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In a recent article titled Top 10 Oil Producing Countries in 2018, BizVibe compiles a list of the top 10 countries that are currently dominating global oil production. In the article, BizVibe reports that the global production of oil totaled 92.65 million barrels per day (b/d) or a total 4,387 million tonnes in 2017, increasing 0.7% from the previous year, which was one of the lowest production growth rates since 2013. However, the top oil producing countries are expected to dominate the global market going forward, despite facing great competition from new factors including the rising trend of production barriers and the adoption of alternative renewable energy. Here are few of the countries that made it to the list of the top oil producing countries in the world.
Kuwait’s oil production currently stands out at 2.9 million b/d, and with the growing competition in the Middle East, Kuwait is expected to increase its production by 6 million b/d in coming years. The petroleum industry in Kuwait is the largest industry in the country accounting for over half of its GDP. Kuwait oil reserves are 4th largest in the world with 9.5% of the global reserve.
Brazil is the largest producer of crude oil in the whole South American region. The production of oil in Brazil has increased by over 5% year over year. With the rising demand in the international market, the Brazilian government has now increased the imports of oil.
The UAE has one of the largest oil reserves in the world. The UAE government has announced that they’ll increase the production of their oil to 5 million b/d in coming years. The major oil reserves in the UAE are in the regions of Abu Dhabi, Dubai, and Sharjah.
Iraq has the world’s fifth largest petroleum reserve and it is currently the world’s 7th largest petroleum producing nation. Iraq’s economy is majorly depended on its oil production and imports. More than 90% of the energy generated in the country is from petroleum products. Also, over two-thirds of Iraq’s GDP is directly depended on oil production and its imports.
Iran is one of the largest oil-producing countries in the Middle East and second-largest oil exporter in the group of the organization of petroleum exporting countries. Iran has significantly increased its oil production capacity from 3.5 million b/d in 2004 to over 3.7 million b/d in 2017.
Read the full list of Top 10 Oil Producing Countries in 2018 on BizVibe
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