Top 5 Biggest Oil Producers In The Middle East In 2023
The Middle East includes five of the top ten oil-producing countries in the world. Russia’s aggressive war against Ukraine has also sent oil prices skyrocketing. So, which countries are the biggest oil producers in the Middle East? Here’s a look at the top 5 oil-producing countries in the Middle East in 2023.
Top 5 biggest oil producers in the Middle East
1) Saudi Arabia
Saudi Arabia produces almost 12 million barrels of oil per day. Saudi Arabia is also the second-largest oil producer in the world in 2022. The oil and gas sector accounts for around 50 per cent of Saudi Arabia’s gross domestic product (GDP). The country’s oil output came in at 10,835,000 BPD in 2021.
Iraq produces about 4.8 million barrels of oil per day. It is the sixth-largest oil-producing country in the world. Many major international oil companies are involved in Iraqi oil production, including Occidental Petroleum, BP, Royal Dutch Shell, and Total S.A.
3) The United Arab Emirates
The United Arab Emirates produces over 4 million barrels per day. It is the third-largest oil producer in the Middle East. It also holds the world’s eighth-largest proven oil reserves at 98 billion barrels. Some of the biggest international companies involved in UAE oil production include BP, Royal Dutch Shell, and Total S.A.
Iran’s oil output increased dramatically in 2021. Iran is the fourth-largest oil producer in the Middle East. According to the EIA (Energy Information Administration), Iran holds the world’s third-largest proven oil reserves. Iran can produce nearly 3.2 million barrels per day.
Kuwait is the tenth-largest oil-producing country in the world. It can produce almost 3 million barrels of oil per day. The oil and gas sector accounts for about 60 per cent of the country’s GDP. The constitution of Kuwait does not allow foreign companies ownership stakes in the country’s natural resources.
This is the list of the top 5 oil-producing countries in the Middle East in 2022. What do you think about these countries?