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EIA: Top Ten Oil Producing Countries Worldwide

EIA: Top Ten Oil Producing Countries Worldwide
Published on: May 26, 2024
Author: Sunlight Xiang

In 2023, the global oil production totaled 101.81 million barrels per day (bpd), with the top ten oil-producing countries contributing a combined output of 74.59 million bpd. Additionally, according to the annual assessment by the Oil & Gas Journal (OGJ), the average global oil production increased to 95.30 million bpd in 2023, with the Organization of the Petroleum Exporting Countries (OPEC) reducing its output by 600,000 bpd, while non-OPEC supply increased by 2.1 million bpd. Over the past few years, the global oil market has been deeply affected by COVID-19, price wars among oil-producing countries, the Russia-Ukraine war, and conflicts in the Middle East.

Oil market analysts remain optimistic about the industry, citing numerous factors that support rising oil prices. According to OPEC, oil demand is expected to grow by 2.25 million bpd in 2024 and by 1.85 million bpd in 2025. On the supply side, geopolitical conflicts may introduce more uncertainties and risks, further exacerbating international oil price volatility. To avoid sustained price drops, OPEC+ is determined to continue its production cuts in the second half of the year, which will further highlight the supply-demand conflict.

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The latest data from the U.S. Energy Information Administration (EIA) reveals the top ten oil-producing countries as follows:

  1. United States (21.91 million bpd including crude oil and liquid hydrocarbons): For the sixth consecutive year, the United States holds the top position as the world’s largest oil producer, with its output being highly sensitive to market prices. Texas and New Mexico are the top producing states. The U.S. is also a major consumer of oil, with daily petroleum product consumption reaching 20.5 million bpd in 2023.
  2. Saudi Arabia (11.13 million bpd including natural gas liquids): The country accounts for 17% of the world’s proven oil reserves and is the largest oil exporter globally. The oil and gas sector contributes about 50% to Saudi Arabia’s GDP and about 85% to its export earnings. Saudi Arabia played a key role in OPEC’s production cut decisions in 2020 and 2023.
  3. Russia (10.75 million bpd including natural gas liquids): After the outbreak of the Russia-Ukraine war, countries like Canada, the U.S., the UK, and Australia banned Russian oil imports, which constitute about 13% of its exports. However, by April 2023, Russian oil exports had rebounded to pre-war levels due to strong demand from China and India. According to media reports, as of early April 2024, Ukrainian attacks on key Russian refineries have affected 15% of the country’s refining capacity.
  4. Canada (5.76 million bpd): Almost all of Canada’s proven oil reserves are located in Alberta, with 97% of these reserves being oil sands. Most of Canada’s energy exports are destined for the U.S., but the country is also actively expanding into emerging Asian markets. On May 1, the much-anticipated Trans Mountain pipeline expansion project was completed and put into operation.
  5. China (5.26 million bpd): China is the second-largest oil consumer in the world and became the largest net importer of oil in 2014, with 55% of its imports originating from OPEC member countries. Consequently, China’s demand has a significant impact on the oil market. Experts also indicate that China’s oil production is on the verge of decline.
  6. Iraq (4.42 million bpd): Despite a decrease in production in 2023, Iraq remains OPEC’s second-largest oil producer. According to 2020 data, Iraq’s proven oil reserves amount to 145 billion barrels, ranking fifth globally and accounting for 8.4% of the world’s total.
  7. Brazil (4.28 million bpd): Over the past decade, Brazil’s total primary energy consumption has nearly doubled, with the largest share coming from oil and other liquid fuels, followed by hydroelectric power and natural gas. Brazil’s oil production in 2024 is expected to significantly contribute to the growth of global oil supply, and the country is also poised to become the fourth-largest oil producer globally in the coming years.
  8. United Arab Emirates (4.16 million bpd): Due to OPEC’s production cuts, the UAE’s oil production saw a slight decline in 2023. The UAE’s proven oil reserves stand at 111 billion barrels, most of which are located in Abu Dhabi. In early May, the Abu Dhabi National Oil Company increased crude production to 4.85 million bpd, aiming to reach 5 million bpd by 2027.
  9. Iran (3.99 million bpd): In 2023, Iran’s oil production increased, also the world’s third-largest oil reserve holder and the second-largest natural gas reserve holder. Severe U.S. sanctions and regional disputes have significantly constrained the country’s oil production, with the vast majority of its oil exports (1.3 million bpd) heading to Asia.
  10. Kuwait (2.91 million bpd): The oil and gas industry accounts for approximately 60% of Kuwait’s GDP and about 95% of its export income. However, due to challenges in advancing domestic infrastructure projects, the country’s oil production has yet to recover to the level of 3.5 million bpd in recent years.

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