hydraulic fracturing are being applied on a commercial scale to shales in the United States, Canada, China and others. The top three oil producing countries are Saudi Arabia, Russia, and the United States in 2006. However, figures from 2021 shows that the United States has surpassed (18.8 million barrel per day) both Russia (10.8) and Saudi Arabia (10.8) by a wide margin. About 80% of the world's readily accessible reserves are located in the Middle East, with 62.5% coming from the Arab 5: Saudi Arabia (12.5%), UAE, Iraq, Qatar and Kuwait. However, with high oil prices (above $100/barrel), Venezuela has larger reserves than Saudi Arabia due to its crude reserves derived from bitumen. See also History of the petroleum industry Petroleum 1967 Oil Embargo 1973 oil crisis 1979 energy crisis 1980s oil glut 1990 oil price shock 2000s energy crisis 2010s oil glut 2020 oil price war Geography List of countries by oil production Oil and gas industry in India Petroleum industry in Iran Petroleum industry in Russia History of the oil industry in Saudi Arabia Oil and gas industry in the United Kingdom Petroleum refining in the United Kingdom History of the petroleum industry in the United States Petroleum in the United States Pennsylvania oil rush Texas Oil Boom History of the Venezuelan oil industry Businesses Petroleum industry Seven Sisters (oil companies) Anglo-Iranian Oil Company (originally Anglo-Persian; now BP) Royal Dutch Shell Standard Oil Company of California (SoCal, later Chevron) Gulf Oil (now merged into Chevron) Texaco (now merged into Chevron) Standard Oil Company of New Jersey (Esso, later Exxon, now part of ExxonMobil) Standard Oil Company of New York (Socony, later Mobil, now part of ExxonMobil) References Further reading Black, Brian C. Crude Reality: Petroleum in World History (2012) James, Douet. (2020) The Heritage of the Oil Industry TICCIH Thematic Study - The International Committee for the Conservation of the Industrial Heritage - 79p. Maugeri, Leonardo. The Age of Oil: The Mythology, History, and Future of the World's Most Controversial Resource (2006) Mirbabayev, Miryusif F. (2008) Concise history of Azerbaijani Oil. Baku, SOCAR Publishing House, 350p. Mirbabayev, Miryusif F. (2017) Brief history of the first drilled oil well; and people involved - "Oil-Industry History" (USA), v.18, #1, pages 25–34. Pongiluppi Francesco, The Energetic Issue as a Key Factor of the Fall of the Ottoman Empire, in "The First World War: Analysis and Interpretation" (edited by Biagini and Motta),