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BUSINESS
Crude oil is found naturally underground. After being extracted, it is refined into different fuels such as petrol, diesel, and kerosene.
Crude oil is one of the most important resources in the world today. It powers almost everything—from vehicles and fighter jets to heavy machines and rockets. Even in an age where electric vehicles are becoming popular, most of the world still depends on fuel, and that fuel is made from crude oil.
Crude oil is found naturally underground. After being extracted, it is refined into different fuels such as petrol, diesel, and kerosene. These fuels keep industries running and economies moving. While many believe that Arab countries dominate oil production, the reality is different.
According to the US Energy Information Administration’s 2023 report, the United States is the world’s largest producer of crude oil. The US produces 21.91 million barrels of oil every day. This makes America the leading oil powerhouse.
Saudi Arabia comes in second place with 11.13 million barrels per day, followed closely by Russia in third place with 10.75 million barrels per day. These three countries alone account for a large chunk of the world’s oil supply.
In fourth place is Canada, producing 5.76 million barrels daily, while China stands fifth with 5.26 million barrels per day.
Iraq ranks sixth with 4.42 million barrels, the same as Brazil, which comes in seventh. The United Arab Emirates (UAE) is in eighth position, producing 4.16 million barrels per day.
Despite common belief, it is not just the Arab nations that control the oil market. The data clearly shows that countries from North America, Europe, South America, and Asia also play major roles in crude oil production.