The oil and gas industry has undergone major fluctuations in 2020 due to the COVID-19 pandemic. It is likely that some of the information for 2020 has changed. This article focuses on the top oil producers from 2019.
Oil is one of the most important commodities throughout the world. Its prices are subject to change at any time and it supports economic growth in a vast number of regions. Every country has something to do with oil, whether they export or import it. Not every country produces this commodity and there some that come out on top when it comes to production. Here are the top oil-producing countries from 2019.
The United States
The U.S. is consistently the top oil producer in the world. Its production averages 17.87 million barrels per day, which accounts for 18% of the entire world’s production. This success has been attributed to fracking in the shale formations of Texas and North Dakota.
As of 2019, this country produces an average of 12.42 million barrels of oil per day. That makes up 12% of the world’s total production amount. Saudi Arabia relies heavily on that production, with the product accounting for 90% of its export earnings.
This country, although decreasing in the ranks for top oil producers, was still the third-largest in the world as of 2019. The numbers from 2018 showed that Russia produced 11.4 million barrels per day or 11% of the world’s production. A few of the main areas of Russia that produce oil are Western Siberia, Irkutsk, and Volga-Ural.
You may be surprised to see that Canada was the fourth-largest producer of oil in 2019. They produce an average of 5.27 million b/d (as of 2018) which accounts for 5% of the total global production. It has been projected by the EIA that Canada will see a major increase in these numbers by 2050 due to oil sands production, which is an expensive method that is declining in cost.
China produces an average of 4.82 million barrels of oil per day or 5% of global production. It imports more of this commodity than it produces and has used some of its major fields since the 60s. Many newer fields are now being used and technology like enhanced oil recovery is also being implemented.
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