Seven Surprisingly Large Producers Of Oil
Jared Cummans:Â 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. isÂ on pace to outdoÂ 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 theÂ worldâ€™s top producers. The surprises donâ€™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 ourÂ free newsletter].
Below, we outline seven crude producing nations that you may have never considered.
- Mexico:Â 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.
- Nigeria:Â 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 alsoÂ 25 Ways To Invest In Crude Oil].
- Algeria:Â 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.
- Angola:Â 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 alsoÂ The Worldâ€™s 5 Largest Oil Consumers].
- Kazakhstan: Letâ€™s face it, the only time anyone refers to this nation is when talking about the mockumentaryÂ Borat. But the country puts out a respectable 1.6 million barrels each day.
- Azerbaijan:Â Bridging the gap between Eastern Europe and Western Asia, this nation is responsible for a little over 1 million barrels each day [see alsoÂ Crude Oil Guide: Brent Vs. WTI, Whatâ€™s The Difference?].
- Australia:Â 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.
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