Oil is one of the key drivers of economic growth and prosperity for many developed nations. It not only provides the energy that powers transportation, industry, and construction, but it is also the world’s single largest traded commodity. As such, it’s important to take stock of who leads the pack when it comes to production of this vital commodity.
According to the latest figures from the International Energy Agency, the following countries are currently the top 10 largest oil producers in the world, in terms of both crude oil and natural gas liquids (NGLs). The rankings reflect the state of production as of end-2023.
1. United States: 23.9 million barrels per day (mbd).
2. Saudi Arabia: 15.3 mbd
3. Russia: 11.3 mbd
4. Iraq: 4.5 mbd
5. Canada: 4.3 mbd
6. Iran: 4.1 mbd
7. UAE: 3.8 mbd
8. Kuwait: 2.6 mbd
9. China: 2.4 mbd
10. Brazil: 2.3 mbd
These ten countries are responsible for producing almost two-thirds of the world’s oil supply, with the United States alone producing almost one-quarter of the world’s total. It is clear that control of the global oil market remains largely in the hands of these major producers. It is worth noting, though, that many nations are making strides to decrease their dependence on oil and natural gas. This includes China, whose total production had decreased in recent years due to the nation’s focus on renewable energy sources.
What is also interesting is the fact that, while oil production has grown significantly in countries like the United States, Canada, and Brazil, much of this growth has been due to technological advances and increased access to formerly difficult-to-reach reserves, rather than higher output from existing fields.
In conclusion, the current top 10 oil producers in the world reflects a diverse group of nations that have made significant investments in the development of their respective petroleum resources. These countries will continue to play an important role in providing the world with energy, even as the focus of many nations shifts to renewable sources. As such, these ten countries will remain at the forefront of oil production for the foreseeable future.