10 Top Oil-producing Countries

Oil production by country

Read on for a look at the 10 top oil producing countries, including the US, Saudi Arabia, Russia and Canada. The top 10 countries combined for 74.59 million bpd out of the total global output of 101.81 bpd in 2023.

Statistics are from the Energy Information Administration (EIA) and include total production of petroleum and other liquids. It is the most current data at the time of publication.

1. United States

Production: 21.91 million barrels per day (includes crude oil and liquids)

The US is the largest oil-producing country in the world, with output of 21.91 million barrels per day in 2023, taking the spot for the sixth year in a row. The US has been described as a swing producer because its production fluctuates alongside market prices. Texas leads the way as the biggest oil-producing state in the nation, with output more than three times as high as the second biggest oil-producing state, New Mexico.

In addition to being the largest oil producer in the world, the US is a big consumer of oil. In 2023, the US consumed an average of 20.5 million barrels per day of petroleum products.

In its October 2024 Short Term Energy Outlook, the EIA forecast that US crude oil production, including lease condensate, will come in at an average of 13.22 million barrels per day in 2024 and 13.54 million barrels per day the following year.

2. Saudi Arabia

Production: 11.13 million barrels per day (includes natural gas liquids)

Saudi Arabia’s oil output came in at 11.13 million bpd in 2023. The country possesses 17 percent of the world’s proven petroleum reserves and is the largest petroleum exporter. Its oil and gas sector accounts for around 50 percent of its gross domestic product and about 85 percent of its export earnings.

Saudi Arabia has played a key role in OPEC’s decisions to curb oil output in recent years. In 2022, the country's US relations soured to the point that the country was unwilling to increase production in an effort to bring down rising gasoline prices.

The Associated Press notes that "the Saudis need higher oil prices to fund ambitious plans by Crown Prince Mohammed bin Salman to diversify the country’s economy away from fossil fuel exports."

However, there are signs that Saudi Arabia's leader may be inclined to break with OPEC+ and increase its oil production. Some analysts are suggesting that the Crown Prince may be willing to deal with the economic pain of lower oil prices if it translates into a greater market share.

3. Russia

Production: 10.75 million barrels per day (includes natural gas liquids)

Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it came in at 10.75 million bpd in 2023. Most of Russia’s reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, as well as in the Urals-Volga region, extending into the Caspian Sea. As a member of OPEC, Russia is also curbing its production in 2024.

In response to Russia’s war in Ukraine, Canada, the US, the UK and Australia have banned imports of Russian oil, representing about 13 percent of Russia’s exports. In March 2022, the International Energy Agency (IEA) warned that Russia could be forced to cut 30 percent of its crude oil production, resulting in a serious global oil supply crisis. “The implications of a potential loss of Russian oil exports to global markets cannot be understated,” the IEA said at the time.

While Russia's oil exports rebounded to pre-war levels as early as April 2023 with heavy demand from China and India. However, Ukraine's tactic of striking Russia's key oil refineries in 2024 as a part of its defense strategy has reportedly impacted 17 percent of Russia's oil refinery capacity as of July.

4. Canada

Production: 5.76 million barrels per day

Next on this list of the top 10 oil-producing nations is Canada. Canada’s annual oil production rose by about 10,000 bpd from the previous year to 5.76 million bpd in 2023.

Nearly all of Canada’s proven oil reserves are located in Alberta, and according to the province’s government, 97 percent of oil reserves there are in the form of oil sands. The vast majority of Canada’s total energy exports are to the USA. In fact, in 2023, 60 percent of US crude imports originated from Canada compared to 33 percent in 2013.

However, because of economic and political considerations, Canada is developing ways to diversify its trading partners, especially by expanding ties with emerging markets in Asia. For this year, all eyes are on the Trans Mountain pipeline expansion in Western Canada, which was finally completed and operational as of May 1.

“Oil and gas producers in Canada represent compelling value with new oil pipeline and LNG infrastructure coming online to support production volume growth in 2024 and 2025,” Craig Golinowski, president and managing partner at Carbon Infrastructure Partners, told INN via email.

