Which Countries are the Biggest Oil Producers?

Although there are many changes that have occurred in the last decade with respect to the use of fossil fuels and the search for new forms of energy, the Petroleum it is still the most widely used hydrocarbon on the planet.

Automobiles, public vehicles, boats and airplanes use the combustion of some derivative of petroleum as a source of energy. That is why if world oil production were to stop, the effect on the world economy would be devastating. In fact, such an event could come to be considered the end of civilization as we know it today.

Oil fields are distributed throughout the world, but within the exploitation industry there are certain countries that stand out in terms of production volume.

Today we will know who are the main oil producers in the world, according to data provided by the Organization of the Petroleum Exporting Countries (OPEC).

What are the countries with the highest oil production?

Although the figures may differ somewhat from study to study and have varied considerably over the years, there are a number of countries that have maintained leadership in the sector over the last decade.

  1. U.S. There, 17.87 million barrels of oil are produced every day, and it is also the main consumer of crude in the world, because its economy needs 11.5 barrels a day.
  2. Saudi Arabia. With 12.42 million barrels per day is one of the great icons of oil production on a global scale, without adopting fracking technology, something that would lead them to rapidly double their daily production.
  3. Russia. With 11.4 million barrels every day, it ranks third on the list and shows significant growth in recent years. At some point in 2015 it was the leader of this list.
  4. Canada. 5.27 million barrels, increasing its production by 30% during the last 3 years, its potential is expected to increase to 8 million barrels in the following years.
  5. China. 4.82 million barrels is the daily figure for this nation, which is also seen as a strong competitor in the global market.

The first 10 positions are completed with countries such as Iran (3.6 million barrels per day), Iraq (3.3 million), the United Arab Emirates (2.8 million), Kuwait (2.6 million) and Mexico (2.4 million).

It is difficult to establish a true list, because the daily and annual production figures vary from one source to another. For example, the list provided by the United States Energy Information Administration would include Brazil with 3.43 million barrels per day, leaving Mexico out.

Special mention for Venezuela, a nation plunged into a deep political, economic and social crisis that has seen its exploitation model fail. Although it has the largest oil reserves on the planet, its production fell from 3 million barrels per day to just 1.2 million on average during 2018.

You may also be interested: What is Ceteris Paribus in economics?

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