Overview of the Top oil rich countries in the world
Based on research,few countries are currently ranked among the top Oil rich countries in the world. Saudi Arabia has practically one-fifth of the world’s predictable oil reserves and ranks as the largest producer and exporter of oil in the world.Crude oil is one of the greatest assets of the world that can make any nation rich healthier and extremely powerful. In Africa the number of dominating nations in terms of oil production is experiencing massive drift. However this this article looks at the top oil rich countries or nations in the world.
Here is a complete list of the top richest oil-producing countries in the world.
- United States
According to recent update from The New American, USA top the list of oil rich countries in the world. And as a result, United States of America tops our list of top oil rich countries. Currently USA produces an estimated 10 million barrels of oil per day. In the year 2017, it produced about 13.4% of the total oil input of the world. Ever since 1970, the oil input and output of the North American nation has continued to increase.
The USA is influential in this list of top oil producing countries in the world.
- Saudi Arabia
Saudi Arabia is one of the largest producing oil countries and that is why it is placed second in this list. Saudi Arabia is the largest exporter of oil in the world, it accounts for 22% of the world’s petroleum reserves and it has about 260 billion barrels of oil reserves.
Saudi Arabia makes the majority of the country’s revenue from oil export as the oil and gas sector of the country accounts for about 50% of the country’s Gross Domestic Product (GDP).
Russia is the richest oil producing country in Europe. The European country exports more than 5.2 million barrels of oil per day mostly to other countries on the European continent. It has the 8th largest oil reserve in the world.In terms of oil rich countries in the world, the efficacy of Russia can not be disputed.
In 2017, Canada boosted its annual oil production to an estimated rate of 5 million which made it become the world’s largest oil producing country, leapfrogging China in the process.
The main sources of oil producing in Canada is located in Alberta, the Western Canada Sedimentary Basin.
Canada’s oil production rate is estimated to grow by 1.26 million by the year 2040.
China has one of the largest oil markets in the world. China is one of the highest oil consuming nation in the world and it is the largest oil producing country in Asia.
China has a huge population and a booming economy which makes it one of the top oil consuming countries in the world. Currently, the oil reserves are at 20.35 billion barrels. It is estimated that this figure will likely grow further.
Iran is known to be one of the largest oil-producing countries in the Middle East region. From 2004, Iran has increased its oil production capacity from 3.5 million to about 3.7 million in 2017.
Oil churns out a majority of the country’s total revenue as it is said that oil brings 60% of Iran’s revenue annually.
Iraq is the 5th largest petroleum reserve in the world. Also, it also holds the position of the 7th largest oil producing nation. The entire economy of Iran depends solely on oil production.
More than 90% of the energy generated by the country is made from petroleum products. This makes Iraq be one of the highest oil consuming countries of the world.
READ ALSO: Top Oil Producing Countries In Africa
- United Arab Emirates (UAE)
The United Arab Emirates often referred to as UAE has one of the world’s largest oil reserves. The major oil reserves in the United Arab Emirates are located in regions of Dubai, Sharjah and Abu Dhabi.
The United Arab Emirates (UAE) government has announced the intention of increasing their oil-producing rate to 5 million in the years to come.
Brazil is undoubtably the largest producer of crude oil in the entire South American region,Argentina is no where near. The production of oil in Brazil has increased by approximately 5% geometrically on a yearly basis. With the ever increasing and rising demand in the international market, the Brazilian government has now increased the importation of oil .
Honestly, our list of top oil rich countries in the world wont be exhausted without acknowledging Kuwait. Undoubtably, 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. According to research recently released, the petroleum industry in Kuwait is the largest industry in the country accounting for one half of its global GDP. Kuwait oil reserves are 4th largest in the world with 9.5% of the global reserve.
Here is our full list of the top oil-rich countries in the world. We hope you enjoyed it.