10 world leaders in oil production

*Overview of the best according to the editors. About the selection criteria. This material is subjective, not an advertisement and is not a guide to purchase. Before purchase, consultation with a specialist is necessary.

On every continent of our planet there are some countries which somehow or other have achieved significant successes in the development of oil industry and have taken a confident position in the world market. The best rating periodically changes: the “team” of oil giants gets new players, and some – leave it. Who ranked in the top ten in 2019? Everything turned out to be expected, but not without chess permutations.

On the breakdown of the world’s oil reserves

There is no doubt that the energy industry of the future will undergo significant changes, relying already on renewable energy sources. And then we will have to hastily figure out how to dispose of hundreds of oil rigs around the world quickly and safely. But today oil is the most valuable resource and the main driving force for most of the world’s economies, bringing profits and benefits.

To understand why some countries and not others appear in the list of leaders in the volume of oil production, it is enough to understand the scheme of distribution of oil reserves of the planet. It is banal and very uneven: more than 60 percent of the reserves are located in Middle Eastern countries. Persian Gulf.

Another 13% of deposits are “hidden” in North and South America – the center of the area is believed to be Alaska, Alberta in Canada, Venezuela, which by the will of fate does not even make it into the top ten today and the offshore area in the Gulf of Mexico. Central Asian countries account for about 10% of oil reserves. The remainder is scattered throughout the Indonesian Basin, Australia, Oceania, etc.

World leaders in oil production

The country’s daily oil production of $12.1 million (12.1 Mln. barrels per day)

Rating: 5.0

Prior to 2015, the U.S. was not even in the top 10 nations selling “black gold” to the world market. But the situation has changed dramatically in a few years. Today the American oil industry policy follows a simple rule: “the more, the better. Not surprising, since the population has rapidly increased its appetite in recent years and today the amount of oil consumed for the country’s needs significantly exceeds its current reserves. And they are enormous – the nation’s reserve is estimated at about 1.4 billion barrels.

So states have to import crude from their neighbors. Ironically, the world leader in oil production is one of the largest importers of “black gold. In April 2019, the country set a new world record for daily oil production of 12.2 million. barrels per day. This was made possible thanks to two regions – the state of Texas (a famous center of shale oil production) and the Gulf of Mexico, where there are large offshore projects.

Rapid progress of the country’s oil industry thanks to a healthy investment climate and aggressive implementation of modern technologies. This has ensured the rapid development of new deposits and the use of unconventional sources of valuable raw materials such as shale and bituminous sand.

Russia (10.7 mln. barrels per day)

Rating: 4.9

For several years now, Russia has been a consistent member of the top ten in oil production: the country accounts for about 11% of the world’s. Despite this impressive position on the market, Russia cannot yet boast of the intensity of oil production and level of technology used in the process. The main obstacle is the geographic location of most of Russia’s oil reserves.

The reason is that the country’s impressive oil reserves are located in the underdeveloped Far East, inaccessible Siberia and in the Arctic territories. If one considers those very reserves, Russia’s oil reserves could be considered just as impressive as those of the United States, some 100 billion cubic meters of gasoline, or more. barrels.

Over the last few years there has been a steady trend in the structure of “black gold” production: the share of gas condensate produced has increased. This was made possible by the involvement of West Siberian gas reserves in oil development. Incidentally, the oil industry in Russia is its leading industry and includes not only production but also refining, production and, of course, marketing. About 1/3 of the country’s exports in monetary terms is oil.

Saudi Arabia (9.6 mln barrels of oil per year) is one of the world’s leading countries in terms of oil production. barrels per day)

Rating: 4.8

Unfortunately for itself, the country in the last couple of years has lost the lead in terms of the volume of oil products produced, but that does not mean that it has lost the lead in terms of its influence on the world oil market. Saudi Arabia has for many years been a member of OPEC (an intergovernmental organization that controls oil quotas), and often dictates prices to the world market.

The country was one of the first to focus on developing its oil industry, starting in 1946. It took just three years to fundamentally change the course of the industry: currently, oil production and production account for almost half of the country’s GDP.

The biggest consumers of Arabian products are the countries of East Asia and another member of the top ten – the United States. Saudi Arabia has an impressive oil reserves; it has one/5 of the world’s “black gold” reserves: about 270 billion barrels per day. barrels. Such figures suggest that the country will remain on the world stage for a long time to come.

Notably, until 2011, Saudi Arabia’s oil reserves were the largest in the world, until Venezuela announced its proven reserves of about 297 billion. barrels. And yet, the level of development of the oil industry in the country has not yet allowed it to stay among the ten oil giants.

Iraq (4.6 million. barrels a day)

Rating: 4.7

Saudi Arabia is one of the leaders not only in terms of oil production but also in terms of deposits on its territory: the proven reserves of the country amount to more than 145 billion. barrels of valuable raw materials. Hydrocarbon reserves are also unbelievably large: Iraq has the world’s third-largest reserves, and revenues from the sale of these raw materials account for about 90% of the country’s total income.

Only 15 years ago the state wouldn’t have dreamed about such a rapid development of its oil industry: the invasion of the US troops had a strong impact on the oil industry and economy of Iraq in general. Since 2010, when the UNSC lifted the economic sanctions imposed on the country, there has been a turning point.

