Top 10 Largest Oil Producing Countries In The World

 

☆ INTRO: Friends, today we are coming with a brand new topic on Top 10 Largest Oil Producing Countries In The World. Oil prices remain far from the highest is so in 2008, but after bounded a great deal since 2016 renewing interest in the sector investor sentiment and prices began to change after an output control-z was made between the Organization of Petroleum Exporting Countries OPEC and 11 of the world's top oil producers. 

The arrangement call for oil production to fall by almost 1.8 million barrels per day and in late 2018 or Peck again decided to cut crude oil production by 1.2 million barrels per day in an effort to stabilize prices. Despite those efforts increasing oil production in the US and other countries like Brazil and Libya has softened the effect of the court and created some price validity. 

Given those circumstances many investors are curious to know which countries produced the most oil so we decided to write a blog on the Top 10 Largest Oil Producing Countries In The World. 

Statistics are from the Energy Information Administration and including to the production of petroleum and other liquids. So, let's take a look into the Top 10 Largest Oil Producing Countries In The World.

TOP 10 LARGEST OIL PRODUCING COUNTRIES IN THE WORLD

10. KUWAIT: Production per day two million eight hundred and seventy thousand barrels per day. At number 10 position is Kuwait. Whose output has dropped two years in the world.

 In 2016 production reached three million and seventy two thousand barrels per day, then dropped to two million eight hundred and twenty five thousand barrels per day in 2017. 

In 2018 the country made a slight recovery producing two million eight hundred and seventy thousand barrels per day. Kuwait oil and gas sector accounts for about sixty percent of the country's GDP and about 95 percent of its export revenues. 

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9. BRAZIL: production per day three million four hundred and twenty eight thousand barrels per day. Brazil's oil production jumps dramatically from three million three hundred and sixty three thousand barrels per day in 2017 to three million four hundred and twenty eight thousand in 2018. 

According to the AIE total primary energy consumption in brazil has nearly doubled in the past decade because of sustained economic growth. The largest share of resistance on energy consumption is oil and other liquid fuels followed by hydro electricity and natural gas.

 The recent surge in production and export is said to be the result of years of large investment by state-run petróleo brazil. They are said to now be paying of due to higher oil prices. According to reports the nation hopes to use higher oil sales to help drive its economy out of a two years recession. 

8. UNITED ARAB EMIRATES: Production per day three million seven hundred and ninety one thousand barrels per day. The united arab emirate is an OPEC member and has ranked among the top ten largest oil-producing countries for decades. 

it saw a small decrease in production from the previous years three million seven hundred and sixty five thousand barrels per day. However it appears that oil output has stabilized on his back up to three million seven hundred and ninety one thousand barrels per day. 

The country holds the world several largest proven oil reserves at ninety seven point eight billion barrels with most of these reserves located in Abu Dhabi. The other six emirates combined accounts for just six percent of the country's total reserves. 

7. IRAN: Production per day four million four hundred and seventy one thousand barrels per day. Iran's oil output decreased last year falling from four million six hundred and ninety five thousand barrels per day in 2017 so four million four hundred and seventy one thousand barrels per day in 2018. 

According to the AEI 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 sustainably fallen in recent years and natural gas production growth has been slower than expected. 

US sanctions and regional dispute of all weighed on Iran's energy production sector. Global shipping operators such as Mike's line and Mediterranean shipping have reportedly made claims that they will be winding down general cargo shipments. While tanker owners say they plan to Mafia vs two other oil-producing countries in the Middle East or West Africa blocking Iran's access to crude carriers will have a huge impact on the nation's oil industry. 

As well as the largest buyers in Asia in fact some predict that this could have Iran's daily crude shipment as a counter. The European Union has launched its own offering to Iran. It hopes to preserve the Iran nuclear deal in exchange for enacting a blocking statute that will allow European companies to do business with Iran. 

During the embargo time will tell how the nation reacts to this development but in the meantime Iran has vowed to break the sanctions on continued selling oil. 

6. IRAQ: Production per day four million six hundred and sixteen thousand barrels par day in 2017. Despite increasing its output Iraq got born from the sixth place by Iran on the top ten oil producing countries list. 

