Petroleum production is pivotal to the structure holding economy and power balance of the world. It is the most used demanded hydrocarbon, and its uses have many diversities based on its requirements.
Petroleum is extracted in its crude form and is further processed to obtain various petroleum products including automobile and industrial fuels, oil, diesel, and many other by-products. The world has some petroleum reservoirs that are located on the soils of a number of countries.
These countries use petroleum and its products as the major tool for power generation in the country and foreplay as an important supplier of petroleum to other countries. Out of the few belts of petroleum reserves, the biggest belt is located under the barrens of the most deserted lands of the earth which includes almost all the middle-eastern countries.
LIST OF TOP TEN LARGEST PETROLEUM PRODUCING COUNTRIES IN THE WORLD
Top of the list is Saudi Arabia, which has been producing millions of barrels for decades. Other huge deposits of petroleum are also located in a few American states, Canada, China, Russia, etc. Given here, is the list of all the top ten most petroleum-producing countries in the world. This list is drafted according to the latest statistics that were estimated in 2015, which the production of some barrels produced per year.
10. KUWAIT
Nearly half of the total GDP of the country accounts for petroleum production. Therefore, the petroleum industry in Kuwait is ever progressing the system of petroleum production. According to the recent figures, Kuwait produces about 2.7 million barrels of oil each year.
It has the 10th largest oil deposits in the world, with many companies playing their role in refining petroleum. account. Hence, it is more productive and efficient.
9. MEXICO
In the whole of the western hemisphere, Mexico is the fourth largest oil-producing country with the largest deposits in the world. It is the 11th largest petroleum exporter and the 9th largest oil-producing country in the world. It has raised its production to as many as 2.7 million barrels of oil per year. Oil exports account for 10 % of the total revenue generated by the country.
8. IRAN
Iran is considered the major superpower regarding oil production. Its petroleum production accounts for 5.1 % of the total crude oil production in the world. Annually it produces about 3.4 million barrels of oil. Petroleum production generates 60% of the total revenue for the country. It plays a crucial role in power and electricity generation in the state.
7. UAE
The United States of Emirates is one of the most enriched states of the world regarding oil reserves and petroleum deposits. It produces approximately 3.5 million barrels of oil each year, leading it to the seventh position in the list.
Abu Dhabi, Dubai, and Sharjah are the hubs of the petroleum industry in the UAE. These are the top three cities in the country with manage to produce 92 billion barrels, billion barrels, and 1.5 billion barrels respectively.
6. IRAQ
Iraq has the fifth-largest petroleum deposits in the world while most of them are left unexploited due to various geopolitical issues. The current refineries are working to produce as many as 4 million barrels of oil annually.
Almost 94% of the energy demands of the country are fulfilled by the petroleum industry. Due to sectarian and ethnic conflicts prevailing in the country, petroleum production has decreased up to many folds. It now only accounts for two-thirds of the total revenue produced by the country.
5. CANADA
Being the fifth largest petroleum producer in the world, Canada produces approximately 4.4 million barrels of oil per year. It is a major oil exporter in the world. Various new projects are being initiated in the country for the exploration of more oil reserves in other parts of the states. Hundreds of new oil wells are established in Alberta alone, which serve as the foundation for new oil refineries.
4. CHINA
The petroleum production in China has exceeded far by the expected numbers. The figures state that it produces about 4.6 million barrels of oil each year. But these numbers are expected to rise to a greater extent in the years to come.
China has planned to invest more and more in its petroleum industry, to enhance its production as well as its petroleum export to other countries.
3. RUSSIA
Russia with respect to its immense land area has the third-largest oil reserves in the world. It has a number of oil refining companies working in the country. Serbian Soil is the pivot of major oil extractions in the country.
However, on the whole, Russia is capable to produce up to 11.0 million barrels of oil annually. It is the seventh-largest oil exporter in the world.
2. SAUDI ARABIA
Saudi Arabia has the second-largest proven oil reserves in the world. These deposits account for 5% of the total crude oil production. It produces about 11.9 million barrels per year. A Large number of these reserves are however not even explored and many are still need to be exploited to meet the highest rates of petroleum products in the country.
1. UNITED STATES OF AMERICA
With the recent statistics of last year, the US has made it right up to the top, with its annual production of 13.7 million barrels of Oil. Due to the increased exploitation of more oil deposits, America has exceeded its production far more than Saudi Arabia. There is about a 75% increase in the proven oil reservoirs on increased exploration projects initiated by the government.
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