In our day and age, those who control the world’s supply of oil pretty much control the world. Everything in our society depends on oil and gas, including cars, planes, heating, electricity, boats, and thousands of products.
Offshore oil and gas is a global industry. But who are the world’s leaders in terms of oil production by country?
Let’s take a look at the rankings. Keep an eye out for your country, you may be surprised where you stand!
1. United States
In first place for oil production: the United States of America! The U.S. accounts for 18% of the world’s total oil and gas.
Their top locations for oil are Texas, North Dakota, New Mexico, Oklahoma, and Alaska. Texas produces over 40% of America’s crude oil. North Dakota over 11%, New Mexico over 6%, Oklahoma 5%, and Alaska over 4%.
If you drive through these states (especially Texas), you’ll see oil fields with fracking machines pumping up and down. That harvested oil is shipped all over the country and all over the globe!
The U.S. is also the top consumer of crude oil. That figures, right? From cars and trucks to heat and electricity, oil and gas are in high demand in the States.
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2. Saudi Arabia
Saudi Arabia is the largest country in the Middle East. They have a population of around 33 million.
It houses several sacred Muslim sites, so it’s also a tremendous tourist destination. External and internal tourism bring around 60 billion dollars into Saudi Arabia each year. That all creates a huge need for oil and gas.
Good news is, when you think of a place that’s known for oil production, you probably think of the Middle East. That’s for good reason. Up until 2018, Saudi Arabia was the world’s leader in oil production.
The U.S. recently passed it by 6%, leaving Saudi Arabia in second place. Saudi Arabia now officially provides 12% of the world’s total oil and gas. They export 9.895 million barrels per day, as of March 2019.
This number fluctuates quite a bit. It was 10.14 million barrels per day just one month prior.
Between the U.S. and Saudi Arabia, the whole world gets a whopping 30% of its entire crude oil supply. “Crude oil” is unrefined petroleum. It’s then split up and made into gasoline, diesel, paraffin, heating oil, petrochemicals, asphalt, and others.
Russia is the largest country in the entire world with over 144 million people. It is the third-largest oil supplier. It was in the top two until the U.S. passed it and Saudi Arabia in 2018.
They export 11% of the world’s total oil, just 1% behind Saudi Arabia. Mineral fuels, including oil, are Russia’s number one export. This export alone brings in more than $230 billion U.S. dollars every year.
There are oil fields all over Russia. Most of them are in Siberia, which is the northern half of the gigantic country.
The top three oil-producing countries provide 41% of the total oil we use every day. Without the oil from the U.S., Saudi Arabia, and Russia, we wouldn’t live the same lives we’re used to today.
There would be a considerable, noticeable drop in oil and gas availability, which includes heating and electricity. Not to mention the fact that gasoline and airline ticket prices would skyrocket!
When most people think of Canada, they usually think of beautiful scenery, national parks, and natural wildlife. As someone with a business in the energy sector, you’re more likely to think about the gold mine of oil fields throughout the country.
Canada, China, and Iraq are tied for fourth place in overall oil and gas production. They each provide 5% of the world’s oil. Altogether, combined with the top three leaders, the world gets more than half of its oil.
There are conventional oil reserves in the Northwest Territories, British Columbia, Alberta, Saskatchewan, Manitoba, Newfoundland, and New Brunswick. They have natural gas reserves in the Yukon Territory, the Northwest Territories, British Columbia, Alberta, Saskatchewan, and New Brunswick.
Alberta and Saskatchewan also house “oil sands” or “tar sands.” The oil/tar sands are reserves of sand, water, and oil mixed together.
This specific type of oil is thicker than normal oil, called bitumen, so it doesn’t flow. Oil/tar sands create gasoline, which is desperately needed in every country around the globe.
While China is the world’s second (or third, depending on the year) largest oil-consuming country, it sits at fourth for oil production (tied with Canada and Iraq). This means China must import most of the massive amount of oil and gas they use every day.
China produces about 4.27 million barrels of oil per day. China has a population of over one billion.
They use an astounding 13% of the world’s total oil, so millions and millions of barrels of their consumed oil aren’t found domestically. In fact, China is the world’s leading oil importer.
Russia is China’s main supplier and has been for more than two years. They also import oil from Saudi Arabia, Angola, and Iraq. Perhaps surprisingly, China only gets about 3% of its oil from the U.S.
Iraq is the third country that’s tied for fourth place in the world’s oil production. Iraq is situated in the center of the Middle East, packed between Saudi Arabia, Iran, Turkey, Syria, and Jordan.
Iraq only supplying 5% of the world’s oil might surprise you, given its location. That place is known for oil production. Their reserves, however, are not found all over the country.
The oil reserves heavily favor the Shiite territory over the Sunni territory. A vast majority of Iraqi oil comes from Shiite areas. You can imagine that this enormously adds to the civil tension in their country.
But even large countries with impressive oil fields like Iraq, Russia, and even the U.S. had to start somewhere as oil suppliers. No doubt each reserve received financial backing at one point.
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Iran’s oil supply comes in right behind Iraq, Canada, and China at 4%. They export over two million barrels of oil per day, but that number is steadily decreasing since the U.S. set up sanctions against Iranian imports.
Iran’s oil consumption is around 2,000 barrels per day. For a population of 81 million, 2,000 barrels per day isn’t too shabby.
Their production to consumption to population ratio isn’t nearly as severe as China’s. But just like every other country, their consumption is increasing each year.
Of Iran’s top five exports, two are oil and gas related: crude petroleum and refined petroleum. Their number one export is crude petroleum, which brings in more than $38 billion per year. Needless to say, oil and gas play a vital role in Iran’s economy.
8. United Arab Emirates
The United Arab Emirates is a small country in the Middle East, right on the end of the Persian Gulf. They have a population of around nine million people.
Your eyes might overlook it on a map, and you might not have even heard of it before. But it’s actually the world’s eighth leading oil producer.
They produce around three million barrels of liquid oil per day, including crude and refined petroleum. They also export around eight billion dollars worth of petroleum gas per year.
The United Arab Emirates’ main trade partners are India, Japan, and China. So that’s who receives much of that precious oil and gas.
In fact, the country is considered “first world” because of its financial situation, which is largely thanks to its oil and gas exports. Without its oil and gas reserves, the United Arab Emirates might still be seen as a developing country because it has zero democracy.
Oil Production by Country & Oil Financing
If you’re in the energy business, you are an invaluable player in the world’s functionality. Your contribution is important and worthwhile.
This is evident in the fact that the top eight oil producers literally power the globe. Oil production by country rankings tell a story: crude oil and gas are where the value is at. It’s a powerful, much-needed sector.
Did you know that you can get financing for your independent oil business? We provide capital to valuable companies like yours. Contact us for more information, with questions, and to get the capital you’ve been looking for!