![]() This growth in energy consumption has created opportunities for energy companies in China, but has also left the country dependent on foreign oil and gas. China – 3,980,650bbl/dayĬhina is the only country in East Asia to make the top 10, with a production rate of just under 4mbbl/day.Ĭhina is also the world’s largest importer of crude oil, importing an estimated 8.4mbbl/day. These sanctions have caused global oil prices to rise, and have deterred investment in Iran’s oil and gas sector from overseas companies. Iran has also faced some trouble with its oil and gas industry recently, with the US imposing sanctions on the country’s oil imports in November 2018 over Iran’s nuclear programme. The country has proven crude oil resources of approximately 156 million barrels, which represents roughly 10% of the world’s proven resources. Iran is the third largest producer in OPEC, with a production rate of just under 4mbbl/day. The country has recently had to contend with a number of challenges in its oil and gas industry, including regulatory conflicts and delays in developing supply facilities to boost production. ![]() Iraq also has the fifth-largest proven oil reserves, with an estimated 140 billion barrels of proven crude oil. Iraq is the second-largest producer in OPEC, with a production rate of over 4mbbl/day. Saudi Arabia is also home to energy multinational Saudi Aramco, one of the world’s largest companies. Its oil and gas sector accounts for about 50% of gross domestic product, and about 70% of export earnings. The country contains approximately 18% of global proven petroleum reserves and is the world’s largest exporter of petroleum.
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