At the same time one of the largest tenders in Iraq’s history was held to sell the rights to develop and produce oil. The result has been a rapid jump in the development of the oil industry. Iraq is today one of the world’s “black gold” exporters: it supplies 5 percent of the world’s oil.

Canada (4.2 million. barrels per day)

Rating: 4.6

Maple Leaf Country is not considered one of the world’s most active oil producers for nothing: its valuable reserves are about 180 billion. barrels and Canada is doing everything it can to get them out of its bowels as efficiently and quickly as possible. Bituminous sands account for the bulk of the oil. By the way, this is a rather unconventional type of combustible mineral. The fact is that the so-called oil sands are considered to be one of the most difficult to produce.

Nevertheless the country is actively developing technology and gradually increasing the power of its oil industry. Canada accounts for about 5% of the world’s daily oil production. The country is considered the top U.S. exporter. Proven reserves of “black gold” in Canada exceed 178 billion. barrels, or roughly 13% of the world’s reserves.

China (3.8 million. barrels per day)

Rating: 4.5

The socialist giant has been actively developing oil fields on its territory for more than half a century, steadily yielding about 5% of the world’s total oil production. And over the past few years, the nation’s oil industry has begun to grow rapidly. Unfortunately, it has not had much effect on the quality indicators: the rapid development of the economy and the impressive number of inhabitants does not allow the level of oil production to exceed the level of consumption.

In 2009, China overtook the United States in the amount of energy consumed, thereby regaining the palm of first place it had held for an entire century (!).

China’s proven reserves are quite modest – only 20 billion. barrels. Nevertheless, China is not discouraged and bets on the development of oil production technologies. Hydraulic fracturing is among them.

Abu Dhabi, UAE (3.1 mln barrels. barrels per day)

Rating: 4.4

Arab Emirates is a federation of 7 equal territorial units (emirates) and has a very advantageous economic and geographic location in the south of the Persian Gulf. And this region, as we know, is literally “gushing” with oil. The country’s share of the world’s daily oil production is about 4%, and proven reserves reach 98 billion. barrels.

One remarkable fact: almost 90% of all oil deposits are located in the territory of one of the most famous and developed emirates – Abu Dhabi. Since 2003, it has been the nation’s leading oil producer. Although so far this emirate has been friendly to its brethren, it is unknown how the situation may change in the future.

In recent years, the country has begun to focus on finding new oil fields and developing existing. Meanwhile, oil refining and marketing of oil products have retreated into the background. UAE is a large exporter in the world. The main buyers are Japan, the USA and Western Europe.

Kuwait (2.7 mln. barrels per day)

Rating: 4.3

Kuwait is considered the owner of the major oil fields. The country’s first wells were launched back in 1938. Today the country’s share in global daily oil production is about 3%. It is worth noting that after the 7-month occupation of the country by Iraq in 1991, during which intensive attempts were made to destroy the oil industry, Kuwait’s economy suffered greatly. During this period, millions of tons of fossil fuels were simply poured into the Persian Gulf.

Today, Kuwait is firmly among the leaders in the production of “black gold”, 90% of which is exclusively exported. And the high rate of oil production ensures a decent standard of living for the population. The country’s estimated deposits of valuable raw materials total 104 billion. barrels, and thanks to the active introduction of the latest technology, this figure is steadily increasing.

Brazil (2.6 million. barrels per day)

Rating: 4.2

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After the discovery in 2006 of the largest field in the Western Hemisphere (Lula), located on the territory of Brazil, the development of the oil industry of the country has come to a sharp upward shift. In recent years, this industry has become one of the leading in the country’s economy. Although the country has not abandoned renewable sources of energy. We are talking about the production of fuel from sugar cane. Brazil is not considered a bioenergy superpower for nothing.

Not so long ago in the Santos oil and gas basin another oil field was discovered, the “capacity” of which according to experts was more than 12 billion. barrels. Analysts predict Lula will reach its peak productivity by 2020. This particular field is believed to have such strong potential to solve the world’s oil shortage problems. Brazil currently accounts for about 3% of global oil production.

Iran (2.2 million. barrels per day)

Rating: 4.1

The country conveniently sits in last place of our top 10 oil giants, but that doesn’t mean it has the least influence on the oil market. Iran is a member of OPEC and often takes liberties along with Saudi Arabia, sometimes affecting the price of “black gold.

In the 1970s Iran was justly considered one of the leaders in oil production and reached its historical daily production maximum of 6.6 million barrels per day. barrels. After the Islamic Revolution the country has not returned to such figures for more than 30 years, although the discovered reserves have almost doubled over the years. The sanctions imposed by several countries in 2011 had a devastating effect on Iran’s already precarious oil industry and only the lifting of the sanctions enabled the industry to get back on its feet.

The peculiarity of Iranian oil fields is the purity of most of the raw material, which allows us to do with little blood, using the simplest technology and minimizing the material and labor costs. The country’s oil reserves are estimated at about 157 billion. Of the selection criteria, the country’s industry will continue to grow uninterrupted for another century.