Top ten countries by oil production

Umar Ali 2 May 2019 (Last Updated January 23rd, 2020 14:29)

Offshore oil is a global industry, but what countries produce the most oil? Offshore Technology looks at the top ten countries by oil production.

Top ten countries by oil production
Offshore Technology explores the top 10 countries by oil production. Credit: INEOS.

Offshore oil and gas is a multi-billion dollar industry, with countries all over the world developing their energy infrastructures. But what is the oil production by country? Offshore Technology looks at the top ten countries by oil production.

USA – 12,000,000bbl/day

The US is the world leader in oil production, producing approximately 12 million barrels of oil per day (mbbl/day).

The US’s position as the country with the highest oil production can be attributed in part to the Organization of the Petroleum Exporting Countries (OPEC) holding back supply to keep oil prices high elsewhere.

Offshore oil drilling has become a hot topic in the US, with the Trump administration planning to pursue drilling operations along the Outer Continental Shelf despite criticism from coastal towns and government officials.

Russia – 11,200,000bbl/day

Russia is the second-largest producer of oil in the world, with a production rate of 11.2mbbl/day.

Russia is expected to reap record oil and gas revenues from 2018-2024 due to tax changes and production growth, as well as a number of discoveries made in late 2018 and 2019.

The Berkut drilling platform located offshore Russia is the largest oil rig in the world, weighing in at 200,000 tons.

Saudi Arabia – 11,113,710bbl/day

With an oil production rate of over 11mbbl/day Saudi Arabia is the third largest producer in the world, as well as the biggest oil producer in OPEC.

The country contains approximately 18% of global proven petroleum reserves and is the world’s largest exporter of petroleum. Its oil and gas sector accounts for about 50% of gross domestic product, and about 70% of export earnings.

Saudi Arabia is also home to energy multinational Saudi Aramco, one of the world’s largest companies.

Iraq – 4,451,516bbl/day

Iraq is the second-largest producer in OPEC, with a production rate of over 4mbbl/day. Iraq also has the fifth-largest proven oil reserves, with an estimated 140 billion barrels of proven crude oil.

The country has recently had to contend with a number of challenges in its oil and gas industry, including regulatory conflicts and delays in developing supply facilities to boost production.

Iran – 3,990,956bbl/day

Iran is the third largest producer in OPEC, with a production rate of just under 4mbbl/day. The country has proven crude oil resources of approximately 156 million barrels, which represents roughly 10% of the world’s proven resources.

Iran has also faced some trouble with its oil and gas industry recently, with the US imposing sanctions on the country’s oil imports in November 2018 over Iran’s nuclear programme.

These sanctions have caused global oil prices to rise, and have deterred investment in Iran’s oil and gas sector from overseas companies.

China – 3,980,650bbl/day

China is the only country in East Asia to make the top 10, with a production rate of just under 4mbbl/day.

China is also the world’s largest importer of crude oil, importing an estimated 8.4mbbl/day. This growth in energy consumption has created opportunities for energy companies in China, but has also left the country dependent on foreign oil and gas.

The country’s economic growth has slowed recently, owing to declining factory output as well as complications with trading. Talks with the US are currently underway to end a trade dispute that saw both countries place tariffs on each other’s exports.

Canada – 3,662,694bbl/day

Canada is the second-largest producer of oil in the Americas, with a production rate of 3.7mbbl/day.

Canada also has the third-largest proven oil resources in the world, with approximately 170 million barrels of proven crude oil.

The country’s oil and gas industry is active in 12 of its 13 territories and provinces, with Canada being the largest supplier of oil and gas to the US.

United Arab Emirates – 3,106,077bbl/day

The United Arab Emirates (UAE) has a production rate of over 3mbbl/day, as well as the seventh-largest proven reserves of oil in the world at 97.8 billion barrels.

Oil and gas output accounts for roughly 30% of the country’s gross domestic product.

The UAE’s state-owned Abu Dhabi National Oil Company (ADNOC) is the world’s 12th largest oil company by production.

The company works with overseas contractors and multinationals to expand the UAE’s offshore industry. Recently, this includes awarding a number of contracts to develop offshore oil and gas in the country and initiating exploration bidding rounds for blocks in the UAE.

 

Kuwait – 2,923,825bbl/day

With a production rate of just under 3mbbl/day, the petroleum industry is an important one for Kuwait.

The country has estimated proven oil reserves of 104 billion barrels, approximately 9% of global oil reserves.

The oil and gas sector accounts for approximately 40% of Kuwait’s domestic product, about 92% of export revenues and 90% of government revenue.

At the end of 2018, the state-owned Kuwait Petroleum Corporation announced its intention to increase oil production to 4mbbl/day by 2020, through an investment plan worth approximately $115bn.

Brazil – 2,515,459bbl/day

Brazil is the largest producer of oil in South America, with a production rate of over 2.5mbbl/day.

Brazilian multinational Petroleo Brasileiro (Petrobras) is one of the most influential companies in the oil and gas industry, ranking #73 in the 2018 Global Fortune 500.

The country is expecting an “oil boom”, with the International Energy Agency predicting an increase of 375,000bbl/day to about 3.3mbbl/day. Full-year production is expected to be around 3.07mbbl/day.