Oil provides money to countries that have sufficient oil reserves to produce more oil than they use. Furthermore, oil costs must be incorporated into national budgets for countries that rely significantly on imports.
Unsurprisingly, events like instability in oil-producing countries, new oil field discoveries, and breakthroughs in extraction technology significantly impact the oil sector. Most of the time, the world’s top oil-producing countries make a lot of money from their output.
According to Nasdaq.com, the top 10 oil producers in the world handle over 72% of oil demand, while the top five oil producers provide nearly 53%.
Let’s take a look at the top oil-producing countries in the world.
The United States is the world’s leading producer of petroleum liquids, averaging 18.9 million b/d and accounting for 20% of global output in 2021. Around 11 million of that is straight barrels of oil according to Wikipedia.
While many are surprised that the United States produces so much oil, gas and petroleum products in general, it is currently the largest producer in the world.
After the United States is a close-second: Russia. While the United States produces 11 million barrels of oil per day, Russia produces over 10 million — so the competition is fierce!
The next, and last, true contender in the race for the world’s biggest oil producer is Saudi Arabia, who is also the main proponent of OPEC, the oil conglomerate that largely controls the fluctuation of oil prices. Saudi Arabia produces 9.3 million barrels of oil per day according to Wikipedia.
After Saudi Arabia, the next closest contender is Canada at a measly 4 million barrels per day.
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