Major Oil Producing Countries Of The World

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Major Oil Producing Countries Of The World
Major Oil Producing Countries Of The World

Today the share of oil in the fuel and energy balance is 33%. This product is consistently in high demand in the global market. The presence of oil fields will certainly affect the economic policy of the country.

Major oil producing countries of the world
Major oil producing countries of the world

Leading countries in oil reserves

As of the beginning of 2014, almost 80% of the world's oil reserves are concentrated in eight states. Most of them are in OPEC countries. The exceptions are Canada and Russia, which are not members of the organization. The list of leaders in world reserves is as follows:

- Venezuela - reserves of 298.3 billion barrels. (share in world reserves -17, 7%);

- Saudi Arabia - 265.9 billion barrels. (15.8%);

- Canada - 174.3 billion barrels. (10.3%);

- Iran - 157.0 billion barrels (9.3%);

- Iraq - 150.0 billion barrels. (8, 9%);

- Kuwait - 101.5 billion barrels. (6.0%);

- UAE - 97.8 billion barrels. (5.8%);

- Russia - 93.0 billion barrels. (5.5%);

- Libya - 48.5 billion barrels. (2.9%);

- USA - 44.2 billion barrels. (2.6%);

- Nigeria - 37.1 billion barrels. (2.2%);

- Kazakhstan - 30.0 billion barrels. (18%);

- Qatar - 25.1 billion barrels. (fifteen%);

- China - 18.1 billion barrels. (eleven%);

- Brazil - 15.6 billion barrels. (0.9%).

It should be noted that these reserves reflect only that part of the resource base that can be extracted today, taking into account the current economic situation and developed production technologies.

Largest countries in terms of oil production

The country can be included in the list of the largest oil-producing states not only on the basis of proven reserves, but also on the basis of the intensity of oil production. Moreover, the ratings of the main states of the oil market will differ.

In terms of oil production, the leading position is held by Saudi Arabia with a share of 13.1%. At the end of 2013, production amounted to 542.3 billion barrels, which is slightly lower than the 2012 figure of 549.8 billion barrels. The country, in addition, is the leader in the export of oil to the world market. The oil industry is key for Saudi Arabia, with a share of more than 45% of GDP.

Russia is traditionally in second place (while in terms of reserves it is only in 8th place). The exceptions were 2009 and 2010, when Russia managed to get ahead of Saudi Arabia and take the first position. In 2013, Russia provided 12.9% of world production, which corresponded to 531.4 billion barrels. Oil exports are a key item in the formation of the Russian budget, despite constant attempts to reduce its dependence on hydrocarbon supplies.

It is predicted that Saudi Arabia and Russia will be able to maintain their 12% share of global oil production in the medium term.

In third place is the United States. The country's share in world production is 10.8%, the volume of oil recovered is 446.2 billion barrels. It is noteworthy that oil production in the United States increased by 13.5% compared to 2012. China owned 5% in 2013. Production at that time reached 208.1 billion barrels.

Canada is also among the eight leading oil-producing countries with a production volume of 193.0 billion barrels. (share - 4.7%), Iran - 166.1 billion barrels. (4.0%), Mexico - 141.8 billion barrels. (3.4%), Venezuela - 135.1 billion barrels. (3.3%). These countries also have a very strong position in the world market and are major oil exporters.

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