Kuwait is 10th largest oil producing country in the world
In 2023, Kuwait ranked tenth on the list of the largest oil producing countries in the world, with its daily production reaching 2.91 million barrels. Thus, Kuwait contributes 3.9% of the total global oil production among the ten largest producing countries.
As reported by the Arabic daily, Al Anba, Vanguard stated that the oil and gas sector plays a pivotal role in the Kuwaiti economy, as it contributes about 50% of the gross domestic product and 90% of export revenues. Oil remains an essential source for strengthening global economies and driving technological progress in various sectors.
It is noteworthy that the total production of the ten largest countries in the world amounts to 74.57 million barrels per day.
The report stated that some oil-producing countries not only play a decisive role in production, but also greatly influence global oil prices and energy policies, in line with their strategic interests.
Here is a look at the top ten major oil-producing countries in 2023:
1. The United States of America
The United States occupies the lead with a daily production of 21.91 million barrels, making it the largest oil producer in the world. Texas is the main center of oil production in the United States, significantly outperforming the rest of the states. In addition, the United States has a large oil consumption, with a daily consumption of 20.5 million barrels of petroleum products.
2. The Kingdom of Saudi Arabia
The Kingdom of Saudi Arabia ranks second with a daily production of 11.13 million barrels. Saudi Arabia contributes 17% of the world’s proven oil reserves, and the oil sector is the main pillar of the Kingdom’s economy, as it represents about 50% of the gross domestic product and 85%. From export revenues, the Kingdom plays a major role in directing production decisions within OPEC.
3. Russia
Russia produces 10.75 million barrels per day, making it one of the largest oil producing and exporting countries. Oil production in Russia greatly affects the global economy, as Russia relies on it as a main source of revenues and economic growth.
4. Canada
Canada’s daily production is 5.76 million barrels, and Canada is a major exporter to the United States, as the latter imports 60% of its crude oil from Canada. The Canadian economy relies heavily on the oil and gas sector, as this sector provides broad job opportunities and contributes to improving the trade balance.
5. China
China’s daily production is 5.26 million barrels. Although it is the world’s largest oil importer, China faces major challenges in the oil sector, as experts expect a decline in production soon due to the difficulty of developing new discoveries and a decline in production from mature fields.
6. Iraq
Iraq’s daily production is 4.42 million barrels, which represents a decrease from 2022 production, which amounted to 4.55 million barrels. Iraq faces major challenges in the oil sector due to weak infrastructure and export issues, which limits its ability to increase production.
7. Brazil
Brazil produces 4.28 million barrels per day. The oil sector in Brazil is considered one of the vital sectors that contribute significantly to supporting the country’s economy, as Brazil invests heavily in technology and marine discoveries to increase its oil production.
8. United Arab Emirates
The United Arab Emirates’ production reaches 4.16 million barrels per day. Oil is one of the most important sources of income for the UAE, as the country continues its investments in developing oil fields and increasing production capacity to meet local and global demand.
9. Iran
Iran produces 3.99 million barrels per day. Despite the economic challenges and sanctions imposed on it, Iran continues to produce oil at high rates, and seeks to enhance its production capabilities by developing new fields and increasing its exports.
10. Kuwait
Kuwait ranks tenth with a daily production of 2.91 million barrels. Oil represents the backbone of the Kuwaiti economy, as the state relies heavily on oil revenues to finance public services and achieve economic development.
