A recent report issued by the Oil & Gas Investing News stated Kuwait retained the tenth place among the largest oil producing countries in the world in 2021, with an average production of 2.717 million barrels per day.
The report added that Kuwait’s production decreased in 2021 for the third time since 2018. In 2016, production reached 3.072 million barrels per day, and then decreased in 2017 to 3.025 million barrels per day. In 2018, production recorded a slight recovery to 3.059 million barrels per day, but it soon declined again in 2019 to 3.017 million barrels per day.
The oil and gas sector in Kuwait contributes about 60% of the country’s GDP, and accounts for the lion’s share of export earnings, at 95%. Global oil production has continued to rise over the years, but global oil markets have recently been greatly affected by the repercussions of the Corona virus, then price wars between some oil-producing countries, and finally the ongoing war between Russia and Ukraine.
The production control agreement between OPEC and 11 of the world’s largest oil producers expired in 2020 when production rose dramatically in April of that year after Russia’s decision not to agree to further cuts proposed by Saudi Arabia, the latter’s reaction was to offer its oil at a reduced price and an increase in production.
The company said in its report that when supply increased and demand decreased in the market, oil prices turned negative, which shocked the markets and those concerned with them. An agreement was eventually reached between Russia and OPEC to cut production by 9.7 million barrels per day – the largest single production cut ever implemented.
In 2021, demand for oil recovered as coronavirus lockdowns eased around the world, driving up prices. But the 2022 and still ongoing war between Russia and Ukraine caused oil prices to soar. In light of these and other recent market events, many investors may be curious to know which countries produce the most oil so that they may be able to fill the supply gap if Western countries continue to impose more sanctions on Russia.
The following is a list of the top 10 oil-producing countries and their average daily production in 2021, according to statistics from the US Energy Information Administration, and it includes the total production of petroleum and other liquids.
1 – The United States: 18.875 million barrels.
2 – Saudi Arabia: 10.835 million barrels.
3 – Russia: 10.778 million barrels.
4 – Canada: 5.558 million barrels.
5 – China: 4.993 million barrels.
6 – Iraq: 4.419 million barrels.
7 – UAE: 3.786 million barrels.
8 – Brazil: 3.689 million barrels.
9 – Iran: 3.458 million barrels.
10 – Kuwait: 2.717 million barrels.
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