Which Countries Produce the Most Oil?

The substance nicknamed “black gold” has been the cause of many disputes. Oil, as a highly sought-after material, has the power to make or break a country’s fortunes. Those lucky enough to find vast natural deposits of it in their country can ride its wave to prosperity … but which countries produce the most?

Here is a run-down of the top five oil-producing countries in the world according to the US Energy Information Administration, as of 2012.

1. Saudi Arabia – 11.73 million barrels per day

After the decline of the Soviet Union in 1991, Saudi Arabia took over the mantle of top oil-producing country in the world and looks set to continue in the role for the foreseeable future. Indeed, in 2011, one of the country’s largest companies, Saudi Aramco, announced a 12 per cent rig expansion in Saudi Arabia, which increased their number of working rigs to 145. They currently have around 260 billion barrels in reserve, which is the most of any country behind Venezuela.

2. United States of America – 11.11 million barrels per day

The first oil was mined in the US back in 1859, and since then its production has steadily grown to encompass nearly 12% of all oil production in the world. Despite its high production rate, it still needs to import from other countries, due to its equally high consumption rate. However, as a pioneer of non-standard techniques, such as fracking and shale oil production, the USA potentially has even more barrels in reserve than both Venezuela and Saudi Arabia. A Closer Look at the Effects of the Shale Boom Worldwide details exactly how the evolution of shale oil and gas could reverberate around the globe – beginning in the States.

3. Russia – 10.40 million barrels per day

Once the powerhouse of oil production, Russia fell slightly behind in the oil race after the dissolution of the USSR. However, they are still a major player, producing almost 11.5% of all of the world’s oil. Furthermore, areas such as Eastern Siberia and the Arctic tip have yet to be fully explored, meaning there is likely much more than the 60 billion proven barrels in reserve.

4. China – 4.40 million barrels per day

Like the USA, China is a massive consumer of oil, meaning that despite its hefty production figures, it still has to import a substantial amount from other countries. However, this pales in comparison to their importation rates prior to the 1950s discovery of oil in the north-eastern territories of the country. Until that time, all of China’s oil had to be imported.

5. Canada – 3.9 million barrels per day

Also like the USA, Canada has attempted to outreach its current potential by turning to alternative methods of oil production. Indeed, a huge quantity, estimated at as many as 179 million barrels’ worth, has been detected in the sands located in Alberta province. However, technology has not yet caught up with the discovery. They remain unable to effectively convert it into a usable fuel. If and when that does happen, though, Canada would be among the top three countries for proven oil reserves.