Oil is the most common commodity to trade and valuable source of energy that has become more or less an important demand of every country across the world. Oil is essential for running economic cycle and disruption of its production may turn into disaster for the economy that’s why many countries resort to maintain large reverses of it to deal with any uncertainty. Countries with largest proven oil reserves are luckiest one in today’s world and if they start production of it at large scale they would surely come in richest countries of the world with highest per capita income. The significant growth of transportation sector in some countries such as China and India putting great pressure on demand, forcing oil production to increase to keep price stable. It is estimated that in a few coming year, half of world’s demand growth will come from China. Based on the BP report, world’s Top 10 largest oil producers for 2013 are listed below; report is given in per day production of crude oil.
Top 10 Largest Oil Producing Countries in the world 2013
| Rank | Country | Thousand barrels daily (2013) | Share of world’s production |
|---|---|---|---|
| 1. | Saudi Arabia | 11525 | 13.1% |
| 2. | Russian Federation | 10788 | 12.9% |
| 3. | United States | 10003 | 10.8% |
| 4. | China | 4180 | 5.0% |
| 5. | Canada | 3948 | 4.7% |
| 6. | United Arab Emirates | 3646 | 4.0% |
| 7. | Iran | 3558 | 4.0% |
| 8. | Iraq | 3141 | 3.7% |
| 9. | Kuwait | 3126 | 3.7% |
| 10. | Mexico | 2875 | 3.4% |
Saudi Arabia is the world’s largest oil producer with 11.75 million barrels per day production that amounted to 13% of world’s supply. At the end of 2013, country’s proven reserves accounted for 15.8% of global reserves whereas its domestic demand stood at 3075 bbl/day. US and China are the world’s leading oil consumers, despite of being listed in top ten largest producers, both countries import oil to meet domestic needs.
Source: BP statistical review of world energy 2014
