These Are The World's Largest Oil Producers
The U.S. has been the world's biggest oil producer since 2018 and continues its dominance, producing close to 18 million barrels per day (B/D). This accounted for nearly one-fifth of the world's oil…
The peak oil price in 2022 was more than $100 per barrel.
Eight-year high
After a year of turmoil on the energy market following the Russian invasion in Ukraine
Oil Companies
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The economies of the largest oil producers around the world received a significant boost.
Which countries produce the most oil? Data from the
Statistical Review of World Energy
The Energy Institute
Pallavi Rao, Christina Kostandi and Visual Capitalists' Pallavi Raho
The world's largest oil producers are visualized and ranked.
Ranking of Oil Production by Country in 2022
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U.S.
Since 2018, has been the largest oil producer in the world. It will continue to dominate 2022 with a production of close to 18,000,000 barrels per day. Nearly one-fifth the world's supply of oil was produced by this country.
Nearly three-fourths (74%) of the oil produced in the country is concentrated around
Five States
Texas, New Mexico and North Dakota.
Below we rank the major oil producing countries in the world.
Rank
Country
2022 Production
(Thousand B/D)
YoY Change
Share of
World Supply
1
U.S.
17,770
+6.5%
18.9%
2
Saudi Arabia
12,136
+10.8%
12.9%
3
Russia
11,202
+1.8%
11.9%
4
Canada
5,576
+3.0%
5.9%
5
Iraq
4,520
+10.2%
4.8%
6
China
4,111
+2.9%
4.4%
7
UAE
4,020
+10.4%
4.3%
8
Iran
3,822
+4.6%
4.1%
9
Brazil
3,107
+3.9%
3.3%
10
Kuwait
3,028
+12.0%
3.2%
11
Mexico
1,944
+0.9%
2.1%
12
Norway
1,901
-6.3%
2.0%
13
Kazakhstan
1,769
-2.0%
1.9%
14
Qatar
1,768
+1.8%
1.9%
15
Algeria
1,474
+8.9%
1.6%
16
Nigeria
1,450
-11.2%
1.5%
17
Angola
1,190
+1.1%
1.3%
18
Libya
1,088
-14.3%
1.2%
19
Oman
1,064
+9.6%
1.1%
20
UK
778
-11.0%
0.8%
21
Colombia
754
+2.4%
0.8%
22
India
737
-3.8%
0.8%
23
Venezuela
731
+8.1%
0.8%
24
Argentina
706
+12.4%
0.8%
25
Azerbaijan
685
-5.6%
0.7%
26
Indonesia
644
-6.9%
0.7%
27
Egypt
613
+0.8%
0.7%
28
Malaysia
567
-1.7%
0.6%
29
Ecuador
481
+1.7%
0.5%
30
Australia
420
-5.2%
0.4%
31
Thailand
331
-17.5%
0.4%
32
Congo
269
-1.7%
0.3%
33
Turkmenistan
244
+1.0%
0.3%
34
Vietnam
194
-1.2%
0.2%
35
Gabon
191
+5.4%
0.2%
36
South Sudan
141
-7.6%
0.2%
37
Peru
128
+0.5%
0.1%
38
Chad
124
+6.2%
0.1%
39
Equatorial
Guinea
119
-9.2%
0.1%
40
Syria
93
-2.7%
0.1%
41
Italy
92
-7.9%
0.1%
42
Brunei
92
-13.8%
0.1%
43
Yemen
81
-2.4%
0.1%
44
Trinidad
& Tobago
74
-3.6%
0.1%
45
Romania
65
-6.2%
0.1%
46
Denmark
65
-1.6%
0.1%
47
Uzbekistan
63
-0.9%
0.1%
48
Sudan
62
-3.3%
0.1%
49
Tunisia
40
-12.9%
0.0%
50
Other CIS
43
+4.4%
0.0%
51
Other Middle East
210
+1.2%
0.2%
52
Other Africa
283
-3.4%
0.3%
53
Other Europe
230
-20.5%
0.2%
54
Other Asia Pacific
177
-10.6%
0.2%
55
Other S. &
Cent. America
381
+68.5%
0.4%
Total World
93,848
+4.2%
100.0%
The United States' considerable lead in oil production is due to a number of factors.
Saudi Arabia
The second-ranked country produced 12,000,000 B/D and accounted for 13% of the global supply.
Russia
In 2022, it will be ranked third with 11,000,000 B/D. These three oil-producing giants, together with Canada (4th) & Iraq (5th), account for more than half the world's total oil supply.
The top 10 oil producing countries, including those in the 6th-10th positions, are responsible for 70% of global oil production. These include China, UAE, Iran Brazil and Kuwait.
All top 10 oil giants
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Their production between 2021-2022 and, as a result of this, the global output increased 4.2% on an annual basis.
Major Oil Producing Areas in 2022
Middle East oil production accounts for one third of the global total, and North America is responsible for another almost one third. The Commonwealth of Independent States, an organization of post-Soviet Union nations, is another major regional oil producer with a 15% share of global production.
The Region of the South-East
2022 Production
(Thousand B/D)
YoY Change
Share of
World Supply
Middle East
30,743
+9.2%
32.8%
North America
25,290
+5.3%
27.0%
CIS
14,006
+0.9%
14.9%
Africa
7,043
-3.5%
7.5%
Asia Pacific
7,273
-1.4%
7.8%
South & Central
America
6,361
7.2%
6.8%
Europe
3,131
-8.6%
3.3%
The data shows that Europe is losing its share in oil production. It's now only 3%. In the last twenty years, the
EU oil production
The number of cars on the road has fallen by over 50% as a result of a range factors including environmental regulations and the shift to natural gases.
OPEC, the largest oil exporter in the world, controls about 35% and 70% of global production.
World oil reserves
.
The share of oil production rises when you take into account the 10 countries that OPEC is in a relationship with (OPEC+), whose oil exports are included in the OPEC+ group.
More than half of the population are able to access the internet.
The world's supply.
Oil's Big Balancing Act
Oil is the lifeblood of modern economies, so countries who control large amounts of production reap enormous political and economic rewards. The control of oil has catapulted entire regions into prosperity, and wars over its control have taken place.
The ongoing efforts to shift to renewable energy are pushing major oil exporters towards diversifying their economies. Saudi Arabia is a notable example.
sovereign wealth fund
Has invested in companies such as Uber and WeWork.
Oil is still a major source of energy for the world, and it accounts for nearly one third of global consumption.
Global energy demand
.