Some of The World's Top Oil Producers
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 the largest crude oil producers in 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.