Oil is one of the top money-making commodities in the world. Since 2016 the world has been experienced a serious climb in terms of oil prices and also such of the ever-increasing demand for oil. It seems that the production of oil is a process that only steps if there is no more oil to extract. It seems that inflation and the ratio of supply and demand in the oil industry have kept the oil operates at all items high that also has been forced oil extraction rates to skyrocket.
Here is the list of Top 10 Oil Exporting countries in the World:
10. Brazil
Supply: 2.622 million BPD
Brazil ranked 10th Position in exporting Oil Exporting countries. It shows that the population size and the total area of the nation do have not to do much with oil production. It is hoping that this country will supply more.
9. Kuwait
Supply: 2.753 million BPD
It has got the ninth-largest producer of oil in Kuwait. It is unlikely many oil-producing countries and one Western Asian nation experienced a severe drop in oil production rates between 2016 and 2020. Kuwait supplied 3,072,000 barrels per day of oil compare with 2,753,000 BPD in 2020.
8. The United Arab Emirates
Supply: 3.174 million BPD
It seems that the eighth largest exporter of oil in The United Arab Emirates. It is reported that most of the oil comes from Zakum Field which holds about 66 billion barrels of oil services. The United Arab Emirates supplied 100 million barrels to the country.
7. China
Supply: 3.174 million BPD
It seems that the eighth largest exporter of oil is China. It shows that the population size and the total area of the nation do have not to do much with oil production. China produced 3,838,000 barrels of oil per day and the maximum oil produced by China has been extracted from the regions in the Middle Eastern country of Iran.
6. Canada
Supply: 3.977 million BPD
It seems that the sixth-largest exporter of oil is Canada. It generates $68 billion worth of oil in 2019. It has been known as the oil reserves of 167 billion barrels. The supply region of oil is in Alberta’s oil sands.
5. Iraq
Supply: 4.454 million BPD
It seems that the fifth largest exporter of oil in Iraq. In 2016 it got the second position as an oil exporter. Now it comes to the fifth position. U.S. Energy Information Agency confirms that the majority of those reserves are already tapped or developed. It also faces the challenges of being over-reliant on oil.
4. Iran
Supply: 4.469 million BPD
It seems that the fourth largest exporter of oil in Iran. The oil output decreased last year. In 2019 it was 3,190,000 BPD. In recent years the supply has ben fallen consecutively. It has been blocked Iran’s access to crude carriers with a huge impact on the nation’s industry.
3. The United States
Supply: 9.352 million BPD
It seems that the third-largest exporter of oil in The United States. It has been roughly estimated at 9,352,000 barrels per day with the top-oil producing country for the years. It seems that the US is also one of the greatest consumers of oil across the world. It seems that the US also buy and imparted upwards of 7.5 billion barrels of oil-related items.
2. Saudi Arabia
Supply: 10.13 million BPD
It is the middle eastern powerhouse that had the world’s top oil exporter until the position was taken over by the UAE with Saudi Arabia still has been counted as 1.54% of the global oil exports in 2019. It also has been remaining the top oil exports in 2019.
1. Russia
Supply: 10.58 million BPD
It is one of the largest oil-exporting countries accounting for 10.53% of global exports with a total of about $115 billion. It also generate 10.5 million barrels per day in 2020. Now it enhances about 11% of global oil production.
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