As we all know that oil is the natural resource and it has been formed by the decaying of organic things millions of years ago. It is the fact that oil can never be produced it can only be extracted at the place where it is present. It is like the necessity of the whole world.
According to the reports petroleum are not distributed in every country of the world. In the world 75% of the oil/petroleum production is been situated in the five countries and somehow it is been distributed in some other countries also but in very limited quantity.
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What is crude petroleum?
Crude petroleum is the source to get many products that are been consumed by many people on daily basis like gasoline, diesel and many other petroleum chemicals. It is not only the natural source but it is also non-renewable source of energy.
The pricing of the oil depends on the demand and supply factor if the demand is increased than price will be high. Many times shortage of oil also occurs dues to less production in the countries and so price also rises at that time.
Use and Production by the Countries
Oil production done by the countries is measured in barrel per day. That means how much barrel a countries produces in one day.
Top 20 countries producing crude oil are:-
United Arab Emirates
So here we go with the top 20 best petroleum countries in the whole world with details which are as follows:-
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Oil Reserves with US: – 50 billion barrels
2019 daily oil production: – 10,962,000 barrels per day
The United States has 50 million barrels oil production in the world it has been having total world’s 2.9% production reserves of oil. The United States also produce 10,962,000 barrel per day which is the very good amount and also the best among all the countries in the world. The US also said that it will be increasing its production according to the demand.
United States has been put all the countries back in the production of oil per day. US has been increasing it consumption day by day and has been coming in the top list. All countries have been producing the oil but no one ahead in consumption. US have been the top consumption country in the world. Import rate is also very high of US.
Oil Reserves with Russia: – 106 billion barrels
2019 Daily Oil Production: – 10,759,000 barrels per day
Russia has the total of 106 billion barrels oil reserves and it has been producing 10,759,000 barrels per day. Russia, US and Saudi Arabia has been producing more than 10 million barrels oil per day. Russia economy most probably depends on the oil production done by the country as it whole revenue forms the GDP of the country.
Oil Reserves with Saudi Arabia: – 266 billion barrels
2019 Daily Oil production: – 10,425,000 barrels per day
Saudi Arabia has the account of total 266 billion of oil reserves and as the present data shows it has been the third largest country which is been producing 10,425,000 barrels per day. The country is fully dependent on the oil production as it is earning the revenue by exporting the oil to other countries.
Oil Reserves with Iraq: – 149 billion barrels
2019 Daily Oil production: – 4,613,000 barrels per day
Iraq is been dependent on the oil production as they also have this source only to increase the GDP of their country and could maintain the balance in there economy. Petroleum is been exported from Iraq to other countries and it earn from exporting.
Oil Reserves with Canada: – 169 billion barrels
2019 Daily Oil Production: – 4,264,000 barrels per day
Canada is the world’s second largest country in the land. Canada is not been importing more of crude petroleum as it has diversified economy but it has very rich resources.
Oil Reserves with Iran: – 157 billion barrels
2019 Daily Oil Production: – 4,251,000 barrels per day
Iran is the fourth country which has more than 150 billion of reserves within the country. It has been producing a good amount of oil per day. All the production in Iran is done in National Iranian Oil Company.
Oil Reserves with China: – 26 billion barrels
2019 Daily Oil production: – 3,773,000 barrels per day
China also covers a good area of land and it is fourth largest in the world according to land area. China also having oil production but its consumption is so high after US that it has to import from other countries to fulfill the demand in the country.
United Arab Emirates
Oil Reserves with United Arab Emirates: – 99 billion barrels
2019 Daily Oil Production: – 3,216,000 barrels per day
United Arab Emirates accounts 5.8 to 5.9% of total reserves in the whole world. In this country there cannot be more oil reserves found in the small nation but it increase its capacity and became the good producing country.
Oil Reserves with Kuwait: – 102 billion barrels
2019 Daily Oil Production: – 2,807,000 barrels per day
Kuwait is one of the OPEC member state. It has been in the top seven countries which has more than 100 billion oil reserves.
Oil Reserves with Brazil: – 13 billion barrels
2019 Daily Oil production: – 2,587,000 barrels per day
Brazil is been come up with major energy producer in whole world. In the country it reserves are been located in Atlantic Ocean and Brazil is Second largest country in production in South America part.
Oil Reserves with Nigeria: – 38 billion barrels
2019 Daily Oil production: – 1,989,000 barrels per day
Nigeria niger is the first country where the commercial oil discovery was done. It has a huge land which is consisted of oil reserves.
Oil Reserves with Kazakhstan: – 30 billion barrels
2019 Daily Oil production: – 1,856,000 barrels per day
Kazakhstan is the country which has 1 million square miles in the area. It is rich resource country in whole western part.
Oil Reserves with Mexico: – 10 billion barrels
2019 Daily Oil production: – 1,852,000 barrels per day
Mexico is in the top country of oil producing in the world. It has a supergiant oil field.
Oil Reserves with Angola: – 8.9 billion barrels
2019 Daily Oil production: – 1,593,000 barrels per day
Angola also has reserves of natural gas. Angola has many blocks but the block 15 is the largest deepwater block.
Oil Reserves with Norway: – 8.6 billion barrels
2019 Daily Oil production: – 1,517,000 barrels per day
Norway has the reserve of 8 billion and the daily production capacity of oil of Norway has also increased much from the past few years.
Oil Reserves with Venezuela: – 303 billion barrels
2019 Daily Oil production: 1,484,000 barrels per day
Venezuela is the country which has the largest oil reserves despite of having much political crisis. The country’s economy depends on the oil production.
Oil Reserves with Qatar: – 25 billion barrels
2019 Daily Oil production: – 1,464,000 barrels per day
Qatar is a very small country which has the population of less than 3 million but the reserve is in good quantity. The GDP of the Qatar is highest in the world due the less population and more oil production.
Oil Reserves with Algeria: – 12 billion barrels
2019 Daily Oil production: – 1,259,000 barrels per day
Algeria is also having 12 billion barrels oil reserves and the production of daily is quite impressive than other countries.
Oil Reserves with Libya: – 48 billion barrels
2019 Daily Oil production: – 1,039,000 barrels per day
Libya has 48 billion reserves more than Africa. The production on daily basis is very low but it is been increasing yearly.
Oil Reserves with United Kingdom: – 3 billion barrels
2019 Daily Oil production: – 1,000,000 barrels per day
North Sea producer that is United Kingdom and have 3 billion barrels reserves and it is the largest in the European Union.
What occurs to the oil business is bound to be a key think about figuring out the destiny of humanity over the following century. The issue will not be solely that oil reserves are restricted, but in addition that the manufacturing of fossil fuels has an impact on the local weather and atmosphere around the globe. Geopolitical struggles among the many high 5 crude oil producing nations are as related now as they’ve ever been.
Attempting to work out how lot oil is left has at all times been a idiot’s recreation. Each time most specialists suppose oil reserves are on the cusp of drying up, new drilling strategies show them mistaken.