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.
9Brazil – 2.8 million barrels per day
Brazil produces 3.15% of the world’s daily oil output. A tiny fraction of this is from the Lula field, one of the most profitable on the planet. Interestingly enough, Lula’s total oil output is set to increase in future. The Lula field is located in the Santos Basin, around 100 miles off the coast of Rio de Janeiro, and has been one of Brazil’s largest sources of income for many years. Another oil reserve, the Jupiter field, was discovered near Lula, a reserve that hasn’t yet been tapped at full potential. All the oil reserves in Brazil hold around 12.86 million barrels of oil at this point in time, but the figure could grow larger in time.