1 – USA
The Oil production has been increasing in the last years due to a new technique to extract oil from the soil called fracking. This method has increased the amount of oil pumped to the point that has been reached the 13 million barrel a day in the United States, overtaken Saudi Arabia, leader of the sector for many years. Global demand of oil has been slowing down every year since 2009, but oil production in the country has continued increasing, so imports and the external energy dependence of the country have been reduced. The US needs more oil than what it is able to produce, so it buys it from Canada, Saudi Arabia, Mexico, Venezuela and Iraq. In that order from bigger to smaller supplier, so they buy around 3.5M barrels a day to Canada, and 350K barrels a day to Iraq (as in the picture, Iraq is in the top 5 too).
2 – Saudi Arabia
Will pump around 11.5 million barrels a day during 2015. Has lost the leadership in terms of total production, but is still the country with highest profits made from crude oil, due to the small internal demand of oil that Saudi Arabia has compared to their production. Saudi Arabia has the second biggest oil reserves in the world. Venezuela just found the biggest oil reserves in the world at the Atlantic Ocean coast of the country.
3 – Russia
Russia produces 10.8M barrels a day of crude oil. Being around the 12% of the total production of the world. Exports most of it to China and Europe. Having huge profits from oil and gas, the biggest after Saudi Arabia. Russia has the biggest gas reserves of the world. Gazprom and Rosneft are the 2 biggest oil companies in the country which are well known for being corrupted and applying monopoly manipulations of the market.
4 – Canada
The oil reserves in Canada are estimated around 180 Billion barrels. Producing around 4.5M barrels a day, which mainly go to maintain the US economy running. Almost 90% of all the oil production in Canada concentrates in the province of Alberta, which has crude oil and “oil sands” a different type of form of oil very difficult to find. There are also some offshore pumping stations that also have a considerate production. The first oil well that was made in Canada took place in Southern Alberta in 1902.
With 4.2M barrels a day China is the 5th oil producer in the world. China is also the most populated country in the world, with a growing population of 1.3 billion individuals. Their need for oil and other resources is huge and because their oil reserves are insufficient for their population they need to rely on external resources to survive. So have been very conscious of their need to establish good commercial relations with their neighbors in order to warrant the oil supply. Malaysia is the biggest oil producer of the Asian south east, and that is why their relationship is so good even their political differences.