5. China

Production: 5.26 million barrels per day

China’s annual oil output was 5.26 million barrels per day in 2023. The nation is the world’s second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014.

China is the world’s most populous country and has a rapidly growing economy, factors that have driven its high overall energy demand. The Asian country is the top consumer of oil, with the majority its imports coming from OPEC member countries Russia, Saudi Arabia and Iraq. Unsurprisingly, Chinese demand can strongly influence the oil market.

However, its oil production in 2024 is in decline. As of September, China's oil refinery output fell for the sixth straight month, Reuters reported. Recent new discoveries look difficult to develop at the same time that production out of mature fields is falling.

In early July, the Chinese government announced the establishment of a new state-controlled body to coordinate collaboration between national oil producers and other state entities to extract harder to reach oil and gas reserves and more difficult non-conventional sources.

6. Iraq

Production: 4.42 million barrels per day

Still the second-largest oil producer in OPEC, Iraq's annual oil production declined from 4.55 million bpd in 2022 to 4.42 million bpd for 2023.

Iraq holds 145.02 billion barrels of proven oil reserves based on 2023 OPEC data, representing 11.7 percent of global reserves. The nation's capacity to boost production has been constrained by infrastructure and export bottlenecks. Reuters reported in early August that the Iraqi government and energy giant BP (LSE:BP,NYSE:BP) have signed a preliminary agreement to develop four oil and gas fields in the country's northern Kirkuk region.

7. Brazil

Production: 4.28 million barrels per day

According to the IEA, total primary energy consumption in Brazil has nearly doubled in the past decade due to sustained economic growth. The largest share of Brazil’s total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas.

Brazil is reportedly on track to become the world's fourth largest oil producer in the coming years. In 2024, the country's oil output is expected to contribute significantly to global oil supply growth. The country's top oil producer, Petrobras, is making efforts to extract as much oil as it can from its existing fields while searching for new deposits, BNN Bloomberg reported in October.

8. United Arab Emirates

Production: 4.16 million barrels per day

The United Arab Emirates (UAE) is another OPEC member and has ranked among the world's top 10 oil-producing countries for decades. In 2023, it saw a slight drop in production on OPEC production cuts. The country has proven oil reserves of 111 billion barrels, with most of those reserves located in Abu Dhabi.

The Abu Dhabi National Oil Company upped its crude oil output capacity to 4.85 million bpd in early May 2024 and has a planned target of 5 million bpd by 2027. However, its production was limited to 2.91 bpd of crude oil in the first half of 2024

The National Bank of Kuwait is forecasting that the UAE's oil production will increase by 7.8 percent next year to reach 3.4 million barrels per day by the end of 2025.

9. Iran

Production: 3.99 million barrels per day

Iran ranks ninth in the world for oil production, and its total oil output grew from 3.66 million bpd in 2022 to 3.99 million barrels per day in 2023. According to the EIA, Iran holds the world’s third largest proven oil reserves, as well as the world’s second largest natural gas reserves. The majority of its 1.3 million bpd in oil exports last year went to Asia.

US sanctions and regional disputes have all weighed on Iran’s energy production sector. Despite its abundant reserves, Iran’s total oil production is still far below the 4.78 million bpd the country produced back in 2017. However, in May 2024 Iran’s crude oil and gas condensate exports reportedly reached 1.7 million barrels per day, representing a 5 year high.

As of October 2024, there are slight concerns a wider escalation of its ongoing conflict with Israel could lead to attacks on Iran's oil infrastructure. The US recently imposed further sanctions on Iran in response to its attacks on Israel.

10. Kuwait

Production: 2.91 million barrels per day

Last on this list of the top 10 oil-producing countries is Kuwait, which produced 2.91 million barrels per day in 2023. The country has struggled in recent years to bring its oil output back up to 3.5 million bpd, with reports that key infrastructure projects have been delayed by internal political strife.

Kuwait’s oil and gas sector accounts for about 50 percent of the country’s GDP, and an even larger share of its export revenues at around 90 percent. New oil discoveries have given the country hope of increasing its oil output in the coming years. As of October 2024, Kuwait is reportedly preparing to open bidding for oil field development projects.

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