The five top oil producing countries in the world for 2011 are Russia, Saudi Arabia, the United States, China and Iran. Many other countries also produce oil including African countries like Nigeria, Ghana, Libya, Angola and Sudan. Brazil, Mexico and Canada are also big oil producers. Venezuela produces crude oil as does Iraq, Kuwait and the United Arab Emirates. Norway produces crude oil, at around 2 million barrels a day. Ecuador is planning to open new oil fields in the pristine Amazon nature reserve, according to the Sydney Morning Herald.
Producing oil at a rate of over 10 million barrels a day, Russia is the world’s largest oil producer, accounting for about 12 percent of the total oil produced across the globe. Russia also has a huge supply of oil reserves, amounting to over 60 billion barrels which is about 5 percent of the world’s total oil reserves.
Saudi Arabia produces almost as much oil as Russia, with production just over 10 million barrels a day. Saudi Arabia produces about 12 percent of the world’s total oil. Saudi Arabia’s oil reserves are four times more than Russia’s with 265 billion barrels in reserve, amounting to about 20 percent of the world’s total oil reserves. Saudi Arabia can use its large reserve to vary its market presence when desired.
The United States
The United States is the third largest producer of oil in the world, with oil produced in the following US states: Texas, Alaska, California, Louisiana and New Mexico. About 9.6 million barrels of oil a day are produced, comprising about 11 percent of the world’s oil supply. Because much of the U.S. oil reserves have already been used, they do not have a lot of stored reserves. U.S. reserves only represent about 1 percent of the world’s reserves.
The fourth largest crude oil producer in the world is China, which produces over 4 million barrels daily. China's output translates to about 5 percent of the world’s oil production. Similar to the United States, China’s oil reserves is estimated to be about 20 billion barrels of oil.
Iran also produces around 5 percent of the world’s oil and is the fifth largest oil producer in the world. Iran has large stocks of oil reserves and is a major player in the market with 137 billion barrels in reserve.