Oil production is one of the largest means of revenue for most countries. Good to know, many countries in the Arab world have oil in abundance, and that’s why they have some of the best economies in the world. When oil is being mentioned, the first thing that comes to the mind of people is enormous money, simply because there is no country in the world where oil is not needed.
In Nigeria, for example, oil has been the bedrock of the nation; it is used to engage the productions in Industry simply because power has been abated. Also, oil is used for transportation in Nigeria, little wonder, despite Nigeria being one of the largest producers of oil in Africa, it is still one of the most expensive commodities to purchase in the country.
This review aim at educating everyone on the top five oil-producing nations in the world. These countries would be picked based on merit and fact. So it is possible that you expect that a country should be there and it won’t be mentioned.
United States Of America (USA)
The United States of America is undoubtedly the largest oil-producing country in the world. Saudi Arabia used to be the largest oil-producing nation in the world before the United States of America snatch that position in 2013, and for six years, the United States of America has kept that position with over 17.87 million b/d.
It would be wrong for Saudi Arabia not to be on the list. The Arabian country is the second-largest producer of oil in the world. It used to be the largest producers globally before it lost that position to the United States of America in 2013. Saudi Arabia contributes about 12% of the entire world production of oil, with over 12.42 million barrels per day.
This is the first country from the European continent on the list. Russia maintained the second position among top oil-producing nation for a very long time before the United States took the position in 2012, after which it took the first position in the following year. Russia contributes about 11% of the world’s production, with over 11.4 million barrels per day.
Canda is the fourth-largest producer of Oil in the world. As recently as 2015, Canada contributed more than 5% of the entire world production of oil. As of today, the country produces over 5.27 million barrels per day, which makes it the fourth-largest producer of oil in the world.
China is not just the technological hub of the world; it is also one of the top producers of oil in the world. China ranks a bit below Canada as the fifth largest producer of oil in the world. This great Asian country also contributes about 5% of the entire world’s producer with just a few figure behind Canada, which also contribute 5%. The country produces about 4.82 million barrels per day.