Top Oil Producers Face Challenges Despite Integral Role in Global Economy
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The oil and gas industry supports millions of jobs globally and is crucial to the economies of top producing countries. However, the industry faces challenges like volatility, regulations, and the rise of renewable energy.
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Major players like ExxonMobil, BP, and TotalEnergies are investing in renewable energy even as oil remains integral to meet growing energy demands. Exxon aims to produce lithium for EV batteries by 2027.
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The top 20 oil producing countries account for over 90% of total global oil production. The top producers are mostly in the Middle East, North Africa, Central Asia, and South America.
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The top 10 countries by daily oil production are Kuwait, Brazil, Iran, UAE, China, USA, Saudi Arabia, Russia, Iraq, and Canada. These 10 countries produce over 63 million barrels per day.
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The top 5 producers β Saudi Arabia, Russia, USA, Iraq and Canada β account for over 48% of total world production of oil. Saudi Arabia is by far the top producer with over 11 million barrels daily.