The global oil industry is crucial to the world economy, influencing energy markets, geopolitical strategies, and economic policies.
Despite efforts to decarbonize, oil remains one of the world’s most important resources, produced by a limited group of countries that wield significant economic and political leverage.
In 2024, the United States is expected to maintain its position as the top oil producer. According to Macquarie Group, U.S. oil production is forecasted to reach a record pace of about 14 million barrels per day by the end of the year.
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The top 10 oil-producing countries collectively account for 74.59 million barrels per day, representing 73% of the world’s total production of 101.81 million barrels per day.
According to data sourced from the U.S. Energy Information Administration (EIA) updated as of April 11, 2024, here are the top 10 oil producers by barrels per day in the world
1. United States — 21.91 million barrels per day
The United States stands at the forefront of global oil production, with an impressive output of 21.91 million barrels per day. This accounts for a substantial 22% of the world’s total oil production. The surge in U.S. oil production is largely attributed to advancements in hydraulic fracturing (fracking) and horizontal drilling, particularly in the shale formations of Texas and North Dakota. The U.S. has transformed from a net importer to a net exporter of oil, reshaping global energy dynamics.
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2. Saudi Arabia — 11.13 million barrels per day
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), produces 11.13 million barrels of oil per day, contributing 11% to the world’s total production. The kingdom’s vast reserves and relatively low production costs make it a key player in global oil markets. Saudi Arabia’s oil strategy often influences global prices, with its production adjustments being closely monitored by market analysts.
3. Russia — 10.75 million barrels per day
Russia is another major oil producer, with an output of 10.75 million barrels per day, matching Saudi Arabia’s 11% share of global production. The country’s vast Siberian oil fields, coupled with its strategic position in Europe and Asia, make it a critical supplier, particularly to Europe. Russia’s oil industry is characterized by its mix of state-owned and private companies, with Rosneft and Gazprom Neft being prominent players.
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4. Canada — 5.76 million barrels per day
Canada produces 5.76 million barrels of oil per day, making up 6% of the world’s total production. The majority of Canadian oil comes from the oil sands in Alberta, which require extensive processing. Despite environmental concerns associated with oil sand extraction, Canada continues to expand its production capacity, largely driven by demand from its southern neighbor, the United States.
5. China — 5.26 million barrels per day
China, producing 5.26 million barrels per day, contributes 5% to the global oil supply. While China is the largest importer of oil, it also maintains significant domestic production. The country’s major oil fields are located in the northeastern region, with companies like China National Petroleum Corporation (CNPC) and Sinopec leading the industry. China’s growing economy continually drives its demand for both imported and domestically produced oil.
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6. Iraq — 4.42 million barrels per day
Iraq’s oil production stands at 4.42 million barrels per day, accounting for 4% of global production. The country’s vast reserves, primarily located in the southern region near Basra, underpin its production capabilities. Despite political instability and security challenges, Iraq continues to attract international investment in its oil sector.
7. Brazil — 4.28 million barrels per day
Brazil produces 4.28 million barrels of oil per day, representing 4% of the world’s total. The country’s offshore pre-salt fields have been a significant source of recent production increases. Petrobras, the state-controlled oil company, plays a dominant role in exploiting these offshore reserves, making Brazil a major player in the global oil market.
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8. United Arab Emirates — 4.16 million barrels per day
The United Arab Emirates (UAE) contributes 4.16 million barrels per day to global oil production, equating to 4% of the total. Abu Dhabi holds the majority of the UAE’s oil reserves, and the emirate’s focus on expanding production capacity ensures the country’s prominent position in the oil market. The UAE’s strategic investments in both upstream and downstream sectors bolster its oil industry.
9. Iran — 3.99 million barrels per day
Iran’s oil production is 3.99 million barrels per day, making up 4% of the world’s supply. Despite facing economic sanctions that have impacted its oil exports, Iran remains a significant producer. The country’s rich oil fields, particularly in the Khuzestan province, support its production levels. Iran’s oil industry is predominantly state-controlled, with the National Iranian Oil Company (NIOC) overseeing operations.
10. Kuwait: 2.91 million barrels per day
Kuwait produces 2.91 million barrels of oil per day, which is 3% of the global production. The country’s Burgan field is one of the largest in the world and serves as the cornerstone of its oil industry. Kuwait Petroleum Corporation (KPC), the state-owned entity, manages the country’s oil production and continues to seek ways to enhance output and efficiency.
