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Which Countries Produce the Most Oil?

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Several countries produce a great deal of oil. Countries like Canada, the United Arab Emirates and Iran are just some of the countries that produce a large amount of oil. However, which countries produce the most oil?

Saudi Arabia

Located in the Middle East, Saudi Arabia is one of the world’s largest oil producers and exporters. The country’s oil and gas sector accounts for about 50 percent of its gross domestic product. It is also one of the largest exporters of natural gas. It has a population of around 35.5 million people.

Saudi Arabia is a member of the Organization of Petroleum Exporting Countries (OPEC). OPEC is an organization that unites petroleum policies of its member countries. The group is made up of fourteen countries, including Saudi Arabia, Venezuela, Kuwait, Iran, Iraq, and Nigeria. Its member countries produce about 37% of the world’s oil production.

Saudi Arabia’s oil production fluctuates according to market conditions. The country’s output varies according to the OPEC guidelines.

Read More: What Does the American Automobile Association (AAA) Do? 

United Arab Emirates

Located on the Arabian Peninsula, the UAE is one of the world’s top five oil producers. It is also among the most stable countries in the Arab world, having been relatively unscathed by political upheaval. It has a federal government, with the president and a cabinet containing ministers drawn from ruling families.

The UAE government has tried to diversify the economy by introducing more jobs and increasing spending on infrastructure. It has also tried to encourage Emiratis to leave the public sector and move into the private sector.

Despite the government’s attempts to diversify the economy, the oil and gas sector plays a significant role in the economy of the UAE. In addition to supplying the country with energy, it also helps the UAE trade hydrocarbon to other countries.

Oil production helped improve the economy of the UAE, and it triggered rapid population growth. Most of the emirates depend on foreign labor, which has led to a multiethnic society. The UAE also enjoys a high per capita income and a generous social security system.

Read More: OPEC - Organization of Petroleum Exporting Countries

Canada

Among the top five oil producers, Canada is third in terms of proven reserves. It ranks fourth in terms of total production. In 2016, Canada’s total crude oil production was 3.85 million barrels per day.

Canada has proven oil reserves of more than 170 billion barrels. These reserves are more than double the amount of oil that the country consumes each year. The petroleum sector is one of Canada’s most important industries, contributing to the economy of each province. It also provides jobs for thousands of people.

Canada’s petroleum industry developed in parallel with the United States petroleum industry. Initially, the country imported most of its petroleum from other countries. After World War II, Canada built major manufacturing centres near petroleum resources in Alberta. These centres are the main suppliers of Canada’s oil and gas sector.

In addition to oil, Canada produces natural gas. Canada produces 13.7 billion cubic feet of natural gas per day. The majority of Canada’s natural gas is found in the northwest and west central provinces.

Also Read: What is the International Energy Agency (IEA)? 

Iran

Despite the political turmoil and the ongoing turmoil in the Middle East, Iran remains one of the world’s top five oil producers. The country has the fourth largest proven oil reserves.

However, its oil production has been restrained by sanctions for years. In fact, Iran has had to use large infusions of outside capital to repair its aging infrastructure. The country has a history with petroleum dating back to 1908, when oil was discovered in Khuzestan province.

Iran’s oil production has increased recently, but has remained well below its potential. A long quota shortfall has resulted from problems with investment and a shortage of natural gas to reinject into the oil fields.

Also Read: What is the Purpose of the Energy Information Administration? 

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