Our everyday life depends on reliable and affordable energy. At the current pace, about 660 million people will still lack access to electricity and close to 2 billion people will still rely on polluting fuels and technologies for cooking by 2030. The world continues to advance towards sustainable energy targets – but not fast enough. Full-year production is expected to be around 3.07mbbl/day.Goal 7 is about ensuring access to clean and affordable energy, which is key to the development of agriculture, business, communications, education, healthcare and transportation. The country is expecting an “oil boom”, with the International Energy Agency predicting an increase of 375,000bbl/day to about 3.3mbbl/day. Brazil – 2,515,459bbl/dayīrazil is the largest producer of oil in South America, with a production rate of over 2.5mbbl/day.īrazilian multinational Petroleo Brasileiro (Petrobras) is one of the most influential companies in the oil and gas industry, ranking #73 in the 2018 Global Fortune 500. The oil and gas sector accounts for approximately 40% of Kuwait’s domestic product, about 92% of export revenues and 90% of government revenue.Īt the end of 2018, the state-owned Kuwait Petroleum Corporation announced its intention to increase oil production to 4mbbl/day by 2020, through an investment plan worth approximately $115bn. The country has estimated proven oil reserves of 104 billion barrels, approximately 9% of global oil reserves. With a production rate of just under 3mbbl/day, the petroleum industry is an important one for Kuwait. Recently, this includes awarding a number of contracts to develop offshore oil and gas in the country and initiating exploration bidding rounds for blocks in the UAE. The company works with overseas contractors and multinationals to expand the UAE’s offshore industry. The UAE’s state-owned Abu Dhabi National Oil Company (ADNOC) is the world’s 12 th largest oil company by production. Oil and gas output accounts for roughly 30% of the country’s gross domestic product. The United Arab Emirates (UAE) has a production rate of over 3mbbl/day, as well as the seventh-largest proven reserves of oil in the world at 97.8 billion barrels. The country’s oil and gas industry is active in 12 of its 13 territories and provinces, with Canada being the largest supplier of oil and gas to the US. Canada – 3,662,694bbl/dayĬanada is the second-largest producer of oil in the Americas, with a production rate of 3.7mbbl/day.Ĭanada also has the third-largest proven oil resources in the world, with approximately 170 million barrels of proven crude oil. Talks with the US are currently underway to end a trade dispute that saw both countries place tariffs on each other’s exports. The country’s economic growth has slowed recently, owing to declining factory output as well as complications with trading. This growth in energy consumption has created opportunities for energy companies in China, but has also left the country dependent on foreign oil and gas. China – 3,980,650bbl/dayĬhina is the only country in East Asia to make the top 10, with a production rate of just under 4mbbl/day.Ĭhina is also the world’s largest importer of crude oil, importing an estimated 8.4mbbl/day. These sanctions have caused global oil prices to rise, and have deterred investment in Iran’s oil and gas sector from overseas companies. Iran has also faced some trouble with its oil and gas industry recently, with the US imposing sanctions on the country’s oil imports in November 2018 over Iran’s nuclear programme. The country has proven crude oil resources of approximately 156 million barrels, which represents roughly 10% of the world’s proven resources. Iran is the third largest producer in OPEC, with a production rate of just under 4mbbl/day. The country has recently had to contend with a number of challenges in its oil and gas industry, including regulatory conflicts and delays in developing supply facilities to boost production. Iraq also has the fifth-largest proven oil reserves, with an estimated 140 billion barrels of proven crude oil. Iraq is the second-largest producer in OPEC, with a production rate of over 4mbbl/day. Saudi Arabia is also home to energy multinational Saudi Aramco, one of the world’s largest companies. Its oil and gas sector accounts for about 50% of gross domestic product, and about 70% of export earnings. The country contains approximately 18% of global proven petroleum reserves and is the world’s largest exporter of petroleum.

Current world oil production by country