In 2018, daily world oil production amounts to around 92 million barrels per day, increasing slightly 0.7% from previous year.
Here are the world top ten oil producers according to the US Energy Information Administration (EIA):
- USA – 15.6 Million barrels of oil per day
- Saudi Arabia – 12.1 Million BOPD
- Russia – 11.2 Million BOPD
- Canada – 5.0 Million BOPD
- China – 4.8 Million BOPD
- Iran – 4.7 Million BOPD
- Iraq – 4.5 Million BOPD
- UAE – 3.7 Million BOPD
- Brazil – 3.4 Million BOPD
- Kuwait – 2.9 Million BOPD
The USA is the largest oil producer in the world in 2017. The production of crude oil in the USA is expected to increase into 2019. The USA is also the world’s largest consumer of oil. Its daily oil consumption in 2019 is projected to increase by 340,000 barrels to 20.65 million barrels, according to EIA.
Saudi Arabia, on the other hand, is the largest oil exporting country. As the most well-known and influential oil producer, it has 260 billion barrels of oil reserves, which is about 22% of the world’s oil reserves.