“Ten Oil-Producing Powerhouses: The Top 10 Countries with the Most Oil!

Oil, which is an essential source of energy for the whole world, has been playing a vital role in the growth of many countries. The oil producing countries gain millions of dollars in revenue by exporting it to various parts of the world. In this article, let us examine the top 10 oil producing countries around the world. The biggest surprise of this list is the United States which is at the top of the list. While the US has been known for its large reserves of natural gas and coal, it has managed to become the leader in oil production as well. This is largely due to the growth of the shale oil industry which contributed a lot to the increase in production. It produced an estimated 17.98 million barrels per day in 2017. Next in the list is Russia which produced an estimated 11.36 million barrels per day in 2017. Russia has huge reserves of oil that have been explored over the past few years. This has greatly helped Russia to increase its production and make it the biggest producer of oil in Europe. Saudi Arabia is the third largest producer of oil with an estimate production of 9.96 million barrels per day in 2017. This is a huge jump when compared to 2016 as the country increased its production by a lot. Due to its massive reserves, Saudi Arabia has been able to take advantage of the high prices in the international market. Coming in fourth on the list is China which has managed to produce an estimated 8 million barrels of oil per day in 2017. This increase has been due to the rise of unconventional methods of obtaining oil, such as fracking, which has been adopted by China. Other countries in the top ten list include Canada, Iraq, Iran, the United Arab Emirates, Kuwait, and Brazil. All of these countries have invested heavily in oil exploration and production and have managed to benefit from the high prices in the international market. It can be seen that the top 10 oil producing countries contribute significantly to the world’s oil supply. This has had a huge impact on the global economy and is likely to continue in the future as well.