Tag: USA

Oil and gas production

The World Top Ten Proven Oil Reserves

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According to EIA, the US Energy Information Agency, the top ten countries with the largest amount of proven oil reserves in 2017 are:

  1. Venezuela – 300 billion barrels
  2. Saudi Arabia – 266 billion barrels
  3. Canada – 170 billion barrels
  4. Iran – 158 billion barrels
  5. Iraq – 142 billion barrels
  6. Kuwait – 101 billion barrels
  7. UAE – 98 billion barrels
  8. Russia – 80 billion barrels
  9. Libya – 48 billion barrels
  10. Nigeria – 37 billion barrels

The United States, currently the largest oil producer in the world, is ranked at number eleven with proven oil reserves of 35 billion barrels of oil. Most of the increases in oil production in the US come from the production of shale oil. The US is the world leader in oil shale drilling.

It is interesting that although Venezuela has the most oil in the ground, it is no longer one of the top ten oil producers in the world.

 

Oil and gas production

The World Top 10 Oil Producers

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Offshore oil and gas production and processing platforms and facility.

 

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) in 2017:

  1. USA – 15.6 Million barrels of oil per day
  2. Saudi Arabia – 12.1 Million BOPD
  3. Russia – 11.2 Million BOPD
  4. Canada – 5.0 Million BOPD
  5. China – 4.8 Million BOPD
  6. Iran – 4.7 Million BOPD
  7. Iraq – 4.5 Million BOPD
  8. UAE – 3.7 Million BOPD
  9. Brazil – 3.4 Million BOPD
  10. 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.

EIA reported on 21 December 2018 United States produced a total of 16.3 million barrels per day of crude oil and natural gas liquids in November 2018.  This total production consists of 11.7 million BPD of crude oil and 4.6 BPD of natural gas liquids or NGL.

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.