Oil is one of the most valuable, much demanded, expensive and an important source of natural energy throughout the globe. Oil production usually refers to the total number of oil barrels that are extracted on day to day basis through the oil extraction machines and the various drilling process. After the discovery of oil many nations have been economically motivated by the new researches, inventions and advancements in the oil markets of the globe. The need and consumption of oil is increasing day by day in commercial as well as household sectors. The demand for oil is rapidly increasing at the highest rates throughout the world. Different nations follow different processes and sometimes similar ones for crude oil extraction. Crude oil extraction does not simply help in extracting crude oil but also a lot of other natural resource. Different constituents like Petroleum, gasoline, machine lubricants are all the various types of constituents that are extracted from crude oil in different parts of the globe.
Kuwait is located in the Middle East region of the world map. Kuwait has a huge reserve of about 75 per cent of the world’s oil reserves. This oil producing nation is very well known for great petroleum resources. Nevertheless, it is one of the long-term major oil extractors with the fourth largest oil reserves in the globe. The end of the pearl industry gave birth to the rise of the oil industry in Kuwait. Extractors realized that while extracted resource they realized that from the sand there were strange black patches in the under bed of the sand which extracted oil. This completely turned around the situation of Kuwait and today they rank amongst the top 10 oil producing countries. With the time to come Kuwait went on to nationalize their oil business known as Kuwait Petroleum Corporation (KPC).
Venezuela is the ninth largest oil exporting country in the world with the highest reserves of heavy crude oil extraction at an estimated 99.4 billion barrels of oil annually. During the year 2010, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day. Canada and Venezuela are two regions that have amazing potentials for increased capacity and extraction expansion of high and extensive crude oil. Venezuela could possibly increase its production capacity at a very fast rate by the next 25 years. This growth would definitely require a huge capital investment to bring about growth and large reservoirs in Venezuela. The growth of Venezuela demonstrated every capability to bring new oil fields and different type extraction processes on stream since nationalizing heavy oil projects in the Orinoco heavy oil belt under former operational international capacities. The United States of America currently holds accounts of nearly 65 percent of Venezuela’s exports in oil production.
8. United Arab Emirates
This federation of seven states is one of the leading oil extractors and oil producers. Before the discovery of this rich natural resource the economy of UAE carried on huge trade transactions by doing profit making businesses on fishing and the pearls industry. During the medieval era of the 1900, Abu Dhabi created history and went on to become the first of the emirates to begin the oil business. After this commendable step UAE has been growing tremendously in recent years. Other countries had a rough idea about the high potentials of Abu Dhabi in the oil industry. This development was marked since UAE earned enormous profits in the oil industry and directed its oil revenues into various humanitarian and economic sectors like healthcare, education and the national infrastructure for the betterment of its people and the nation as a whole. The growth of oil industry also gave rise to employment opportunities giving various kinds of jobs to the jobless and poor. This industry collaborated a lot of foreign workers with the expatriates who today are a well known team for the three fourth of the population of UAE.
Being the seventh largest oil producer in the world, Mexico produces 3.71 million barrels per day of petroleum and oil products, out of total production 3.25 million barrels per day consists of crude oil. The government of Mexico gives the state oil company every rights of Oil Company to treat the oil production as a major source of revenue. Today, Mexico is the supergiant producers being known as the seventh biggest oil field in the world production. After riding high in the global trade of oil Mexico faced a falling production. Government of Mexico tried several ways to restructure the declining production by passed the 2008 Energy Reform. This act was forwarded to create incentive and profit -based service contracts with oil companies of different nations and also to encourage foreign direct investments in the country. After passing the 2008 Energy Reform, Pemex, the ownership of all oil refineries has entered into a small number of partnerships, but has yet to have collaborations with some major international oil companies. Government projects so far have been focusing in lower-risk production areas, where a comparatively high recovery rate is likely.
Petroleum production and oil industries are one of the major industries of Canada. Canada has rightfully gained its position being the sixth largest oil production country in the world. Canada has the potential of producing an average of 438,000 cubic meters per day of crude oil, bitumen and natural gas condensate. Out of the total amount of 438,000 cubic meters per day, 45% was allocated to crude oil, 49.5% was bitumen from oil sands, and 5.5% was condensate from natural gas wells. Maximum Canadian petroleum production is approximately 283,000 cubic meters per day which is exported. Undoubtedly they remain one of the large owners, extractors, exporters of oil and petroleum. Adding to the credentials of Canada it is also the largest single source of oil imports into the United States. Canada is also called as “oil patch” because of its availability of oil and petroleum. Year of 2005 also witnessed that almost 25,000 new oil wells were created in Canada and on a daily average over 100 new oil wells are drilled in the province of Alberta solely.
