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Saturday, July 31, 2021
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15 WORLD Largest Oil Producers

WORLD Largest Oil Producers

The total world oil production in 2020 averaged 77 million barrels per day. In recent history, the top three producers have been the United States, Russia, and Saudi Arabia. As of 2021, these are the 15 largest oil producers in the world.

 

15. Qatar.

Producing an estimated 1.6 million Barrels of oil per day, Qatar is a country located in Western Asia. In early 2020, the country’s total population was 2.6 million. Islam is the official religion of Qatar. In terms of income, the country has the highest GDP per capita in Asia, estimated at $134,000.

The country’s economy is backed by the world’s third-largest natural gas and oil reserves. Qatar is classified as a very highly developed country, having the third-highest Human development index in the Arab world after the United Arab Emirates and Saudi Arabia.

For its size, Qatar wields disproportionate influence in the world. Based on the GDP per capita, Qatar is the richest country in both Asia and the world. Other than gas and oil, some of the most important industries include fertilizer, petrochemicals, and ship repair. Qatar has been ranked as the world’s richest country, with a GDP per capita estimated at $134,000.

 

14. Mexico.

Producing about 1.7 million Barrels of oil per day, Mexico is a country in the southern portion of North America. It covers 1,972,550 square kilometers, making it the world’s 13th-largest country by area, with approximately 126 million inhabitants, it is the 10th-most-populous country and also has the most Spanish-speakers.

Mexico’s early history as a nation state was marked by political and socioeconomic upheaval. Today, it is one of the most developed countries and has the world’s 15th-largest economy by nominal GDP, with the United States being its largest economic partner.

Mexico is the 14th largest oil producer in the world. Its large economy and population make Mexico a regional and middle power, it is often identified as an emerging power but is considered a newly industrialized state by several analysts. It is also one of the world’s 17 megadiverse countries, ranking fifth in natural biodiversity.

 

13. Norway.

Producing about 1.7 million Barrels per day, Norway is a Nordic country located in Europe. It has a total area of 385,207 square kilometers and a population of 5.3 million. Norway is bordered by Finland and Russia to the north-east, and the Skagerrak strait to the south, with Denmark on the other side.

Norway is Europe’s 3rd richest country and one of the continents largest oil producer. It boasts of one of the highest standards of living in Europe and a similarly prosperous economy. The country has a mix of well-integrated government welfare systems and a thriving economy built on responsible management of its natural resources.

Its developed mixed economic structure is heavily dependent on natural resources, and it remains one of the world’s leading petroleum exporters. Norway maintains the Nordic welfare model, with a universal health care and a comprehensive social security system. As of 2021, the country has one of the highest Human Development on earth.

 

12. Kazakhstan.

Kazakhstan is a transcontinental country mainly located in Central Asia with a smaller portion west of the Ural River in Eastern Europe. It covers a land area of 2,724,900 square kilometers. Kazakhstan is the world’s largest landlocked country, and the ninth-largest country in the world.

It has a population of 18.8 million residents, and has one of the lowest population densities in the world, at fewer than 6 people per square kilometer. Since 1997, the capital is Nur-Sultan, formerly known as Astana. The capital was moved from Almaty, the country’s largest city.

With the capacity to produce 1.7 million Barrels per day, Kazakhstan is the 12th largest oil producer in the world. Kazakhstan is the most dominant nation of Central Asia economically generating 60% of the region’s GDP, primarily through its oil and gas industry.

 

11. Nigeria.

Producing an estimated 1.8 million Barrels per day, Nigeria is a country in West Africa. Abuja is its capital and Lagos is the most populous city in the country, the African continent, as well as one of the largest metropolitan areas in the world.

The most populous country in Africa and the seventh most populous country in the world, Nigeria is the 11th largest oil producer globally, and is the largest in Africa. As a multinational state, the country is inhabited by more than 250 ethnic groups speaking 500 distinct languages. The three largest ethnic groups are the Hausa, Yoruba, and Igbo.

