Friday, October 14, 2016

The Worlds Leading Oil Producer

Go ahead and take a guess at who you think the worlds leading oil producer is? Saudi Arabia, Venezuela, UAE, and maybe Russia might be your top guesses. Nice try but those are all wrong.

The worlds top producer is actually the USA and has been since 2013.Another widely watched metric is reserves. The USA does fall in the top 10 for proven reserves with 40 billion barrels. That's a long way from Venezuela's and the Saudi's 298 and 268 billion barrels respectively. Interestingly enough OPEC members only represent 4 of the top 10 producers. The cartel doesn't have nearly as much clout as it once did.

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