1. United States: As of 2024, the United States holds the crown as the top oil producer in the world. With vast reserves, innovative drilling techniques, and a well-established infrastructure for extracting and refining crude oil, the U.S. produced an astonishing 12.1 million barrels of oil per day. The main oil-producing areas are Texas, North Dakota, and the Gulf of Mexico.
2. Russia: A long-time player in the oil industry, Russia is one of the global giants of oil production, currently generating approximately 10.5 million barrels per day. Large deposits are primarily discovered in Western Siberia, the Volga-Urals region, and the country’s Far East. State-run oil companies Rosneft and Gazprom are among Russia’s largest oil producers contributing significantly to its economy.
3. Saudi Arabia: A member of the Organization of Petroleum Exporting Countries (OPEC), Saudi Arabia is the world’s third-largest oil producer with production around 10.2 million barrels per day. The country has some of the largest oil reserves and has been a leading oil supplier for many years. Saudi Aramco, the state oil company, plays a vital role in the national economy.
4. Iraq: Recognized as the fourth major oil producer, Iraq has an output of about 4.6 million barrels per day. Its oil-producing fields are mainly located in the south, particularly around Basra and Maysan regions. The country’s oil industry is managed by the Iraq National Oil Company and several international oil companies.
5. Canada: With the exploitation of the oil sands in Alberta, Canada has increased its oil production to around 4.5 million barrels per day. The oil sands development and offshore drilling in Newfoundland’s waters have contributed significantly to the country’s oil production.
6. Iran: Iran is a significant member of OPEC and one of the top oil producers globally at approximately 4 million barrels per day. The Persian Gulf houses large oil fields, many of them are exploited by the National Iranian Oil Company.
7. China: As of 2024, China accounts for approximately 3.9 million barrels per day, making it the seventh-largest oil producer. The major oil fields are located in the northeastern and western parts of the country. Despite being a large producer, the country is also one of the largest oil consumers globally.
8. United Arab Emirates: The UAE is responsible for around 3 million barrels of oil per day, holding approximately 4% of the world’s total reserves. Mainly located in Abu Dhabi, the UAE enjoys a large profit from its oil sector, contributing to the country’s high-income economy.
9. Brazil: Brazil is a major contender in the oil industry, contributing around 2.8 million barrels per day, mostly due to the discovery of pre-salt oil reserves off its coast. Petrobas, the state-controlled oil company, plays a pivotal role in exploring these oil reserves.
10. Kuwait: Rounding out the top ten is the small Middle Eastern nation of Kuwait, which produces around 2.7 million barrels per day. The Burgan Field, the world’s second-largest oil field, plays a significant part in maintaining Kuwait’s high-ranking oil production status.
These top 10 oil-producing countries contribute vastly to the global oil supply, boasting a combined production of approximately 60 million barrels of oil per day. Their vast reserves and continuous advancement in oil-exploitation technology ensure their influential position in the worldwide energy market and global economy.
