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This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
CountryContinentCrude Oil Production December 2023 (bbl ...13,308,000Russia (OPEC+)Europe / Asia10,272,000Saudi Arabia (OPEC)8,950,0004,990,000- Educational Content Specialist
- United States. Production: 20,213,000 bpd. Number one on this list of the top 10 oil-producing countries is the US. Its output increased by 1,232,000 bpd from its 2021 level to reach 20,213,000 bpd in 2022.
- Saudi Arabia. Production: 12,144,000 bpd. Saudi Arabia’s oil output came in at 12,144,000 bpd in 2022. The country possesses 17 percent of the world’s proven petroleum reserves and is the largest petroleum exporter.
- Russia. Production: 10,938,000 bpd. Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it came in at 10,938,000 bpd in 2022.
- Canada. Production: 5,694,000 bpd. Next on this list of the top 10 oil-producing nations is Canada. The country’s annual oil production rose to 5,694,000 bpd in 2022, up from 2021’s output amount of 5,537,000 bpd.
OPEC members and Persian Gulf countries have a large share of world oil supplies. OPEC is a group that includes some of the world's most oil-rich countries. OPEC members at the beginning of 2021 held about 72% of the world's total proved crude oil reserves, and in 2022, accounted for about 38% of total world crude oil production. Each OPEC ...
- United States
- OPEC
- OPEC vs. The United States—The Future
The U.S. was the world's leading producer of crude oil in 1960, the year OPEC was formed.While U.S. crude imports already totaled a million barrels per day, it was at prices set by the country's internationally dominant oil companies and backed by import quotas. The U.S. adopted quotas limiting imports to 9% of domestic consumption in 1959. Five ye...
The Organization of the Petroleum Exporting Countries (OPEC) was formed in 1960 by developing country exporters to assert control over their domestic production and global supply. The five founding members were Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Following subsequent additions and a few departures, OPEC currently has these 12 members: ...
Every time gas prices rise, millions of U.S. motorists take notice. No other consumer product has prices so prominently displayed or frequently discussed.Since the 1970s, U.S. politicians have frequently blamed OPEC for energy price increases. As a group of national producers often described as a cartel and concentrated in the Middle East, a region...
Oct 2, 2023 · When taking into account the group of 10 oil exporting countries OPEC has relationships with, known as OPEC+, the share of oil production increases to more than half of the world’s supply.
- Zerohedge
Mar 11, 2024 · The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate , averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in ...
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Nov 13, 2024 · OPEC member countries produce about 40 percent of the world's crude oil. Equally important to global prices, OPEC's oil exports represent about 60 percent of the total petroleum traded internationally.
