“Revealed: The 10 Big Oil-Producers Shaping the Globe

The world of energy is constantly evolving and the demand for oil has remained steady throughout the years. With many countries depending on this energy source, the top 10 oil producing countries have been consistently providing high-quality oil to the market. Starting off the list is the United States of America, which has been leading in oil production for many years. With a production of 15 million barrels per day, the US is able to provide oil to a range of countries globally. In second spot is Saudi Arabia, the leading exporter of oil globally, with 12 million barrels per day. It has some of the world’s lowest production costs and has invested heavily in economic and energy technology advancement, allowing it to produce oil efficiently. The Russian Federation is in third place, producing 10.7 million barrels per day. Russia has invested in efficient production technology and remains a strong exporter of high-grade oil and petroleum products. The fourth spot is occupied by Iraq, which is another major exporter of oil with its production rate at 4.6 million barrels per day. Iraq has recently redeveloped its oil industry, with the industry expected to grow significantly. China occupies fifth place on the top oil producing countries list, with 4.5 million barrels per day. It is, however, important to note that while China may have a strong production rate, most of its oil production is used domestically – making it less of an exporter, than the other countries mentioned above. The sixth spot is divided between Iran and the United Arab Emirates (UAE). Iran produces 3.9 million barrels per day while the UAE produces 3.3 million barrels per day. The two states are both major oil exporters, with Iran also exporting gas and LNG products to other countries. Canada is in seventh on the list and produces 3.3 million barrels of oil per day, while Kuwait produces 3.09 million barrels of oil per day which puts them at eight and nine on the list respectively. Venezuela occupies the tenth spot, producing 3 million barrels of oil per day. All in all, the top 10 oil producing countries are responsible for producing most of the world’s oil. The volume and quality of oil production from these 10 countries is essential for the world’s economy.