1. Saudi Arabia (10.72 millions of barrels per day)
Saudi Arabia has the world's largest oil reserves and is the world's largest oil exporter. Oil accounts for more than 90% of exports and nearly 75% of government revenues, facilitating the creation of a welfare state.
2. Russia (9.67 millions of barrels per day)
The country has the world's largest natural gas reserves, the 8th largest oil reserves, and the second largest coal reserves. Russia is the world's leading natural gas exporter and leading natural gas producer, while also the second largest oil exporter and largest oil producer, though Russia interchanges the latter status with Saudi Arabia from time to time. On January 1, 2011, Russia said it had begun scheduled oil shipments to China, with the plan to increase the rate up to 300,000 barrels per day in 2011.
3. United States (8.37 millions of barrels per day)
The United States is the third largest producer of oil in the world, as well as its largest importer.
4. Iran (4.12 millions of barrels per day)
Oil reserves in Iran, according to its government, rank third largest in the world at approximately 150 billion barrels (24×109 m3) as of 2007, although it ranks second if Canadian reserves of unconventional oil are excluded. This is roughly 10% of the world's total proven petroleum reserves. Iran is the world's fourth largest oil producer and is OPEC's second-largest producer after Saudi Arabia. As of 2009 it was producing an estimated 4.172 million barrels per day (663.3×103 m3/d) of crude oil. At 2006 rates of production, Iran's oil reserves would last 98 years if no new oil was found.
Iranian production peaked at 6 million barrels per day (950×103 m3/d) in 1974, but it has been unable to produce at that rate since the 1979 Iranian Revolution due to a combination of political unrest, war with Iraq, limited investment, US sanctions, and a high rate of natural decline.Iran's mature oil fields are in need of enhanced oil recovery (EOR) techniques such as gas injection to maintain production,which is declining at an annual rate of approximately 8% onshore and 10% offshore. With current technology it is only possible to extract 20% to 25% of the oil in place from Iran’s fractured carbonate reservoirs, 10% less than the world average. It is estimated that 400,000-700,000 bbl/d of crude production is lost annually due to declines in the mature oil fields.
Iran consumed 1.6 million barrels per day (250×103 m3/d) of its own oil as of 2006. Domestic consumption is increasing due to a growing population and large government subsidies on gasoline, which reduces the amount of oil available for export and contributes to a large government budget deficit. Due to a lack of refinery capacity, Iran is the second biggest gasoline importer in the world after the United States. High oil prices in recent years have enabled Iran to amass nearly $60 billion in foreign exchange reserves, but have not helped solve economic problems such as high unemployment and inflation.
According to NIOC, Iran recoverable liquid hydrocarbon reserves at the end of 2006 was 138,4 billion barrels.
5. Mexico(3.71 millions of barrels per day)
The petroleum industry in Mexico makes it the fifth largest producer of oil in the world and the tenth largest in terms of net export as of 2007. It is the second largest oil producer in the Western Hemisphere behind only the United States and just ahead of Canada. However, Mexico is not a member of OPEC or any petroleum production related organizations.
The oil sector is crucial to the Mexican economy; while its importance has been reduced in recent years, oil revenues generate over 10% of Mexico's export earnings.
6. China (3.84 millions of barrels per day)
China has been endeavoring to sign international agreements and secure such supplies; its energy security involves the internal and foreign energy policy of China. Currently, China's energy portfolio consists mainly of domestic coal, oil and gas from domestic and foreign sources, and small quantities of uranium. China has also created a strategic petroleum reserve, to secure emergency supplies of oil for temporary price and supply disruptions. Chinese policy focuses on diversification to reduce oil imports, which rely almost exclusively on producers in the Middle East.
7. Canada(3.23 millions of barrels per day)
As of 2005, Canada's total oil reserves including both conventional and unconventional oil, approximately 180 billion barrels (29 km³), puts Canada in second place (Saudi Arabia has the largest reserves), and ranks ninth in the production of crude oil the world over, approximately 2.7 million barrels (430,000 m³) of crude oil a day, and 6.4 trillion cubic feet (180 km³) of natural gas per year. Canada also has the largest oil sands reserves (its offshore reserves have just begun to be tapped). Its proximity to the United States of America makes Canada a significant entry point to one of the world's largest fuel-driven industrialized markets.
8. United Arab Emirates (2.94 millions of barrels per day)
9. Venezuela (2.81 millions of barrels per day)
Venezuela has some of the largest oil and natural gas reserves in the world, and consistently ranks among the top ten crude oil producers in the world. The country's main petroleum deposits are located around and beneath Lake Maracaibo, the Gulf of Venezuela (both in Zulia), and in the Orinoco River basin (eastern Venezuela), where the country's largest reserve is located. Besides the largest conventional oil reserves and the second-largest natural gas reserves in the Western Hemisphere, Venezuela has non-conventional oil deposits (extra-heavy crude oil, bitumen and tar sands) approximately equal to the world's reserves of conventional oil.
10. Norway (2.79 millions of barrels per day)
- Reference/Source: infoplease.co