Oil is one of the top money-making commodities in the world today. Ever since the year 2016, the world has experienced a serious climb in terms of oil prices as well as the ever-increasing demand for oil. The production of oil is a process that only stops if there is no more oil to extract. Inflation and the ratio of supply-and-demand in the oil industry has kept the rates of oil at an all-time high, and this has forced oil extraction rates to skyrocket too.
This is not necessarily the best action to take because it does cause pollution and damage to the atmosphere, but as of right now, there is slight chatter regarding cutting oil production among countries that produce oil. Oil production is measured in barrels per day, or BPD. This is quite literally a head count of how many barrels of oil a country fills with the oil it extracts on a daily basis. To put the measurement in perspective, a barrel of oil equates to about 0.03 gallons of oil per minute, if you can imagine the magnitude of that much oil.
The natural oil source is the plethora of oil wells all around the globe, of course. The interesting part about oil wells is that they do not only trap oil. Excess water and other natural gases are trapped in the wells, too, so miners have to separate the unnecessary water retention and additional gas before containing oil in barrels.
This list is in order of oil production as well, so the United States of America ranks as the country with the highest rates of oil production, and Kuwait is the tenth highest oil-producing country, et cetera. Here is a list of the top ten countries next to their respective BPD rates...
- The United States, 12,108,000 BPD
- Russia, 10,835,000 BPD
- Saudi Arabia, 9,580,000 BPD
- Iraq, 4,620,000 BPD
- Canada, 4,129,000 BPD
- China, 3,823,000 BPD
- The United Arab Emirates, 3,068,000 BPD
- Kuwait, 2,652,000 BPD
- Brazil, 2,604,000 BPD
- Iran, 2,213,000 BPD
Let’s go into detail about the amount of oil that three of these ten countries is responsible for producing, starting with the USA. We’ll talk about China, which is the fifth highest oil producer in the world, and then go into conversation about Kuwait, the country the tenth highest oil production rates to date.
The United States
The daily oil production that the United States is responsible for comes to a total of over fifteen million barrels per day. With a rough estimate of 12,108,000 BPD of oil, the United States has been a top oil producing country for years upon years. It makes sense, too, because the US is one of the greatest consumers of oil across the world, too. The production of oil is an industry that the United States should not anticipate seeing a drop in any time soon, considering the country's dependency on producing oil in terms of economic standing.
Despite being the biggest producer of oil in the world, the United States also purchases and imported upwards of seven and a half billion barrels of oil-related items. If you combine the production of oil and the consumption of oil in the United States alone, you come up with a total of just under twenty million BPD of petroleum, which just goes to show how much oil there is circulating the globe.
China is ranked as the fifth largest oil producing country. This shows that the population size and the total area of a nation does not have much to do with oil production. Instead, it comes down to the country’s knowledge about where to find oil as well as the rules governing which countries can and cannot extract in certain parts of the world.
China produces about 3,823,000 barrels of oil per day. Most of the oil that China produces is extracted from regions in the Middle Eastern country of Iran. This region of the world has forever been a touchy subject, especially where discussions on oil are involved. That said, China has always been on a tightrope, hoping to have Iran as an oil source for years to come. Either way, the country of China has watched as its oil production rates have slowly dropped over the years.
The eighth largest producer of oil is Kuwait. unlike many oil producing countries, this Western Asian nation experienced a serious drop in oil production rates between 2016 and 2017. In the year 2016, Kuwait derived 3,072,000 barrels per day of oil, compared to the rate of 2,652,000 BPD in 2017. This is not a good sign for the economy of Kuwait, given that oil makes up sixty percent of the gross domestic product in Kuwait, so a drop in oil production will continue to impact the country's economic standing unless government officials find a way to up the oil production rates in Kuwait. It's either that, or the nation needs to invest in another industry immediately. Kuwait relies on oil for just over ninety-five percent of its entire revenue stemming from exports, so the decline in Kuwait's oil production is a stressful factor for the nation.