The 5 most important oil fields on earth

Why US oil still can't compete with Middle East

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

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.

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Read the full analysis on here.