China is known for having three major energy companies that have already been dominating the national industry and have been successfully showing an upward trend from the last several years. The leading oil and petroleum companies are:
1. China National Petroleum Corp., Petro China or CNPC
2. China Petroleum & Chemical Corp., or Sinopec
3. China National Offshore Oil Corp., or CNOOC
All the above mentioned three companies have suited themselves with the position of the top 10 largest oil and petroleum refineries in Asia. The continuous and speedy growth of China in terms of size, advancements and energy needs these 3 companies in order to keep a constant strong position in the top. China has not hesitated to spend over $32 billion in mergers and acquisitions which is why they have managed a position till the top. Reports state “PetroChina is ready to expand the foreign presence in Australia whenever scope of good opportunity arises.” And they did receive a very good opportunity. China went ahead with a joint venture with Royal Dutch Shell plc. This partnership consisted the construction of a liquid natural gas plant for developing, extracting and producing shale gas. Topping it, China National Offshore Corporation has finalized a 100% take over of OPTI Canada, giving it an ownership in four Canadian oil sands projects as well. China further went on to sign production-sharing contract with ROC Oil Company, one of the leading Oil and Gas Company based in Australia. Together, they chalk out a plan of over a 355 square kilometer off of China’s Bohai Sea, with a big option of earning up to 51% working interest in the area.
Iran is a world famous energy superpower and the Petroleum industry in Iran plays a major part in it. In 2004 Iran produced of around five percent of the world’s total crude oil which was about 3.9 million barrels of oil per day. Crude oil generates revenue in billions acting as a primary source of foreign currency. No other country has more advancement, credentials and growth than Iran, because of its constant focus and prime importance that has been given to the hydrocarbon sector. The oil and gas industry has been one of the strongest reasons of the increasing trend of economic growth, thereby bringing growth in the development projects for the people, the government’s yearly budget, and most important foreign exchange and foreign investment sources. Oil and gas revenues are affected by the increasing trends in the value of crude oil on the international market. During 2012, Iran a country that exports around 1.5 million barrels of crude oil a day is the fourth-largest exporter among the Organization of Petroleum Exporting Countries. Iran also has various goals and plans to invest a total of $500 billion in the oil extraction and producing sectors in a span of next 20 years.
Petroleum in the USA has been a pretty dominating sector since the discovery of oil and petroleum in the Oil Creek area of Titusville, Pennsylvania in the historic year of 1859. Few years back and today, the U.S. is the world’s third-largest oil producer after the pioneers of oil industry Saudi Arabia and Russia, producing 8.5 million barrels of oil and natural gas liquids per day. Gulf of Mexico is one of the most famous and leading oil producing sector which produced 1.15 million barrels per day, further followed by Texas 1.09 million barrels per day, not leaving Alaska behind by 0.68 million barrels and California 0.59 million barrels per day. Today, petroleum is the largest source of energy in the U.S., providing 38 percent of the energy consumed throughout the globe. Out of the enormous production of oil, the U.S. imports 49 percent of the petroleum it uses. The U.S. petroleum industry, which includes the production, processing, transportation, and marketing of natural gas and petroleum products, makes it one of the best and leading oil traders of the world.
2. Saudi Arabia
Saudi Arabia is the second largest oil reservoirs in the world. Saudi estimated to be 267 billion barrels in a span of few years. Oil reserves of Saudi are about one fifth of the world’s total oil reserves. The large fraction of Arabia’s oil reserve comes from various numbers of oil fields and its past production that amounts to a good 40% of the back up reserves. Saudi Arabia is the owner of 100 or more than 100 major oil and gas fields which includes one of the most well known Gawahar Field which is the world’s biggest oil fields in the world. The major extraction of oil in this country is from merely five fields that it occupies and the 60% of the production comes from the Gawahar field. Saudi Arabia plays one of the most pivotal roles in the global energy industry levels. Saudi Arabia is committed to ensuring stability of supplies and prices of oil and petroleum. With its committed professional and recovering attitudes, Saudi Arabia has surpassed major shocks to the global economy and has saved the globe from the loss of supply or sudden price increases.
Russia has the largest petroleum industry in the world. Ranking first in the top ten oil producing nations. Russia is the pioneer in the oil industry. This country has the largest reserves and various oil wells and petroleum diggs. World statistics state that Russia owns the second largest coal reserves, eighth largest oil reserves and one of the leading producers of oil. Being the pioneers of oil producer in the world today, it’s well proved that Russia has great potentials to produce an average of 9.93 million barrels of oil per day. Russia contributes a good 12% of the world’s oil and also holds an equal share in the world’s oil exports. There are a lot of credentials that Russia has achieved for itself. Maximum of Europe markets are full with the Russian exports of oil and petroleum. There has been a very high domestic demand of Russian oil in Russia as well as other countries. The next few years look promising to Russia as they seem immovable from their first position of the top ten. Ever increasing growth of the Russian economy indicates that there will be parallel local demand for energy of all types such as oil, gas, nuclear, coal, hydrocarbons, electricity etc.