7 Surprisingly Large Producers of Oil

When it comes to oil production, a handful of names dominate the pack, with Saudi Arabia long holding the top slot. But recent news has shown that the U.S. is on pace to outdo the Middle Eastern nation, making us both the largest producer and consumer of oil in the world. The news comes as something of a surprise to some; given our dependence on foreign oil, many forget that we are also among the world’s top producers. The surprises don’t stop there, as there are a number of other significant oil producers that you may have never considered [for more crude oil news and analysis subscribe to our free newsletter].

Below, we outline seven crude producing nations that you may have never considered.

  1. Mexico: Coming in seventh place overall, our neighbors to the South produce just under 3 million barrels per day, which totals out to nearly 1.1 billion barrels on an annual basis.
  2. Nigeria: Churning out 2.5 million barrels each day grants Nigeria that 10th place spot, though it is a nation whose significant oil production is often overlooked [see also 25 Ways To Invest In Crude Oil].
  3. Algeria: Another country that is not mentioned often in terms of crude output. Algeria produces just under 2.1 million barrels every day, amounting to 766 million total barrels every year.
  4. Angola: Yet another African nation to make the list, Angola falls just one place behind Algeria. Taking 17th place in the world, this nation is responsible for 1.99 million barrels on a daily basis [see also The World’s 5 Largest Oil Consumers].
  5. Kazakhstan: Let’s face it, the only time anyone refers to this nation is when talking about the mockumentary Borat. But the country puts out a respectable 1.6 million barrels each day.
  6. Azerbaijan: Bridging the gap between Eastern Europe and Western Asia, this nation is responsible for a little over 1 million barrels each day [see also Crude Oil Guide: Brent Vs. WTI, What’s The Difference?].
  7. Australia: The land down under makes the list simply because its go-to image is its dominant mining industry; investors rarely think of Australia as a crude oil player. The country is among the top 30 producers in the world with nearly 550,000 barrels each day.

Don’t forget to subscribe to our free daily commodity investing newsletter and follow us on Twitter @CommodityHQ.

Disclosure: No positions at time of writing.

This entry was posted in Energy, WTI. Bookmark the permalink.

Commodity HQ is not an investment advisor, and any content published by Commodity HQ does not constitute individual investment advice. The opinions offered herein are not personalized recommendations to buy, sell or hold securities or investment assets. Read the full disclaimer here.

4 Responses to “7 Surprisingly Large Producers of Oil”

  1. [...] thought of as a player in the global energy scene, and it’s true that the country’s crude oil production (and reserves) are modest. That said, the country does have sizable offshore gas fields, and it is [...]

  2. [...] normally thought of as a player in the global energy scene, and it’s true that the country’scrude oil production (and reserves) are modest. That said, the country does have sizable offshore gas fields, and it is [...]

  3. [...] Exxon Mobil continues to be the champion when it comes to production and finding new sources of crude oil supply. Its purchase of XTO back in 2010 was forward-thinking and basically set up the natural gas [...]

  4. [...] oil industry produces 2.1 billion barrels of crude each day making it the sixth-largest crude oil producer on the planet. The United States is the top importer of Canadian oil followed by Russia and the [...]

Leave a Reply

  • Subscribe

    • RSS Icon   Twitter Icon
    • Sign up for free today:
  • Search