The oil and petroleum products play very important as it is tough to imagine the modern world without it. The demand for renewable energy resources such as solar and wind is growing as more countries and companies are investing in this industry. However, let’s not forget that the vast majority of the cars in the world still have internal combustion engines. It means that the oil-producing countries are important to the global economy.
It will take time until electric cars will be cheap enough and will have a sufficient range to compete with vehicles that are powered by petroleum. It is important to mention that apart from gasoline, petroleum products are used to make a variety of products.
There are over 6,000 products made from petroleum waste by-products. It will take a lot of time to describe all of them. However, let’s mention some of them to make it easier to understand the importance of the oil industry.
Thanks to the oil sector products such as perfume, fertilizer, vitamins, soap, etc. All of the products mentioned above are crucial for humanity. It will be hard to imagine life without basic sanitation. People are using at least one product which has something to do with petroleum products. This is an excellent example as this industry helped to shape the world as we know it.
Also, it is important to mention that before moving to the most significant oil-producing countries, the oil industry continues to evolve to this day.
Top oil-producing countries
For simplicity let’s start with one interesting fact that there are OPEC members and countries which are not part of this organization. The Organization of the Petroleum Exporting Countries (OPEC) dates back to 1960.
The founding members of OPEC are Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela. Four out of those five countries are located in the Middle East. The only country which is not from this region is Venezuela.
Later on, other oil-producing countries joined this organization. At the moment there are 14 member states. The de facto leader of OPEC is Saudi Arabia, which is also the OPEC’s largest oil producer.
Another exciting fact is that Saudi Arabia was the number one oil-producing country in the world for a long time. However, the first place when it comes to oil-producing at the moment belong to U.S. New technologies helped the U.S. to establish itself as a leader of this market. Also, the U.S. is not the only largest producer but it even the most significant oil consumer around the globe.
Until now, we discussed the two major oil-producing countries U.S. and Saudi Arabia. Let’s move on to other leaders of the oil industry. The third-place belongs to the biggest nation in the world which is the Russian Federation.
It is important to mention that oil and natural gas exports are the main sources of income for the Russian budget. Daily oil production is 11,210,000 barrels whereas the market leader is producing 15,647,000 barrels per day.
Canada is the fourth-largest producer. China is the fifth largest, and this country is producing more than 4 billion barrels per day.
The second half of the top ten producing countries are Iran, Iraq, United Arab Emirates, Brazil, and Kuwait. It is an interesting fact that Kuwait is a small country. Nevertheless, it is among the top oil-producing countries.