In this article, we will look at the 20 Biggest Oil Producing Countries in Asia. If you want to skip our discussion of the energy markets, you can go directly to the 5 Biggest Oil Producing Countries in Asia.
Oil demand is surging! The International Energy Agency (IEA) reports a jump of 2.3 million barrels per day (mb/d) to 101.7 mb/d in 2023, with forecasts for further growth to 102.9 mb/d in 2024. This increase is driven by non-OPEC+ production rising 1.6 mb/d, while OPEC+ production is expected to dip by 820 kb/d due to voluntary supply cuts. The Russia-Ukraine conflict has significantly impacted the global oil market’s geopolitical landscape. Trade routes have lengthened, pushing costs higher. However, on the supply side, the U.S. has emerged as a key player, exceeding 20 mb/d in production and contributing to a 1.8 mb/d increase in global output to nearly 102 mb/d in 2023.
The top two oil companies in the US, as of 2023, are Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX). Exxon Mobil Corporation (NYSE:XOM) with a market cap of $450.31 billion is a multinational oil and gas corporation headquartered in Irving, Texas. It is one of the biggest publicly traded oil and gas businesses and it works in the chemical, upstream (oil exploration and production), and downstream (refining and distribution) sectors.
With vast reserves of fossil fuels, the Exxon Mobil Corporation (NYSE:XOM) has made major contributions to the energy industry and worldwide carbon emissions. Pioneer Natural Resources and Exxon Mobil have announced a major all-stock merger, estimated to be worth $59.5 billion. With this move, Exxon Mobil Corporation (NYSE:XOM) will more than double its Permian footprint and take the lead in the industry for undeveloped U.S. unconventional inventory. The partnership intends to increase resource recovery, efficiency, and environmental impact while producing double-digit profits. The combination is expected to strengthen U.S. energy security and boost the economy by combining Exxon Mobil’s technologies and financial power with Pioneer’s experience.
With a market cap of $287.24 billion, Chevron Corporation (NYSE:CVX) is a global energy corporation. It has its headquarters in San Ramon, California, and is one of Standard Oil’s subsidiaries. Being a key player in the oil and gas sector, Chevron Corporation (NYSE:CVX) operates across all areas of the oil, natural gas, and geothermal energy industries, including the production and exploration of hydrocarbons, their refining, marketing, and transportation, the production and sale of chemicals, and the creation of electricity. Chevron Corporation (NYSE:CVX) is better known for its dedication to renewable energy. It has taken part in several programs that reduce its environmental impact and promote lower-carbon energy options.
Oil is a major driver of economic growth in Southwest Asia. Governments in the region benefit financially from their oil reserves, allowing them to invest in social programs, infrastructure improvements, and other development initiatives.
From the region, Saudi Arabia and Iraq are two of the biggest oil producers, contributing 13.2% and 5.5%, respectively, to the world’s whopping production volume of 80.75 million b/d of crude oil, according to EIA. Moreover, Indonesia is also a significant emerging player in the oil market of Asia; with a production of 0.19 million b/d in 2022. Indonesia’s Banyu Urip Complex—which includes significant participants like Exxon Mobil—led the charge.
Thus, Asia’s oil industry will continue to grow in 2024, driven by rising demand from the region’s developing countries. Recent events, such as large oil discoveries (3 discovered by Thailand’s PTTEP in Malaysia in December 2023 and 1 discovered by China’s CNOOC in the country in March 2024, along with several others) and tactical alliances between countries mean to improve production and refining capabilities. These developments not only show Asia’s growing influence in the global oil market but also its critical role in influencing future energy dynamics. Therefore, we will be discussing the 20 Biggest Oil Producing Countries in Asia.
A rig pumping oil in the midst of a sun-baked desert.
Methodology
For our list of the 20 Biggest Oil Producing Countries in Asia, we have ranked the 20 Biggest Oil Producing Countries in Asia by thousands of barrels per day (BBL/D/1K). The data has been sourced through TradingEconomics.com. The data used for ranking varies for respective countries, with information ranging from November 2023 as the oldest data to the most recent data available, as of February 2024. The list offers a snapshot of Asia’s leading oil producers, reflecting on their important role in the global energy market. With this, we present a list of the 20 Biggest Oil Producing Countries in Asia.
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20. Pakistan
BBL/D/1K: 83
To begin with our list of 20 Biggest Oil Producing Countries in Asia, we have Pakistan. In November 2023 , Pakistan’s crude oil production remained stable at 83 thousand barrels per day (BBL/D/1K), unchanged from prior months. When historical data is analyzed from 1993 to 2023, the average amount of crude oil produced in Pakistan is found to be 69.74 BBL/D/1K.
19. Syria
BBL/D/1K: 95
Next off on our list of 20 Biggest Oil Producing Countries in Asia, we have Syria. Syria, which produces 95,000 barrels of oil per day, has to deal with complicated geopolitical environments to maintain and even boost its oil production. Before the crisis, Syria produced a significant amount of oil, mainly coming from the east, which is now under US-backed SDF control. As U.S. soldiers prepare to go, conditions may shift, shaping control of these key oil fields and possibly affecting Syria’s economic destiny.
18. Brunei
BBL/D/1K: 98
Considering its small size and population, a production rate of 98 thousand barrels per day (BBL/D/1K) of oil is significant for Brunei’s economy. In order to boost oil and gas production from Brunei’s offshore assets, Brunei Shell Petroleum (BSP) and Wood have extended their $250 million contract in 2023. The goal of the extension till February 2026 is to revitalize BSP’s energy asset portfolio to lower emissions while increasing operational capacity and effectiveness.
