The need for oil is superior to all needs. Oil is a non-renewable resource that takes years to form. It is the most usable, precious and rarest element of all in this world. It is an important source of energy ever discovered. Oil production means drilling out of oil from deep into the ground i.e. between earth’s crusts and pumping the liquid out through the drilling process. Oil formation process takes years and years to transform the solid into oil sediments. Oil production is measured in BBL or oil barrels.
Oil has been a revenue generator for various countries which are richer in oil reserves. Its consumption is increasing at a high rate all over the earth. The total oil production liquid includes crude oil, natural gas, plant liquids and refinery processing gains.
According to International Energy Agency (IEA) in 2013, total oil production was estimated to be 4,142 Mt. Let’s have a glance on the top 10 oil producing nations in the world and their total production. In 2014 global oil production reserve is projected to average 76 million billion barrel/day, up 1.8% increase from last year report.
10) UNITED STATES OF AMERICA (USA)
The United States of America is the most powerful nation in the world. The USA beat Saudi Arabia in 2013 in oil production and emerged at the top place. Since then it has maintained its position to be at the top. It produces 12.31 million barrel of oil/day which counts to be a 13.67% of the total oil production in the world. In the year 2011, the USA was in the third position with a total production of 9.02 million barrel of oil/day and with a share of 10.74% globally. Alaska, California, Texas, North Dakota and Oklahoma are some of the top most oil-producing states in the United States.
9) SAUDI ARABIA
In 2011, according to IEA reports Saudi Arabia was at number second in oil production with 9.57 million barrel of oil/day and share of world’s output of 11.28%. In 2013 it maintained its position to be the second top most country in the world in oil production. Its production is 11.59 million barrel of oil/day and share of 12.87% globally. The economy in Saudi Arabia is heavily dependent on oil revenue. It has almost 85% of the total revenue in the world. Ghawar field, Safaniya field, Manifa field, Qatu field, Zuluf field and Abqaiq field are some of the major fields included in producing oil.
8) RUSSIA
In 2011, Russia occupied the top most position in the world with total production counts to 10.73 million barrel of oil/day and 12.65% share globally in its output. But, in 2013 reports of IEA, it lagged behind and stands to be the third largest oil producing country in the world. With its total production to be a 10.53 million barrel of oil/day and share of 11.70%, western Siberia is the main region to produce oil. Priobskoys and Samotlor in western Siberia are prominent places for it. Major companies in Russia like Roseneft, Lukoil, TNK-BP, Neft and Tatnelt are included in the list.
7) CHINA
China is world’s fourth largest country to produce oil with a 4.46 million barrel of oil/day and 4.95% share. It stepped ahead from 2011 reports, it was in fifth place with production of 4.07 million barrel of oil/day and 4.56 % share. 1.53 million barrel of oil has been increased in the present scenario. China is third largest in the world in terms of oil reserves. There are seven major oil fields that all together have contributed to 73 million barrels of oil in the total production in full-year course. China oil industry is led by its state owned oil sectors which include- China National Offshore Oil Corp, China National Petroleum Corp, and Sinopec are three major companies in China that have
6) CANADA
The oil industry in Canada is referred to as the Canadian “Oil Patch”. Canada is the world’s fifth highest country in oil production with 4.07 million barrel of oil/day and quota of 4.52% in universal output. It moved one place ahead in 2013 while in 2011; it stands out to be the sixth major country in the world with 3.59 million barrel of oil/day and 3.90% fraction on whole in total production. In 2005, 25,000 oil wells were drilled and 100 new wells were studded in Alberta alone on daily basis. The country’s three largest refiners include: Imperial Oil, Husky Energy, and Suncor Energy.
5) UNITED ARAB EMIRATES (UAE)
The United Arab Emirates was the eighth largest nation in the world. Its production counts to 3.09 million barrel of oil/day of total oil liquids and 3.32% percent share. In 2013, according to IEA United Arab Emirates is at sixth position in the world and total production of oil is over 3.23 million barrel of oil/day and 3.59% output rack-off share globally. Abu Dhabi has 92 billion barrels while Dubai has 4 billion barrels and Sharjah has 1.5 billion barrels has most of the oil containing with it. A Zakum field has almost 66 billion barrels of oil and is third largest in the Middle East. The United Arab Emirates reserves are 93 years old.
4) IRAN
Iran was the fourth largest in 2011, with production of oil of 4.23 million barrel of oil/day and percentage share of 4.77% worldly. But in 2013, it was heavily backed off at seventh place with a total oil production estimate of 3.19 million barrel of oil/day and 3.54% low quota. In 1973 Iran produced about 6 million barrel of oil/day but after that, a drastic fall was seen. Between 1975-1980 it showed a heavy drop in its oil production i.e. about 1.4 million barrel of oil/day. Abadan, Esfahan, Babndar-e-Abbas, Tehran, Arak and Tabriz oil refineries are some of the majors included. Oil refining produces oil products like liquefied petroleum gas (LPG), gasoline, kerosene, fuel oil and lubricants.
3) IRAQ
In 2011, Iraq oil production was 3.40 million barrel of oil/day and 3.75% share. In 2013, it was lacking behind from one place and 3.06 million barrel of oil/day was the total oil production and 3.40% portion in total output. In 2009, it was twelfth largest oil producer. Few resources are with Sunni minority. Iraq has 9 super giant fields major which are Majnoon Field, Hafaya Field, West Qurna field and Rumaila field over 5 billion barrels of oil and 22 super giant fields of over 1 billion barrels. It accounts to 70-80 percent of the total country’s oil reserves. Today, majority of Iraqi oil comes from three major fields: North oil field, South oil field in southern Iraq and Kirkuk. Missan oil company (MOC) holds 30 billion barrels of reserves which include Amarah, Field, Huwaiza, Noor, Rifaee, Dijaila, Kuwait and East Rafidain. Iraq’s oil deposits hold 43 billion barrels of crude and natural gas.
2) MEXICO
Mexico is the ninth largest oil producing state in the world. In 2011, according to IEA reports, the total liquid production was estimated to be of 2.93 million barrel of oil/day and 2.96% total output of the oil. While in 2013, there was a bit fall with production of 2.91 million barrel of oil/day and 3.23% rack-off in percentage. It has been numbered eighteenth largest oil reserves globally. Mexico is not the member of Organisation of Petroleum Exporting Countries OPEC, but has been a member of North America Free Trade Agreement since 1944. Cantarell field is the largest oil field in Mexico and largest in the world.
1) KUWAIT
Kuwait is the tenth largest country in oil production in the world. In 2011, Kuwait’s production was 2.68 million barrel of oil/day and 2.96%. In 2013, it showed some hike in its production to 2.81 million barrel of oil/day and 3.12% quota. It contains 75% of the world’s oil reserves. Petroleum industry occupies half of the GDP of the country nearly. Burqan field is the second largest oil field in the world located in Al Burqan. Kuwait Oil Company, Kuwait oil Tanker Company, Kuwait gulf Oil Company and Oil Development Company are some of the major oil producing companies in Kuwait.