Oil remains a vital global resource, powering economies and driving technological advances. Some of the largest oil-producing countries play a central role in the global energy landscape. Not only do these countries dominate production, but they also influence global oil prices and energy policies.
This list from Investing News Network highlights the major oil-producing countries, their influence on global markets, and their importance in the ongoing energy transition.
United States
- Production: 21.91 million bpd
The United States maintained its position as the world’s largest oil producer with 21.91 million barrels per day. Texas is a major oil-producing state, with its production far outstripping other states. In addition to being the largest producer, the United States consumed 20.5 million barrels of petroleum products per day in 2023.
Saudi Arabia
- Production: 11.13 million bpd
With 11.13 million barrels per day, Saudi Arabia is a major player in the global oil market, holding 17% of the world’s proven oil reserves. The country’s oil sector is vital to the economy, accounting for around 50% of GDP and 85% of export earnings. Saudi Arabia has played a central role in OPEC’s production decisions.
Russia
- Production: 10.75 million bpd
Russian oil production reached 10.75 million barrels per day in 2023. The country faced significant challenges due to geopolitical tensions, including sanctions from several countries. Despite these challenges, Russian oil exports are recovering, driven by demand from China and India.
Canada
- Production: 5.76 million bpd
Canadian oil production increased to 5.76 million barrels per day in 2023. The majority of its reserves are in the oil sands of Alberta. Canada will remain the US’s main supplier, with the US importing 60% of its crude oil from Canada in 2023.
China
- Production: 5.26 million bpd
China will produce 5.26 million barrels per day in 2023 and is the world’s largest oil importer. Despite the stable production outlook, experts expect production to decline in the near future due to challenges in developing new discoveries and reduced production from mature fields.
Iraq
- Production: 4.42 million bpd
Iraq’s 2023 production is expected to be 4.42 million barrels per day, down from 4.55 million bpd in 2022. The country’s oil production potential is constrained by infrastructure and export issues.
Brazil
- Production: 4.28 million bpd
Brazil’s oil production was 4.28 million bpd in 2023. The country is expected to become the fourth largest oil producer in the coming years due to continued economic growth and increased production.
United Arab Emirates
- Production: 4.16 million bpd
The UAE’s production in 2023 is expected to be 4.16 million barrels per day, down slightly due to OPEC production cuts. The country has large proven reserves and aims to increase production to 5 million bpd by 2027.
Iran
- Production: 3.99 million bpd
Iran’s production will increase to 3.99 million barrels per day by 2023. Despite its large reserves, the country’s production is limited by US sanctions and regional conflicts.
Kuwait
- Production: 2.91 million bpd
Kuwait’s production in 2023 was 2.91 million bpd. The country’s political and infrastructure problems make it difficult to increase production. Oil and gas account for about 50% of GDP and 90% of export revenue.