The COP28 climate summit ended in Dubai on December 13 with the declaration of an agreement to transition away from fossil fuels. The U.N. said the declaration by nearly 200 countries signaled “the beginning of the end” of the fossil fuel era. Yet oil and gas today occupy the largest share of the global energy mix. Specifically, oil accounts for roughly 40 percent of global energy consumption, mainly in transportation but also in industry and a number of other applications. But where does the world’s oil come from?
Below is a list of the world’s top 10 oil-producing countries, based on 2023 data from the International Energy Agency (IEA) and the U.S. Energy Information Administration for U.S.-specific data.
Top oil-producing countries in the world
The countries below were the 10 biggest oil producers globally in 2023.
1. United States
Output: 19.43 million barrels per day (includes crude oil and liquids)
The U.S. occupies the top spot, having produced just under 20 million bpd of oil in 2023, of which crude oil accounted for 12.92 million bpd, according to the EIA’s latest data. In particular, Texas was the biggest of the US oil-producing states, accounting for 42 percent of the nation’s crude oil production, followed by New Mexico. At the end of 2022, the US held 44.4 billion barrels of oil reserves. According to EIA data, the US exported an average of just under 4 million bpd in 2023.
2. Russia
Output: 10.96 million bpd (includes NGLs)
Russia, a key member of the OPEC+ group, was the second-biggest oil producer in the world, having surpassed Saudi Arabia because of the kingdom’s decision to apply a 1 million bpd voluntary production cut in mid-2023 and into the first quarter of 2024. Russia produced 10.96 million bpd of crude and natural gas liquids in 2023. Despite international sanctions and restrictions imposed by the G7 and Western allies on Moscow after the Russian invasion of Ukraine in February 2022, Russia remains a critical oil supplier to the world, exporting 7.5 million bpd in 2023. Nearly all of its oil was sold into the Asian market, with China and India being the biggest buyers. As of January 2023, Russia held 80 billion barrels of proven oil reserves.
3. Saudi Arabia
Output: 10.73 million bpd (includes NGLs) (includes Neutral Zone)
In 2023, the Arab world’s largest economy produced 10.73 million bpd of oil, of which 9.63 million bpd was crude oil. The kingdom’s sustainable production capacity is officially estimated at 12.5 million bpd. Additionally, it holds the world’s second-largest proven oil reserves, which stood at 259 billion barrels at the end of 2022. Saudi Arabia is home to the world’s two biggest oil fields, Ghawar onshore and Safaniya offshore. In 2023, Riyadh exported an average 6.65 million bpd of crude oil.
4. Canada
Output: 5.79 million bpd
Canada produced an average 5.79 million bpd in 2023, putting it at number 4 in this list of the world’s top oil-producing countries. It has 166.7 billion barrels of proven oil reserves, of which roughly 97 percent are oil sands — sand and rock formations containing hydrocarbons. Conventional reserves, including tight oil and offshore reserves, account for the remaining 3%. In 2023, Canada exported an average 4.8 million bpd of crude, most of it to the U.S.
5. Iraq
Output: 4.27 million bpd
At 4.3 million bpd, Iraq rounds up the top five oil-producing nations. It is the second-largest producer in OPEC after Saudi Arabia. At 145 billion barrels of proved reserves, Iraq has the capacity to boost production further but is constrained by infrastructure and export bottlenecks. In 2023, it exported an average 3.5 million bpd of crude oil. Iraq is targeting an increase in production capacity to 5 million bpd before the end of the decade.
6. China
Output: 4.28 million bpd
China produced 4.28 million bpd of crude oil in 2023, putting it in sixth place. As the second most populous country in the world after India, China’s energy demand has been on the rise, and it is now the world’s biggest importer of crude oil. The Middle East has traditionally accounted for more than half of China’s total oil imports, though since 2022, Beijing upped its purchases of discounted Russian crude. It has proved reserves of 156 billion barrels.
Read: Top Gold-producing Countries in the World 2024
7. UAE
Output: 3.30 million bpd
The UAE, an OPEC member and the Arab world’s second-largest economy, also ranks among the top oil producers in the world. Because of OPEC+ production cuts, its output fell to an average 3.3 million bpd in 2023 from 3.34 million bpd in 2022. Abu Dhabi accounts for nearly all of the UAE’s oil production and 96 percent of its roughly 111 billion barrels of proven oil reserves. Abu Dhabi National Oil Company (ADNOC) plans to achieve a maximum sustainable production capacity of 5 million bpd by 2030 from around 4.5 million bpd currently. The UAE exports the majority of the oil it produces. Exports averaged 2.9 million bpd in 2023.
8. Brazil
Output: 3.49 million bpd
Brazil is the top oil producer in Latin America and eighth in the world. It produced an average 3.5 million bpd of crude oil in 2023, nearly all of it offshore. Brazil’s oil production is expected to rise to 3.7 million bpd in 2024, making it one of the largest contributors to supply growth. It has the world’s largest ultra-deep oil reserves and most of its production is offshore. At the end of 2023, proved reserves were estimated at 15 billion barrels.
9. Iran
Output: 2.99 million bpd
Iran is one of the world’s oldest oil provinces but its production in the last few decades has been restricted by sanctions. Output in 2023 averaged 2.99 million bpd. It exported 1.3 million bpd of crude oil and condensates, mostly to Asia. Before the former US administration withdrew from the Joint Comprehensive Plan of Action (JCPOA) in 2018, exports of Iranian oil had been running above 2 million bpd. At 209 billion barrels, Iran has the world’s third largest conventional oil reserves after Venezuela and Saudi Arabia.
10. Kuwait
Output: 2.62 million bpd (including Neutral Zone)
Kuwait’s oil production averaged 2.62 million bpd in 2023. Long-standing plans to expand capacity to 3.5 million bpd have been stymied by internal politics and constant government changes, delaying key infrastructure projects. Kuwait exports nearly all of the crude oil it produces. One of the world’s top oil-producing countries, its proven reserves at the end of 2022 were estimated at 102 billion barrels.
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