Apr 20, 2024, 09:15 PM IST
Since 2018, the United States has held the top spot.
The nation has about 17% of the world's known oil reserves, making it the second-largest holder globally.
Russia is believed to have the most potential for new oil discoveries, especially in regions like Western Siberia, contributing to its high production levels.
Known for its oil sands in Alberta, Canada extracts significant amounts of oil, utilizing specialized methods to extract bitumen from the earth.
With rapidly growing energy demands, China has become a major player in oil production, focusing on both domestic extraction and international partnerships.
Despite challenges like political instability, Iraq remains a significant oil producer, with vast reserves in regions like Basra and Kirkuk.
Benefitting from large offshore fields like Zakum, the UAE is a key player in global oil markets, with a focus on sustainable production strategies.
Exploiting deepwater reserves in the pre-salt layer off its coast, Brazil has emerged as a major oil producer, contributing to its economic growth.
Despite facing sanctions, Iran possesses substantial oil reserves and continues to be a significant player in global oil markets, particularly in the Middle East.