What Are The Top 10 Oil Producing Countries? - Fixanswer

According to the most recent data, the top five oil-producing nations are

the United States

, Saudi Arabia, Russia, Canada, and China. The United States overtook Russia in 2017 for the second-place spot and surpassed former leader Saudi Arabia a year later to become the world's top oil producer.

Which country has the most oil production in the world?

United States (12108)
Russia (10835)
Saudi Arabia (9580)
Iraq (4620)
Canada (4129)
China (3823)
United Arab Emirates (3068)
Kuwait (2652)

Who is the largest exporter of oil?

Saudi Arabia

is the top country by exports of crude oil in the world. As of June 2021, exports of crude oil in Saudi Arabia was 5,965 thousand barrels per day. The top 5 countries also includes the United States of America, Iraq, Canada, and Kuwait.

Who is the biggest exporter of oil?

Country/Region Oil exports (bbl/day) Date of information	Saudi Arabia 10,600,000 2018 est.	Russia 5,225,000 2018 est.	Iraq 3,800,000 2018 est.	United States 3,770,000 2017

Which country has lowest oil price?

Venezuela

is the world's cheapest country to buy petrol, where amazingly it costs just 2 pence (GBP) a litre. This is because it's home to some of the biggest oil reserves in the world.

How much oil is left in the world?

The Organization for Petroleum Exporting Countries reports that there are

1.5 trillion barrels

of crude oil reserves left in the world. These are proven reserves that are still capable of being extracted by commercial drilling.

Who has the most oil in the world 2020?

Venezuela

has the largest amount of oil reserves in the world with 300.9 billion barrels. Saudi Arabia has the second-largest amount of oil reserves in the world with 266.5 billion barrels. Despite Venezuela's large supply of natural resources, the country still struggles economically and its people are going hungry.

Who has the best oil in the world?

Despite the impact the pandemic had on U.S. oil production,

the U.S.

remained the world's top oil producer at 11.3 million BPD. Russia and Saudi Arabia retained their positions at #2 and #3. However, Saudi Arabia and other OPEC countries engaged in production cuts in 2020 in response to the pandemic.

How much oil is left in Saudi Arabia?

Oil Reserves in Saudi Arabia

Saudi Arabia has proven reserves equivalent to

221.2 times its annual consumption

. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).

Which country was the largest producer of oil as of 2020?

The United States

produced the most oil in the world in 2020, at around 16 million barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank as the top two countries with highest oil exports.

Which country exports the most?

Rank Country 2020 Export Sales (US$)	1. China $2,590,607,686,000	2. United States $1,431,406,392,000	3. Germany $1,377,863,429,000	4. Japan $640,953,137,000

Where does the US get its oil?

Where The U.S. Gets Its Oil. America is one of the world's largest oil producers, and close to 40 percent of U.S. oil needs are met at home. Most of the imports currently come from five countries:

Canada, Saudi Arabia, Mexico, Venezuela and Nigeria

.

Which country is the first largest oil producer in the world?

# Country Yearly Oil Production (Barrels per day)	1 United States 14,837,639,510	2 Saudi Arabia 12,402,761,040	3 Russia 11,262,746,200	4 China 4,905,070,874

Who controls the price of oil?

Unlike most products, oil prices are not determined entirely by supply, demand, and market sentiment toward the physical product. Rather, supply, demand, and sentiment toward oil futures contracts, which are traded heavily by

speculators

, play a dominant role in price determination.