SSC MTS EXAM

Detailed explanation-1: -Key Takeaways. Many of the largest oil producers are in the Middle East, including Saudi Arabia, UAE, and Iraq. Saudi Arabia is the world’s largest oil producer and accounts for roughly 15% of global output.

Detailed explanation-2: -Russia and the Caspian Sea region It has significant proven reserves-some 80 billion barrels, approximately 6 percent of the world total-and is one the world’s leading petroleum producers.

Detailed explanation-3: -It holds some of the world’s largest deposits of proved oil and natural gas reserves, ranking as the world’s third-largest oil and second-largest natural gas reserve holder in 2021. At the end of 2021, Iran accounted for 24% of oil reserves in the Middle East and 12% in the world.

Detailed explanation-4: -The US is the top producer of oil, but the country requires foreign imports to meet its increasing domestic demand. According to the IEA, the nation sources oil from as many as 73 countries around the globe. The top five are Canada, Mexico, Russia, Saudi Arabia and Colombia.