Revenue generation of the oil industry has been immense, and the countries that have a galore of resources make for the list of the richest countries in the world. Domestic consumption isn't the only aim behind fostering such a practice and business idea within a country. Export of oil products is the highest revenue-generating area for most of these companies. Extraction technology has been affecting the industry as the new oil discoveries are also in progress in several countries. More than half of the world's crude oil production is attributed to the top five oil-producing nations. The crude oil and natural gas plant liquids are processed to form the oils, refined products, and lease condensate. Although several other energy sources are proliferating, oil remains to be an indispensable part in ensuring stability to the global economy. Here are the top countries that produce oil.
1. United States
With an average of 17.87 million b/d, the United States stands at the top position in oil production. This accounts for around 18% of the world's total oil production. In 2017, oil production in the US stood at 15.6 million b/d, which has grown over the past two years. The country has held on to this spot for more than six years now. Russia was on the second spot till 2012, and the US superseded that position that year. In the following year, the US surpassed the former leader Saudi Arabia in oil production to acquire the top spot. Fracking in the shale formation in North Dakota and Texas has been the reason for the increased oil production in the US. Since early 2011, the US has been a net exporter, meaning they have been an exceeding number of exports
2. Saudi Arabia
Around 12% of the world's total oil production is attributed to Saudi Arabia with its contribution of 12.42 million b/d. The only member of the OPEC that has been on the top of this list is Saudi Arabia. The petroleum sector covers almost 42% of the country's GDP, 90% of export earnings, and 87% of budget revenues. The major oil fields in Saudi Arabia are Safaniya
, Ghawar, Qatif, Zuluf, Manifa, Khurais, Khursaniyah, Abqaiq, and Shaybah.
Despite the fall in 2012, Russia has been producing an impressive amount of oil since then. With an average of 11.4 million b/d having been produced in 2018, the country still holds onto the top position. This amount of oil accounts for around 11% of the world’s total production. Siberia, Arkhangelsk, Krasnoyarsk, Komi Republic, Yakutiyta, Sakhalin, and Irkutsk are the main regions of oil production in Russia. The Samotlor fields in Western Siberia is the area that produces the highest amount of oil in the country. Russia's oil industry has gone through an interesting journey that has gone down into history. Although the industry was privatized after the Soviet Union's fall, the control was reverted to the state after a few years. Tafnet, Surgutneftegaz, Rosneft, and Gazprom Neft are the most prominent oil production companies in Russia.