gas in Africa.
Oil production has changed in the last decade due to technological advances and a shift in nations’ oil consumption needs. Although the traditional oil-producing countries in the Middle East have retained their spot as the top producers, the world’s oil production landscape is ever-changing. As new nations begin to emerge as major oil exporters, it’s important to stay informed on the world’s top ten oil producers.
