Millions of barrels per day came from oil-producing countries to satisfy the demands of the world. At times, oil prices are rising due to its high demand every year. In the last few years, there are notable increase in oil production, never it the history that it outpace the demand it has to achieved.
Organization of the Petroleum Exporting Countries (OPEC), cartel of oil-producing countries, said that total global oil supply increased by 490,000 barrels per day (bpd) in August 2018. This is an average to 98.88 million bpd. This increase is said to be the result of OPEC production growth and rising output in industrialized on different parts of the world.
That is why it is important that top oil-producing countries in the world must be strengthen. Here they are.
Over years ago when Saudi Arabia was mentioned, we all can say how it’s about its richness on oil production. According to OPEC website, Saudi Arabia possesses around 18 per cent of the world’s proven petroleum reserves.
No wonder why its ranks as the largest exporter of petroleum in the world. It also confirmed that the oil and gas sector accounts for about 50 per cent of gross domestic product, and about 70 per cent of export earnings. Apart from petroleum, the Kingdom’s other natural resources include natural gas, iron ore, gold, and copper.
In 2016, reports says that the first three month of the year they were able to produce 10 million of bpd. Last 2018, OPEC told to Reuters that Saudi Arabia claimed that it pumped 10.488 million bpd of crude mid-year of 2018.
The United States Energy Information Administration (EIA) claimed last 2018 that U.S. will likely surpassed Saudi Arabia and Russia. They said how they can be able to obtain the world’s top crude oil producer. It February 2018 when they announced that first time in more than 20 years, they surpassed Saudi Arabia. Then in June and August 2018, U.S. output bypassed Russia for the first time since February 1999.
This is why EIA is confident enough that they will continue to exceed Russian and Saudi Arabian crude oil production for the remaining months in this year 2019.
Reports said that U.S produced the most oil in 2017. With an average increasing from 14,855,000 barrels per day (bpd) in 2016 to 15,647,000 bpd in 2017.
(Photo by David McNew/Getty Images)
According to most analysts who see how the tends are going in the last 5 years, Russian oil output has been increasing steadily. Data shows that Russia’s oil production from 2016 was 11,240,000 bpd and 11,210,000 bpd last 2017. According to EIA, despite coming in as the third top 10 oil-producing country, Russia is the world’s largest producer of crude oil and the second-largest producer of dry natural gas. Most of Russia’s reserves are located in West Siberia. There are also oil production between the Ural Mountains and the Central Siberian Plateau, Urals-Volga region up to Caspian Sea.
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