Top 10 Oil Producing Countries in the World

Top 10 Oil-producing Countries in the world

10. Kuwait
Production: 2,870,000 barrels per day
At number 10 position is Kuwait, whose output has dropped two years in a row. In 2016, production reached 3,072,000 barrels per day, then dropped to 2,825,000 barrels per day in 2017.

9. Brazil
Production: 3,428,000 barrels per day
Brazil’s oil production jumped dramatically from 3,363,000 barrels per day in 2017 to 3,428,000 in 2018.
According to the EIA, total primary energy consumption in Brazil has nearly doubled in the past decade because of sustained economic growth. The largest share of Brazil’s total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas.

8. United Arab Emirates
Production: 3,791,000 barrels per day
The United Arab Emirates is an OPEC member, and has ranked among the 10 top oil-producing countries for decades. It saw a small decrease in production from the previous year’s 3,765,000 barrels per day; however, it appears that oil output has stabilized and is back up to 3,791,000 barrels per day.

7. Iran
Production: 4,471,000 barrels per day
Iran’s oil output decreased last year, falling from 4,695,000 barrels per day in 2017 to 4,471,000 barrels per day in 2018. According to the EIA, Iran holds the world’s fourth largest proven oil reserves and the world’s second largest natural gas reserves. Despite the country’s abundant reserves, Iran’s oil production has substantially fallen in recent years, and natural gas production growth has been slower than expected.

6. Iraq
Production: 4,616,000 barrels per day
In 2017, despite increasing its output, Iraq got bumped from sixth place by Iran on the top 10 oil-producing countries list. Output in 2018 helped the nation regain its sixth spot position. The Middle Eastern country marginally increased its oil production from 4,455,000 barrels per day in 2017 to 4,616,000 barrels per day in 2018.

5. China
Production: 4,816,000 barrels per day
China’s annual oil output decreased in 2017, going down to 4,779,000 barrels per day from 4,863,000 barrels per day in 2016. While output was up in 2018 at 4,816,000 barrels per day, it did not exceed 2016 production numbers. China is the world’s second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014.

4. Canada
Production: 5,295,000 barrels per day
Next on this list of the top 10 oil-producing countries is Canada. It boosted its annual oil production to 5,295,000 barrels per day in 2018, surging past 2017’s output levels of 4,964,000 barrels per day.
Nearly all of Canada’s proven oil reserves are located in Alberta, and according to the province’s government, 97 percent of oil reserves there are in the form of oil sands.

3. Russia
Production: 11,401,000 barrels per day
Russian oil output has been increasing steadily over the years, growing from 11,210,000 barrels per day in 2017 to 11,401,000 barrels per day in 2018. Despite coming in third on the list, Russia is the world’s largest producer of crude oil and the second largest producer of dry natural gas, according to the EIA. Most of Russia’s reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, as well as in the Urals-Volga region, extending into the Caspian Sea.

2. Saudi Arabia
Production: 12,419,000 barrels per day
Saudi Arabia’s output came in at 12,090,000 barrels per day in 2017, and climbed to 12,419,000 in 2018. The Middle Eastern country possesses 18 percent of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum. Its oil and gas sector accounts for about 50 percent of its GDP, and about 85 percent of its export earnings.

1. United States
Production: 17,886,000 barrels per day
Number one on this list of the top 10 oil-producing countries is the US. It produced the most oil in 2018, with output increasing from 15,647,000 barrels per day in 2017 to 17,886,000 barrels per day in 2018.
The US has been described as a swing producer because its production fluctuates alongside market prices. The International Energy Agency forecasts that the country will continue to satiate the world’s appetite for oil as demand expands in the next five years.
In addition to being a major oil producer, the US is a big consumer of oil. Last year, the US took in a total of 7.26 billion barrels of petroleum products — that’s an average of about 19.88 million barrels per day. US President Donald Trump has criticized OPEC’s cuts, saying they have driven oil prices artificially high. He has also instigated sanctions against both Russia and Iran, and pulled the US out of the Iran nuclear deal.

There you have it. Those are the top 10 oil producing countries in the world. If you feel we missed out any, do let us know in the comment section.