2011 Leading Oil Producing Countries in the World?

2011 Leading Oil Producing Countries in the World?

A century back the commodity which was not well known to many has gained the acclaim of being the world's most sort after commodity today. Most of regions where oil discoveries were made in recent past today stand as the economically prosperous parts of the world. Both economic and strategic reasons are behind this ever growing importance of crude.

Oil reserves are not infinite in nature and have limited extracting capacity. Beyond a certain point it becomes non viable to drill oil out of an existing oil field, due to cost implications involved. In case drilling one barrel of oil requires more energy that will be produced by this barrel than it becomes uneconomic to further drill the oil from this particular oil field.

According to World Factbook Statistics 2008, published by Central Intelligence Agency global production was crude oil was around 78.9 million barrels per day in year 2005. In the same year the global consumption of oil stood at 80.3 million barrels per day. This means world was consuming almost 1.7% of more oil than what it produced in that year. The same report also lists following world's major oil producing countries:

1. Kingdom of Saudi Arabia - 11 Million Barrels daily output
2. Russia - Daily output of around 9.9 million bpd
3. United States of America - Handles daily productions of around 8.3 million bpd
4. Islamic Republic Of Iran - 4.2 million barrels of daily output.
5. Mexico - Daily output estimates of around 3.8 million bpd.
6. China - 3.7 million barrels of daily output
7. Canada - Handles daily output of 3.1 million barrels
8. Norway - Around 3 million barrels per day production
9. Venezuela - Daily outflow of 2.8 million bpd
10. Kuwait - 2.7 million bpd

On further analyzing this list we will find that world's top two oil producing countries account for more than a quarter of total world's production of oil. Another interesting fact of this list if that Russia (second in the above list) produces almost 240% more than what it requires for its domestic consumption. This reflects predominance of Russia economy on export proceeds of crude.

With respect to the two fastest growing economies of the world today i.e., India and China crude production and consumption patterns differ a lot. China produces 16% more oil than what is actually required for its consumption, while on the other hand India has limited resources with respect to crude and can only produce one third of its requirement.

The Author has more than 10 years of International Market Development and Advisory experience, focused on new deals, company image and productive partnerships. Track record of contributing in start-up business units and divisions with developing accounts and organizing sales and marketing campaigns in different global markets. Click to know more about Crude Oil and Crude Oil Trading