17. Thailand
BBL/D/1K: 135
At number seventeen of 20 Biggest Oil Producing Countries in Asia is Thailand. Thailand’s crude oil production has seen a slight decrease, going from 140 thousand barrels per day in October 2023 to 135 thousand barrels per day in November. Historically speaking, since 1993, the production has been at an average of 168.53 thousand barrels per day, peaking at 273 thousand barrels per day in January 2016 and hitting a low of 46 thousand barrels per day in June 1995.
16. Vietnam
BBL/D/1K: 178
In October 2023, there was an increase in Vietnam’s crude oil production, peaking to 178 thousand barrels per day from 167 thousand. Historically, Vietnam’s production has seen highs and lows, with a high in June 2004. An agreement was signed in 2023 by Petronas and Petro Vietnam to investigate future collaborations in upstream, renewable energy, and decarbonization projects in Vietnam. This collaboration shows a dedication to low-carbon solutions and ethical energy development.
15. Turkmenistan
BBL/D/1K: 191
In 2023, Turkmenistan had made two offshore oil blocks in the Caspian Sea available for the purpose of exploration in order to draw in foreign capital and boost oil output. Located in shallow waters to the south of the Aspheron sill sector, these blocks are already producing substantial amounts of oil. This program was a vital part of Turkmenistan’s larger plan to use production-sharing agreements just to support its energy industry. This is to be done by utilizing its significant hydrocarbon resources, which are estimated to be 18.2 billion metric tons of oil equivalent.
14. Bahrain
BBL/D/1K: 196
Bahrain, which is on number fourteen of our list of 20 Biggest Oil Producing Countries in Asia, experienced a slight dip in crude oil production in November 2023, moving from 197 thousand barrels per day in October to 196 thousand barrels per day. Over the last fifty years, since 1973, Bahrain’s oil production has averaged around 62.94 thousand barrels per day.
13. Malaysia
BBL/D/1K: 519
Next off on our list of 20 Biggest Oil Producing Countries in Asia is Malaysia. In November 2023, Malaysia had seen a slight rise to 519 thousand barrels per day, up from 513 thousand barrels in October. During the last thirty years the production has fluctuated, hitting a peak in 2004 and a low point in 2022. In 2023, Petronas and its partner companies made noteworthy progress in Malaysian oil and gas exploration, resulting in the finding of more than 1 billion barrels of oil.
12. Indonesia
BBL/D/1K: 585
There had been a slight decrease in Indonesia’s crude oil production in November 2023, from 587 thousand barrels per day to 585 thousand barrels per day. Indonesia’s oil production has changed significantly over the past 50 years, averaging 1,211.36 thousand barrels per day, since 1973. Indonesia’s oil production hit a record high in December 1977 at 1,720 thousand barrels per day.
11. India
BBL/D/1K: 591
In November 2023, India’s crude oil production saw a slight decrease to 591, down from 597 BBL/D/1K in October 2023. This decline contributed to an average crude oil production of 681.02 BBL/D/1K in India from 1993 to 2023. The country’s highest recorded production was seen in November 2010, reaching 813.00 BBL/D/1K. On the other side, the lowest recorded production was in May 1993, with a low of 487.00 BBL/D/1K.
10. Azerbaijan
BBL/D/1K: 606
Crude oil production in Azerbaijan increased slightly to 606 BBL/D/1K in November 2023 from 600 BBL/D/1K in October 2023. Between 1993 and 2023, Azerbaijan’s average crude oil production was 584.60 BBL/D/1K mainly due to the recent growth.
June 2009 saw the greatest output level ever recorded in Azerbaijan, inching up to 1072.00 BBL/D/1K, while February 1997 saw the lowest production level, at 168.00 BBL/D/1K.
9. Oman
BBL/D/1K: 1,036
Oman is proving its importance in the world oil market with its daily oil production rate of 1,036 thousand barrels. Oman produced 29.7 million barrels of crude oil and condensates in February 2023, with an average of 1.06 million barrels per day, which was in line with January’s production levels. This is to Oman’s commitment to uphold the OPEC Plus agreements, which seek to balance the world’s oil supply and demand.
8. Qatar
BBL/D/1K: 1,322
When it comes to the global energy market, Qatar is a major player producing 1,322 thousand barrels of crude oil per day. This production highlights Qatar’s massive contribution to the oil industry and adds to its already well-established position as one of the world’s top exporters of LNG. In the upcoming years, Qatar’s crude oil production is expected to increase, with a major share of production coming from brownfield projects.
7. Kazakhstan
BBL/D/1K: 1,861
With 1,861 thousand barrels of oil produced per day in November 2023, Kazakhstan is a major oil producer and a prominent player in the world energy market. The above-mentioned output level highlights Kazakhstan’s key position in the energy landscape of the Eurasian region and its significance in the dynamics of global oil supply. Kazakhstan’s oil exports, which mainly depend on routes via Russia, highlight how important these routes are for the country’s energy industry.
6. Kuwait
BBL/D/1K: 2,413
Kuwait is 6th on our list of 20 Biggest Oil Producing Countries in Asia. In February 2024, Kuwait’s crude oil production stayed consistent at 2,413 thousand barrels per day. Historically, since 1973, Kuwait’s production has seen many highs and lows, with a record high in January 1973 and a notable low in February 1991 due to geopolitical events.
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Disclosure: None. 20 Biggest Oil Producing Countries in Asia is originally published on Insider Monkey.