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The 5 most important oil fields on earth

Despite the ability of new technologies to open up oil sources in the United States, the world's five most important oil fields are all decades-old reserves in the Middle East, according to an analysis from Oilprice.com.

In brief, the fields are Ghawar and Safaniya in Saudi Arabia, Rumaila and West Qurna-2 in Iraq, and Burgan in Kuwait. The largest oil field, Ghawar, produces 5 million barrels a day.

In addition to Chinese companies and the Russian firm Lukoil, U.S. companies Exxon Mobil and BP have a stake in some of the fields.

Read MoreIranian oil exports on course to blow past limits

Read the full analysis on Oilprice.com here.

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