The oil and gas industry generates good revenue for countries where the industry is been found. In this article, we will make available for you the top 10 best countries by oil production.
Top 10 Best Countries by Oil Production
Below are the best countries by oil production;
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1. USA — 12,000,000bbl/day
The US is the world leader in oil production, producing approximately 12 million barrels of oil per day (bbl/day).
The US’s position as the country with the highest oil production can be attributed in part to the Organization of the Petroleum Exporting Countries (OPEC) holding back supply to keep oil prices high elsewhere.
Offshore oil drilling has become a hot topic in the US, with the Trump administration planning to pursue drilling operations along the Outer Continental Shelf despite criticism from coastal towns and government officials.
2. Russia — 11,200,000bbl/day
Russia is the second-largest producer of oil in the world, with a production rate of 11.2mbbl/day.
It’s expected to reap record oil and gas revenues from 2018–2024 due to tax changes and production growth, as well as a number of discoveries made in late 2018 and 2019.
The Berkut drilling platform located offshore Russia is the largest oil rig in the world, weighing in at 200,000 tons.
3. Saudi Arabia — 11,113,710bbl/day
With an oil production rate of over 11mbbl/day, Saudi Arabia is the third-largest producer in the world, as well as the biggest oil producer in OPEC.
The country contains approximately 18% of global proven petroleum reserves and is the world’s largest exporter of petroleum.
Its oil and gas sector accounts for about 50% of gross domestic product, and about 70% of export earnings.
4. Iraq — 4,451,516bbl/day
Iraq is the second-largest producer in OPEC, with a production rate of over 4mbbl/day.
They also have the fifth-largest proven oil reserves, with an estimated 140 billion barrels of proven crude oil.
The country has recently had to contend with a number of challenges in its oil and gas industry
5. Iran — 3,990,956bbl/day
Iran is the third-largest producer in OPEC, with a production rate of just under 4mbbl/day.
The country has proven crude oil resources of approximately 156 million barrels, which represents roughly 10% of the world’s proven resources.
Iran has also faced some trouble with its oil and gas industry recently, with the US imposing sanctions on the country’s oil imports in November 2018 over Iran’s nuclear program.
These sanctions have caused global oil prices to rise, and have deterred investment in Iran’s oil and gas sector from overseas companies.
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