One of the top global oil producers is the United States, producing as much as 12.5 million barrels of oil per day during 2014. Others top producers include Saudi Arabia with 11.6 million barrels of oil per day, Russia with 10.8 million per day and China with 4.4 million per day, according to CNN Money.
CNN Money states that Canada, United Arab Emirates, Iran and Iraq made the list of top producers alongside Mexico and Kuwait.
According to the Organization of the Petroleum Exporting Countries, OPEC countries hold about 80 percent of the world's oil reserves, with as much as 66 percent of this total being found in the Middle East. Founding member countries of OPEC include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, with other countries such as Algeria, Nigeria and Ecuador joining after OPEC's formation.
According to Bloomberg Business, the United States became the world's number-one gas producer in 2010 and the number-one oil producer in 2014 due to the shale boom. Hydraulic fracturing is one of the main reasons for this, along with restrictions in place to prevent crude exports.
Francisco Blanch, a head adviser at the Bank of America Corp., states that there is a strong link between oil production, wage growth and economic growth in many states in the United States.