The country has the world’s fifth-largest Muslim population and the sixth-largest Christian population. Nigeria is also the 2nd happiest country in Africa and the 85th happiest in the world. However, its Human Development Index ranks 158th in the world, and the country is classified as a lower middle-income economy.

 

10. Kuwait.

Producing a estimated 2.94 million Barrels per day, Kuwait is a country in Western Asia. As of 2020, Kuwait has a population of over 4.6 million people. Oil reserves were discovered in commercial quantities in the country in 1938. In 1946, crude oil was exported for the first time. With a GDP per capita reported at $67,000, Kuwait is the 9th richest country in the world.

From 1946 to 1982, the country underwent large scale modernization which boosted its economy significantly. As of 2021, Kuwait has a high income economy backed by the world’s sixth largest oil reserves. Additionally, did you know that the Kuwaiti dinar is the highest valued currency in the world.

The main reason why this country’s economy is so strong, is that it holds approximately six percent of the world’s crude oil reserves. Half of the country’s GDP is accounted for by petroleum. Other industries include cement, food processing, and construction materials.

 

9. Iran.

Producing a total of 3.19 million Barrels per day, Iran is a country in Western Asia. It covers an area of 1,648,195 km2, with a population of 83 million. It is the second largest country in the Middle East, and its capital and largest city is Tehran.

Iran is home to one of the world’s oldest civilizations and was the world’s first superpower. It is the 9th largest oil producer in the world, and is a regional and middle power, with a geopolitically strategic location.

In the 1970s, Iran exerted significant control over the oil industry, producing between 5 million and 6 million barrels of oil per day. As more and more countries started to produce and export oil, this number decreased drastically, however, it remains committed to its investment in oil, with the aim of injecting $500 billion into the sector by 2025.

 

8. Brazil.

Producing a total of 3.7 million Barrels per day, Brazil is the largest country in both South America and Latin America. At 8.5 million square kilometers and with over 211 million people, Brazil is the world’s fifth-largest country by area and the sixth most populous. Its capital is Brasília, and its most populous city is São Paulo.

As of 2021, Brazil is ranked as the eighth largest oil producer on earth. Brazil saw a significant increase in oil production from 2018 to 2021. Like most oil-producing countries, Brazil’s oil exports decreased in recent months, due to the lower global demand.

The country holds approximately 1% of the world’s oil reserves, which is enough to last around 15 years. Brazil is classified as an upper-middle income economy and a newly industrialized country, with the largest share of global wealth in Latin America, the country is considered an advanced emerging economy, having the twelfth largest GDP in the world by nominal.

 

7. The United Arab Emirates.

With the capacity to produce 4.1 million Barrels per day, The United Arab Emirates is a country in Western Asia. It’s population is over 9.5 million, of which about 2 million are Emirati citizens, and the rest are expatriates. Islam is the official religion, and Arabic is the official language.

The UAE is the seventh largest oil producer in the world and has a GDP per capita estimated at $71,800. The country has the sixth-largest oil reserves in the world, while its natural gas-reserves are the world’s seventh-largest. The country’s economy is diversified and has become less reliant on oil and gas, and is economically focused on tourism and business.

The most populous city in The United Arab Emirates is Dubai, which is a global city, an international aviation center, and an important maritime trade hub. The economy of the United Arab Emirates is the second highest in the Middle East, the fourth highest in Asia, and the eighth highest in the world.

 

6. Iraq.

Producing about 4.74 million Barrels per day. Iraq is a country in Western Asia, the capital and largest city is Baghdad. Iraq is home to diverse ethnic groups, including Arabs, Kurds, and the Turkmens. Around 99% of the country’s 38 million citizens are Muslims. The official languages of Iraq are Arabic and Kurdish.

As of 2021, Iraq is the sixth largest oil producer in the world. Between 2018 and 2020, Iraq’s oil production increased by 5%, bringing output up to 4.74 million Barrels per day. The country holds around 9% of the world’s oil reserves, which is more than 140 billion barrels.

