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 and 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 have kept oil rates at an all-time high, which has forced oil extraction rates to skyrocket.
This is not necessarily the best action to take because it does cause pollution and damage to the atmosphere. Still, 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 headcount of how many oil barrels a country fills with the oil it extracts daily. 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 must separate the unnecessary water retention and additional gas before containing oil in barrels.
Here is a list of the top ten countries next to their respective barrels per day (BPD) rates:
- Russia - 10.58 million BPD
- Saudi Arabia - 10.13 million BPD
- United States - 9.352 million BPD
- Iran - 4.469 million BPD
- Iraq - 4.454 million BPD
- Canada - 3.977 million BPD
- China - 3.383 million BPD
- United Arab Emirates - 3.174 million BPD
- Kuwait - 2.753 million BPD
- Brazil - 2.622 million BPD
Let's detail the amount of oil that three of these ten countries are responsible for producing, starting with the USA.
The United States
With a rough estimate of 9,352,000 barrels per day, the United States has been a top oil-producing country for years upon years. The US is also one of the greatest consumers of oil worldwide. 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 third-largest oil producer, the United States also purchases and imported upwards of 7.5 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 over 15 million BPD of petroleum.
China is ranked as the seventh-largest oil-producing country. This shows that the population size and the total area of a nation do not have much to do with oil production. Instead, it comes down to the country's knowledge about where to find oil and the rules governing which countries can and cannot extract in certain parts of the world.
China produces about 3,838,000 barrels of oil per day. Most of the oil that China produces is extracted from regions in the Middle Eastern country of Iran. This world region 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. Over the years, China has watched as its oil production rates have slowly dropped.
The ninth-largest producer of oil is Kuwait. Unlike many oil-producing countries, this Western Asian nation experienced a severe drop in oil production rates between 2016 and 2020. In 2016, Kuwait derived 3,072,000 barrels per day of oil, compared to the rate of 2,753,000 BPD in 2020. This is not a good sign for Kuwait's economy, as oil makes up 60% of its GDP. A drop in oil production will continue to impact the country's economic standing unless government officials find a way to up Kuwait's oil production rates or find another industry to invest in. Kuwait relies on oil for just over 95% of its entire revenue stemming from exports, so the decline in Kuwait's oil production is stressful for the nation.