Most countries of the world are blessed with natural resources varying from precious and no-so-precious metals to oil, often referred to as black gold. Perhaps, of all the natural resources, oil is the most precious in today’s world. It is essentially need for industrialization and thus modernization of any country. Countries with massive reserves of oil have progressed beyond imagination because of the abundant profits this yields. Here are the 10 largest oil producing countries of present world.
1. Saudi Arabia – Production of 11.75 million barrel a day makes this kingdom in the middle east the largest oil producing country. Their estimated reserves in the neighborhood of 263 billion dollars are the second largest after Venezuela. This country is credited with producing 13.24 percent of world’s entire production. Keeping it reserves in mind, it is not likely to lose its status in the near future.
2. United States – With a share of 11.94 perrcent of world’s production, the US is the second largest producer of oil, though it is also the largest consumer. That’s why in spite of its massive production and esstablished reserves of 21 billion barrels the country is required to import oil from other countries. For the same reason the country is spending huge amount of money for finding alternative non-conventional sources of enerrgy. As per the latest etimates, including the discovery of oil from tar stands and shale, its reserves total 1.442 trillion barrels.
3. Russia – This oil producing country accounts for 11.64 percent of world’s oil production and produces 10.3 million barrels per day to qualify among the major oil producing countries. With proven reserves of 60 billion barrels, it continues to explore the likelihood of oil in Siberia. Groundwork so far carried in that area shows that it has the capacity of offering 4.7 billion barrels. Additionally, Russia’s tip in the arctic is anticipated to deliver 100 billion tons of oil and gas.
4. China – Till the middle of the last century, China was known to import it entire requirement of oil. Later it dicoverd enormous reserves in its northeastern part. Though its daily production is 4.19 billion barrels, its oil consumption is also huge. Its contribution to world production is 4.7 perrcent and has established reserves in the rgion of 20.35 billion barrels.
5. Iran – With a production of 4.13 million barrel a day, Iran contribution to world production of oil is 4.6 percent. However, it doesn’t exports the prodcut to the US due ongoing strained relations between the two countries. It has known reserves of 137 billion barrels. Iran is the second biggest contributor to OPEC, the Organization of Petroleum Exporting Countries, and the first place goes to Saudi Arabia. Even if they stopped looking for additional sources of oil, their known sources will last for over ninety years!
6. Canada – Canada’s makes for 4.4 percent of worldwide oil production. However, they are optimistic of improving on that figure after their alternative begins to contibute efficiently. The country has discovered oil in its sand but is yet to develop technology for its efficient transformation to oil. On achieving that the country is expected to have as large reserves as 179 billion barrels, making it the third largest after Suadi Arabi and Venezuela
Read more: 10 Biggest Ships In The Earth
7. United Arab Emirates – The total contribution of the emirates stands at 3.6 percent of worldwide production. The total reserves are nearly 98 billion barrels, most of which is with Abu Dhabi (92 million barrels) followed by Dubai with four billion barrels and Sharjah having about 1.5 billion barrels. The UAE continues using it resources with caution.
8. Mexico – The output of this oil producing country is 3.3 percent of worldwide oil production. They produce 2.95 barrels each day. Of this they export over one third to the U.S. The newly discovered oilfields are expected to add to their confirmed reserves amounting to 10.42 billion barrels. Sadly, many of their oilfields have already declined as was demonstrated during 2005 when its production was reduced by nearly 500,000 barrels a day. There are apprehensions that the fresh fields being discovered may not suffice to compensate for the massive drop in production because of the shutting down of old fields.
9. Brazil – This country produces 2.8 million barrels a day which accounts for 3.15 percent of oil produced worldwide. Most of it comes from Lula oil field that is situated in the antos Basin, 250 kilometers away from the coast of Rio de Janeiro.The proven reserves of Barzil are 12.86 billion barrels. Another oilfiled has been discovered about 37 kilometers from Lula. This is quite likely to add to their reserves.
10. Kuwait – The country discovered oil during 1938 and has continued producing the same. Their contribution to world kitty is 3.1 percent while their proven reserves stand at 104 billion barrels.