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The 10 countries that produce the most oil in the world

World oil production continues to grow, as has been the case for years. Here are the protagonists of this rich market.

The oil prices are far removed from the peaks they reached in 2008 but, by 2016, have bounced back significantly, renewing interest in the sector.

The 10 countries that produce the most oil in the world

Investor sentiment and prices began to change after the production control agreementbetween OPEC and 11 of the world's largest oil producers. This agreement provided for a reduction in oil production of almost 1.8 million barrels per day and, towards the end of 2018, the OPEC decided again to cut the production of crude oil by 1.2 million barrels per day, in the attempt to stabilize prices .

But despite these efforts, the increase in oil production in the United States and in other countries such as Brazil and Libya , has mitigated the effect of the cuts and generated some price volatility.

In these circumstances, the 10 countries that produced the most oil in the world are those that emerge from the 2018 data of the American Energy Information Administration ( EIA ).

1. UNITED STATES (production: 17,886,000 barrels per day)

The United States is the country that has produced the most oil in the world. In 2018 they increased production, which in 2017 was 15,647,000 barrels per day. The country is also a big consumer of oil and last year it absorbed a total of about 19.88 million barrels a day.

2. SAUDI ARABIA (production: 12.419.000 barrels per day)

The ' Saudi Arabia has 18% of world reserves of oil and ranks as the largest exporter of oil. Oil and gas account for around 50% of the country 's GDP and around 85% of its export earnings.

3. RUSSIA (production: 11.401.000 barrels per day)

Russian oil production has grown, from 11,210,000 barrels in 2017 to 11,401,000 barrels last year. Most of Russia's reserves are located in western Siberia , between the Ural mountains and the central Siberian plateau, as well as in the Ural-Volga region which extends to the Caspian Sea .

4. CANADA (production: 5,295,000 barrels per day)

Canadian production also increased between 2017 and 2018. Almost all of Canada 's oil reserves are located in Alberta and 97% of these are in the form of tar sands. Exports to the United States represent the vast majority of Canada 's energy exports .

5. CHINA (production: 4,816,000 barrels per day)

Chinese oil production, which had declined in 2017, grew in 2018. China is the second largest consumer of oil in the world and, since 2014, is also the second largest net importer. The China much oil that gets consumed by ' Iran .

6. IRAQ (production: 4,616,000 barrels per day)

L ' Iraq regained sixth after that, in 2017, had been exceeded by' Iran . The country holds the fifth largest proven oil reserve in the world (144 billion barrels), which represents almost 18% of reserves in the Middle East and almost 9% of global reserves.

7. IRAN (production: 4,471,000 barrels per day)

Iranian oil production decreased last year, from 4,695,000 to 4,471,000 barrels per day. According to the EIA , Iran holds the fourth largest proven oil reserve in the world and the world's second largest natural gas reserve.

8. UNITED ARAB EMIRATES (production: 3.791.000 barrels per day)

The United Arab Emirates are members of OPEC and have been ranked among the top 10 oil producing countries for decades. The country holds the seventh largest proven oil reserve in the world (97.8 billion barrels), with most of it in Abu Dhabi .

9. BRAZIL (production: 3,428,000 barrels per day)

Last year, Brazilian oil production jumped sharply: 3.428.000 barrels a day from 3.363.000 of the previous year. According to the EIA , total primary energy consumption in Brazil has almost doubled in the last decade due to strong economic growth. Most of Brazil's energy consumption is oil and other liquid fuels, followed by hydroelectric power and natural gas.

10. KUWAIT (production: 2,870,000 barrels per day)

After two consecutive years of declining oil production, Kuwait recorded a slight recovery last year . The oil and gas sector accounts for about 60% of the country 's GDPand about 95% of export earnings.
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About Minh Hiếu

Le Minh Hieu is a national-level weightlifter and a Singapore Weightlifting sports performance coach. Hieu's biggest passion is helping everyone find confidence, happiness, and health through fitness.


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