Output in 2018 helped the nation regain its six spot position. The country marginally increased its oil production from four million four hundred and fifty five thousand barrels per day in 2017 so four million six hundred and sixteen thousand barrels per day in 2018. 

It holds the world's fifth largest proven oil reserves at one hundred and forty four billion barrels that represents nearly 18 percent of the reserves in the Middle East and almost nine percent of global reserves.

5. CHINA: Production is four million eight hundred and sixteen thousand barrels per day. China's annual oil output decrease in 2017 going down to four million seven hundred and seventeen nine thousand barrels per day from four million eight hundred and sixty three thousand barrels per day in 2016. 

While output was up in 2018 at four million eight hundred and sixteen thousand 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 of the top ten oil producing countries. 

China is the world's most populous country and has a rapidly green economy factor that of given its high overall energy demand. China receives much of its oil from Iran but US sanction could have a dramatic effect on supply from the Middle Eastern country. If Iran follows the rules China may be forced to find some of its supply somewhere else. 

4. CANADA: Production per day 5,295,000 barrels per day next on the list of the top ten largest oil-producing countries is Canada. It boosted its annual oil production to 5,295,000 barrels per day in 2018, past 2017 output levels at four million nine hundred and sixty four thousand barrels per day. 

Nearly all of Canada's proven oil reserves are located in alberta and according to the province's government ninety seven percent of oil reserves there in the form of oil sands. Energy exports to the US accounts for the big share of Canada's energy sends out. Anyway as a result of monetary and political contemplations Canada is creating approaches to broaden its exchanging accomplices particularly by growing binds with developing business sectors in Asia. 

Canada has been involved in a public discussion of our pipelines. A year ago the government bought the realm Mugen Canada Trans Mountain pipeline for 4.5 billion to guarantee Canada could arrive at his market ports. The venture is assessed to cost another seven direct four billion Canadian dollars. 

Toward build after which the administration says it plans to sell the project back to the private sector. However there is no telling if they will occur because the federal court found that a previous environmental review is sufficient. Now the pipeline is up for a review again with a new environmental impact study released in 2019. 

There has also been a long-standing debate over the Keystone XL pipeline with donald Trump even issuing a second sector order in April 2019 to try to first track. The expansion of the pipeline which run from Alberta to Nebraska.

3. RUSSIA: Production per day 11 million four hundred and one thousand barrels per day. Russia's oil outputs have been increasing steadily over the years growing from 11 million two hundred and ten thousand barrels per day in 2017 to 11 million four hundred and one thousand 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 Europe's Volga region extending into the Caspian Sea.

 Some believe Russia will be one of the few nations to benefit from US sanctions on Iran that's because if Iran towards the line on sanctions then its oil consumers which include China, France, Turkey and Italy could turn to Russia for supply. 

This would not only give Russian an economic boost also improve relations between countries. However Iran's current position is to not abide by the sanctions. 

2. SAUDI ARABIA: Production per day twelve million four hundred and nineteen thousand barrels per day. Saudi Arabia's output came in at 12 million and ninety thousand barrels per day in 2017 and climbed to twelve thousand four hundred and nineteen thousand in 2018. 

The Middle Eastern country possesses 18% of the world's proven petroleum reserves and runs at the biggest exporter of oil. Its oil and gas area represents around 50 percent of its GDP and around 85 percent of its fare income. 

In 2016 Saudi Arabia played a key role in OPEC decision to crude oil output and as noted prices have improved since then. However in 2018 the country increased its output by 1 million barrels per day causing prices too deep. Saudi Arabia alongside the US and Russia attended last year's G20 summit in Argentina where global energy supply was a topic.

1. UNITED STATES: Production per day seventeen million eight hundred and six thousand barrels per day. Number one on the list of the top ten largest oil producing countries is the United States. 

It produced the most oil in 2018 with output increasing from fifteen million six hundred and forty seven thousand barrels per day in 2017 so seventeen million eight hundred and eighty six thousand barrels per day in 2018. The United States has been described as a swing producer because its production fluctuates alongside market prices. 

The International Energy Agency forecasts that the oil will continue to saturate the world's appetite for higher underman expands in the next five years. In addition to being a major oil producer the United States is a big consumer of oil, last year the United States took in a total of seven point six billion barrels of petroleum products, that's an average of about nineteen point eight million barrels per day United States. 

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