Top 10 Petroleum Rich Countries

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The top leading petroleum producing countries are listed below. Petroleum is found in upper parts of the earth’s crust including porous rock formations. It is mostly used for producing gasoline and fuel oil both of which are primary energy sources.


1. Saudi Arabia

The world’s leading exporter of petrol is Saudi Arabia. Petroleum reserves fuel the economy of Saudi Arabia and accounts for 90% of its total exports. 75% of government revenues also come from oil making it a welfare state.


2. Russia

Russia’s economic growth in recent years has been fuelled by energy exports because of the increase in oil production and relatively high world oil prices in the recent past. Most of domestic energy needs is met by natural gas. Owing to its oil exports Russia has witnessed better growth and economic expansion.


3. Iran

Iran had 8438 kms of oil pipelines and 19,161 kilometers of natural gas pipelines in 1997. It produces plenty of oil for its own use and for exports also. Iran has plenty of offshore oil fields from where oil is dispatched to processing centers. Its natural gas and fuel export industries have expanded a great deal over the last few years.


4. Mexico

Mexico was the seventh biggest producer of oil in the world in 2008. It produced about 3.19 million barrels per day during 2008 which was a slight decrease from what was produced in 2007. 88% of Mexico’s oil production was condensate and crude oil and the rest comprised of refinery grain and natural gas liquids. It is expected that Mexico will produce 2.7 million bbl/d of oil in 2010.


5. China

China is another large oil producing country but it is also one of the largest oil consumers next only to the U.S. It is expected to produce around 4 million bbl/d of oil in 2010. As of 2009, China had 16 bn barrels of proven oil reserves according to Oil & Gas Journal (OGJ).


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