Which Country is the Largest Producer of Oil in the World?
The United States stands as the world's largest oil producer, generating approximately 21.91 million barrels per day in 2023.
This represents roughly 22% of global oil production and marks the sixth consecutive year that America has held this top position. The U.S. achieved this milestone through dramatic increases in shale oil production via fracking technology, which has revolutionized the country's energy landscape since 2010.
The United States not only leads in production but also ranks as the world's largest consumer of oil, while simultaneously importing upwards of 8 million barrels of oil per day.
Remarkably, the U.S. became a net petroleum exporter in 2020 for the first time since at least 1949, fundamentally shifting global energy dynamics.
Top 5 Oil-Producing Countries in The World
Based on the latest 2023 data, the world's top five oil-producing nations are:
| Rank | Country | Daily Production (Million Barrels) |
|---|---|---|
| 1 | United States | 21.91 |
| 2 | Russia | 10.5 |
| 3 | Saudi Arabia | 10.2 |
| 4 | Canada | 5.6 |
| 5 | Iraq | 4.5 |
1. United States
Production: 21.91 million barrels per day, representing approximately 22% of global production
2. Russia
Production: 10.5 million barrels per day. Among OPEC+ members, Russia was the largest crude oil producer in 2024, averaging 9.2 million barrels per day
3. Saudi Arabia
Production: 10.2 million barrels per day. Saudi Arabia possesses around 15-17% of the world's petroleum reserves and serves as the world's largest exporter of oil
4. Canada
Production: 4.7-5.6 million barrels per day. Canada ranks as the largest exporter of oil to the United States despite being only 22nd among countries with the largest oil reserves
5. Iraq
Production: 4.3-4.5 million barrels per day. Iraq possesses the fourth-largest oil reserves of about 145,019 million barrels
The top 10 countries combined produced 74.59 million barrels per day out of the total global output of 101.81 million barrels per day in 2023.
Which Other Countries are Oil Producers?
Beyond the top five producers, numerous other nations contribute significantly to global oil supply:
Major Producers (3-4 million barrels per day):
- China: 4.0-4.1 million barrels per day
- United Arab Emirates: 3.0-4.0 million barrels per day
- Iran: 3.8-4.0 million barrels per day, despite holding the world's third-largest proven oil reserves
Significant Producers (2-3 million barrels per day):
- Brazil: 2.9-3.1 million barrels per day
- Kuwait: 2.6 million barrels per day
Other Notable Producers:
- Norway: Significant North Sea production
- Mexico: Important regional producer
- Libya: Major African producer
- Nigeria: Leading African oil nation
- Venezuela: Despite economic challenges, maintains substantial reserves
Roughly half of the world's countries produce oil in some capacity, though production levels vary dramatically based on geological factors, extraction technology, and political stability.
Regional Distribution:
The concentration of oil production exhibits a noteworthy geographical distribution, with key players dispersed across North America, the Middle East, parts of Africa, and Asia. More relevant factors for production volumes include a country's expertise at locating and extracting oil, political connections, and regulations governing extraction locations.
Market Dynamics:
According to OPEC, oil demand is projected to grow by 1.93 million barrels per day in 2024 and by 1.64 million barrels per day in 2025. OPEC+'s share of global oil production is expected to decrease to 46% in 2025 and 2026, compared with 53% in 2016 when the expanded group was initially formed.
The global oil landscape continues to evolve with technological advances, geopolitical shifts, and changing energy policies worldwide, making oil production and supply a dynamic and closely monitored aspect of the global economy.
Key Factors Affecting Future Competition
a. Technological Advancements
Technological advancements, particularly in fracking and deepwater drilling, have already revolutionized oil production. The continued development of extraction technologies, such as enhanced oil recovery (EOR) and carbon capture and storage (CCS), will play a key role in unlocking more reserves and increasing efficiency. Emerging producers like Guyana and Brazil are benefiting from cutting-edge technologies that improve recovery rates and make it economically viable to extract oil from previously inaccessible reserves.
b. Geopolitical Shifts and Energy Independence
The geopolitical landscape will continue to impact oil production and competition. Countries like the U.S. have become more energy-independent, reducing their reliance on foreign oil and altering global energy supply chains. However, geopolitical tensions in oil-rich regions, such as the Middle East and North Africa, could disrupt production and create opportunities for other nations to step in and fill the void.
c. Investment and Infrastructure
Infrastructure investments are essential for oil-producing countries to unlock their reserves and reach global markets. Emerging producers such as Guyana and Argentina require significant investments in pipelines, refining capacity, and export infrastructure to scale up their production. Likewise, existing producers like Iraq and Russia face challenges with maintaining and modernizing their infrastructure, which can impact their ability to maintain production levels.
Disclaimer:
The information provided above is based on the most recent data available as of 2023. Oil production figures and rankings are subject to change due to various factors, including geopolitical events, technological advancements, market conditions, and policy shifts. While every effort has been made to ensure accuracy, the data presented here should not be relied upon as the sole source of information.
