Who Is The Largest Producer Of Oil In The World?

Who has most oil in world?

Top ten countries with the largest oil reservesVenezuela – 304 billion barrels.

Saudi Arabia – 298 billion barrels.

Canada – 170 billion barrels.

Iran – 156 billion barrels.

Iraq – 145 billion barrels.

Russia – 107 billion barrels.

Kuwait – 102 billion barrels.

United Arab Emirates – 98 billion barrels.More items…•.

How much oil is left in the world?

There are 1.65 trillion barrels of proven oil reserves in the world as of 2016. The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

Who owns the most oil in the world?

CountriesProven reserves (millions of barrels)U.S. EIA (start of 2020)OPEC (end of 2017)CountryRankReservesVenezuela (see: Oil reserves in Venezuela)1302,809Saudi Arabia (see: Oil reserves in Saudi Arabia)2266,260Canada (see: Oil reserves in Canada)34,42162 more rows

Who is the number 1 oil producing country?

United States The United StatesUnited States The United States is the top oil-producing country in the world, with an average of 19.47 million barrels per day (b/d), which accounts for 19% of the world’s production.

Why we will never run out of oil?

Just like pistachios, as we deplete easily-drilled oil reserves oil gets harder and harder to extract. … We will never actually “run out” of oil in any technical or geologic sense.

How long will Earth’s oil last?

53 yearsCrude oil reserves are vanishing at a rate of more than 4 billion tonnes a year – so if we carry on as we are, our known oil deposits could run out in just over 53 years.

Who is the largest producer of oil?

What countries are the top producers and consumers of oil?CountryMillion barrels per dayShare of world totalUnited States19.4719%Saudi Arabia11.6212%Russia11.4911%Canada5.505%8 more rows

Who produces the most oil 2020?

United States: 19.51 million bpd. The United States has been the top oil-producing country in the world since 2017. … Saudi Arabia: 11.81 million bpd. … Russia: 11.49 million bpd. … Canada: 5.50 million bpd. … China: 4.89 million bpd. … Iraq: 4.74 million bpd. … UAE: 4.01 million bpd. … Brazil: 3.67 million bpd.More items…•

Who are the top 10 oil producers in the world?

Here are the world’s top 10 oil producersRussia. A worker walks past a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside the West Siberian city of Nefteyugansk, Russia.Saudi Arabia. The sun sets over an oil refinery in Saudi Arabia. … US. … Iraq. … Canada. … Venezuela. … Nigeria. … Mexico. … More items…•

Which country is the largest consumer of oil in the world?

Largest oil consumption worldwide by country 2019 The United States and China are two of the largest consumers of oil in the world, totaling 19.4 million barrels per day and 14 million barrels per day, respectively.

Is USA self sufficient in oil?

In total energy consumption, the US was between 86% and 91% self-sufficient in 2016. In May 2011, the country became a net exporter of refined petroleum products. … In November 2019, the United States became a net exporter of all oil products, including both refined petroleum products and crude oil.

Where does US get most of its oil?

In 2019, Canada was the source of 49% of U.S. total gross petroleum imports and 56% of gross crude oil imports.The top five sources of U.S. total petroleum (including crude oil) imports by share of total petroleum imports in 2019 were.Canada49%Mexico7%Saudi Arabia6%Russia6%Colombia4%

Which is the best crude oil in the world?

Lightest, Low-Sulfur, Low Tan Crude Oil Deposits in the World. The best crude oil in the world is found in Malaysia. “Tapis, the Malaysian crude benchmark traded in Singapore, has for a long time held the title of the world’s most expensive grade.