Despite recently reaching its all-time lowest price, oil remains an essential commodity throughout the civilized world. Without it, industries would stall and traveling would be a whole lot harder. We often take for granted just how much mankind relies on oil on a daily basis, yet it is one of our planet’s most valuable resources.
Every day, more than 90 million barrels of oil are extracted worldwide, with the top 10 producers being responsible for over 60% of the total production. Over the next few minutes, we’ll take a closer look at the top 10 oil producing countries and what an impact they had on the global market.
10Kuwait – 2.75 million barrels per day
Kuwait produces more than 3% of the world’s oil. The country’s oil wells were first tapped in 1938 and they’ve been producing ever since. There are over 104 billion barrels of oil left in reserves according to estimates, yet the quantity could be much larger. For instance, better technology may result in more barrels being extracted. At the current extraction rate, Kuwait’s oil reserves will last for at least another century.