While it is only sixth on the list of the leading oil producers in the world, it is the second largest of the OPEC countries and is also the second largest exporter of the commodity. Iraq’s crude oil exports have doubled from 2 million Barrels per day to 4 million Barrels per day since 2010.

 

5. China.

Producing a total of 5 million Barrels per day. China is a country in East Asia. It is the world’s most populous country, with a population of around 1.4 billion. Covering approximately 9.6 million square kilometers, it is the world’s third or fourth-largest country by area.

China has the second largest military budget and is a recognized nuclear weapons state. It is the 5th largest oil producer in the world. Most of China’s domestic oil is extracted from the north-east and north-central region. The country has been characterized as an emerging superpower due to its large economy and powerful military.

China’s economy became the second-largest by nominal GDP in 2010 and grew to the largest in the world by PPP in 2014. It is the world’s fastest growing major economy, the second-wealthiest nation in the world, and the world’s largest manufacturer and exporter.

 

4. Canada.

Producing a total of 6 million Barrels per day, Canada is a country in the northern part of North America. With over 9.98 million square kilometers, it is the world’s second-largest country by total area. Canada’s capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver.

As a highly developed country, Canada is slowly climbing the list of the world’s leading oil producers. It also boost of having the seventeenth-highest nominal per-capita income globally as well as the thirteenth-highest ranking in the Human Development Index.

It is one of the world’s most ethnically diverse and multicultural nations, it’s long relationship with the United States has had a significant impact on its economy and culture. Canada’s advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed trade networks.

 

3. Russia.

Russia is a transcontinental country located in Eastern Europe and Northern Asia. Spanning more than one-eighth of the Earth’s inhabited land area, stretching over eleven time zones, and bordering 16 countries, Russia is the largest country in the world. Moscow is the country’s capital and largest city.

Russia is the world’s third largest oil producer, producing 11.49 million Barrels per day. The country’s main extraction region is in Western Siberia, from the Priobskoye and Smotlor fields. As of June 2021, Russia is also the fifth largest consumer of oil, which accounts for about 4% of the world’s total.

Russia has been described as a potential superpower; with the world’s second-most powerful military, and the fourth-highest military expenditure. It is also ranked high in the Human Development index, with a universal healthcare system, and a free university education.

 

2. Saudi Arabia.

Officially the Kingdom of Saudi Arabia, is a country in Western Asia. With a land area of approximately 2,150,000 km2, Saudi Arabia is geographically the largest sovereign state in Western Asia, the second-largest in the Arab world after Algeria, the fifth-largest in Asia, and the 12th-largest in the world.

As of 2021, the Saudi economy is the largest in the Middle East and the 18th largest in the world. It is the world’s second largest oil producer, producing a total of 11.81 million Barrels per day. The country has one of the world’s youngest populations, with approximately 50 percent of its population of 34.2 million under the age of 25.

Petroleum was discovered in 1938. Since then, Saudi Arabia has become one of the world’s largest oil producer and is the world’s largest oil exporter, controlling the world’s second largest oil reserves. The kingdom also spends 8% of its GDP on the military, which places it among the world’s largest military spenders.

 

1. The United States.

Producing a total of 19.51 million Barrels per day, The United States is a country primarily located in North America, it is the world’s third largest country by total area. With a population of more than 328 million people, it is the third most populous country in the world. A highly developed country, the US accounts for approximately a quarter of global GDP.

The US is the world largest oil producer. Between 2018 and 2020, oil production in the US increased by just over 10%. One of the main reasons why the US is a leader in oil production is because it was the first country to adopt new methods of drilling. Rigs can now drill horizontally, enabling greater access to oil-yielding rock.

With it’s capital located at Washington D.C, The united states is also the 11th richest country in the world. The United States is one of the world’s most racially and ethnically diverse nations. It ranks high in international measures of economic freedom, quality of life, and education.

 

 

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