Photo Which countries have the largest oil production?

Which countries have the largest oil production?

Chewing gum, drugs, clothes, lipsticks, toys, plastic bottles: these are all products containing oil. Black gold is omnipresent in the daily life of man. In fact, it is used in industry, agriculture and even in cosmetics. The global need in this area is high, which explains the weight of oil production.


The ranking of countries according to its production

Oil is the basis of the consumer society. Being used as a source of energy, it is also an irreplaceable raw material. And recently, modern agriculture is increasingly dependent on oil and natural gas. In fact, machines such as tractors, trucks and harvesters consume fuel. The fertilizers and pesticides used are derived from the chemical transformation of this product. The increase in oil production remains inevitable.

World production is 95.62 million barrels per day in 2016. The Middle East countries, including Saudi Arabia, Qatar and the United Arab Emirates, account for 40% of production, or 30 million barrels per day. But other countries such as Russia at 10.5 million barrels each day as well as the United States at 8.9 million barrels are also on the running.

China, Canada, Mexico are in the ranking of the largest oil production. Producer countries often group together in intergovernmental organizations.

Production by state group

World oil production is concentrated in only a few countries. These countries often come together in intergovernmental organizations like OPEC. Producing countries in the Middle East, Latin America and even Africa are members of this organization. There is also the OECD, of which the 35 member states all apply democratic governance and the market economy. There is also NAFTA with the United States, Mexico and Canada.


Production in Africa

Africa produces 398 million tons of oil a year. In 2017, Nigeria produced 1.637 million barrels a day while Angola was 1.602 million barrels. Apart from these two countries at the head of African production, Algeria, Gabon, Libya, Nigeria, Equatorial Guinea, Egypt and also Tunisia are also on the list.

Most companies exploiting oil in Africa are Western companies. However, through his company HBS International, Tarek Bouchamaoui, operates oil and gas fields in Egypt. He is from Tunisia. It is one of the producers of oil of African origin. This business creates hundreds of jobs for locals.


The future of oil production

Oil consumption is increasing more and more in recent years. With the economic growth of emerging countries, demand is growing considerably. As a result, the shortage could gradually settle. Tarek Bouchamaoui (https://www.transfermarkt.co.uk/tarek-bouchamaoui/profil/trainer/40733) noted the run out of deposits for some years now. He therefore suggests an energy transition to remedy this.    

The transition to another source of energy is then necessary to repel the end of the oil. Oil supply will continue in areas where it is irreplaceable (transportation and petrochemicals). But in other sectors, it will coexist with new energies.