In this article, we will be covering the 20 countries that produce the most oil in the world. If you want to skip our detailed analysis of the global oil and gas market, you can go directly to 5 Countries That Produce the Most Oil In The World.
The oil and gas industry is a dynamic and thriving sector that supports millions of jobs. While the economic prosperity of oil producing countries can depend on a number of factors, the majority of the top oil producers do enjoy significant economic benefits derived from oil production and export. Before we look at the countries that produce the most oil in the world, let’s take a look at the global oil and gas market.
The Global Oil and Gas Market: Challenges and Key Trends
Oil and gas play a crucial role in our daily lives and the world’s economy. The global oil and gas market is facing several challenges, including increased volatility, environmental regulations, and persistent inflation. Moreover, due to the rising geopolitical tensions and economic and trade sanctions on multiple countries, supply chains are facing unprecedented challenges.
In one of our previous articles about hot EV stocks to buy now, we mentioned that in 2024, it is projected that electric vehicles will make up a quarter of all new passenger car registrations, amounting to over 17 million units sold globally. This shift towards renewable energy is another challenge for the oil and gas industry. However, despite the rise in popularity of renewable energy, oil remains the primary source of energy around the world and it is used not only for transport, electricity, and heating but also in the production of many everyday essentials. According to a report by the US Energy Information Administration (EIA), global liquid fuels production is expected to increase by 0.6 million barrels per day in 2024, which is lower than the increase of 1.7 million barrels per day in 2023. For 2025, global liquid fuels production is projected to increase by 1.6 million barrels per day.
According to a report by Research and Markets, the global oil and gas market was valued at over $7.33 trillion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 4.3% between 2024 to 2027, propelling the oil and gas market to reach above $8.67 trillion by the end of the forecast period. Oil and gas are expected to play a significant role in the global energy mix in the coming years. The demand for energy is expected to grow significantly, especially in regions that are experiencing economic growth and urbanization. The growing demand for energy is expected to provide oil and gas companies with various opportunities to expand their business. Moreover, the development of new technologies and the adoption of low-carbon fuel alternatives are expected to further augment market growth.
What are Some of the Biggest Companies in the Oil and Gas Industry Up To?
Some of the most prominent names in the oil and gas industry are Exxon Mobil Corporation (NYSE:XOM), TotalEnergies SE (NYSE:TTE), and BP Plc (NYSE:BP).
Oil and gas companies are committing significant investments in renewable energy to enhance their competitive positions in the evolving market. Exxon Mobil Corporation (NYSE:XOM) is an American multinational oil and gas corporation. It ranks high among the largest energy companies by revenue. On November 13, 2023, Exxon Mobil Corporation (NYSE:XOM) announced that it plans to become a major producer of lithium, which is an integral component of electric vehicle (EV) batteries. The company has begun working on the first phase of lithium production in southwest Arkansas, where there are significant deposits of lithium. Exxon Mobil Corporation (NYSE:XOM) purchased the rights to 120,000 gross acres of the Smackover formation in southern Arkansas in early 2023. The company is aiming for its first lithium production for 2027, and the product will be branded as Mobil Lithium. By 2030, Exxon Mobil Corporation (NYSE:XOM) aims to produce enough lithium to supply the manufacturing needs of more than a million electric vehicles per year.
BP Plc (NYSE:BP) is a multinational oil and gas company that is headquartered in London. It is one of the biggest corporations operating in the global oil and gas industry. On January 17, BP Plc (NYSE:BP) reported that it has agreed to acquire GETEC ENERGIE GmbH, a prominent independent energy supplier serving commercial and industrial customers in Germany. This acquisition will significantly expand BP Plc’s (NYSE:BP) presence in the European power and gas supply market for commercial and industrial customers. BP Plc (NYSE:BP) will be able to offer integrated energy solutions directly to new and existing customers in Germany and across Europe. This acquisition is a strategic step for BP Plc (NYSE:BP) as it aims to become an integrated energy company focused on bringing energy solutions to customers.
Some of the biggest oil and gas companies are diversifying into renewable energy sectors. These corporations are growing their exposure to emerging renewable energy segments such as solar and wind power while also positioning themselves as providers of renewable power. TotalEnergies SE (NYSE:TTE) is a French multinational integrated energy and petroleum company that produces and markets fuels, natural gas, and electricity. On January 23, TotalEnergies SE (NYSE:TTE) announced that it has signed a new agreement with European Energy to develop offshore wind projects in Denmark, Finland, and Sweden. TotalEnergies SE (NYSE:TTE) will acquire majority stakes in two Danish wind projects, with a total capacity of 405 MW. Moreover, through a joint venture, TotalEnergies SE (NYSE:TTE) and European Energy also plan on developing and operating new large-scale offshore wind projects in Sweden and Finland.
Knud Erik Andersen, Group CEO at European Energy, said:
“This partnership with TotalEnergies will accelerate the renewable energy transition in Northern Europe. Our combined expertise in developing greenfield projects and TotalEnergies’ experience in large-scale operations will enable us to deliver state-of-the-art offshore wind facilities. We are excited to contribute our deep knowledge of the Nordic energy market to this venture, ensuring the successful realization of these ambitious projects. This collaboration not only strengthens our position in the renewable energy sector but also underscores our commitment to sustainable development and energy independence in Europe.”
Now that we have discussed what’s going on in the global oil and gas industry, let’s take a look at the 20 countries that produce the most oil in the world.
A close-up shot of a large pipeline pumping crude oil and pipe valves in a petroleum trust.
Methodology
For this article, we compiled a list of the 20 countries that produce the most oil in the world. To collect data for our list, we consulted the latest edition of the Statistical Review of World Energy by the Energy Institute (EI), which was published in June 2023. This database provided us with a list of countries and information on their oil production for the year 2022 as well as each country’s market share as a percentage of the global market share. It is important to note that oil production is measured in barrels per day. Oil production includes crude oil, shale oil, oil sands, condensates, and natural gas liquids (NGLs). However, it excludes oil shale or kerogen extracted in solid form as well as liquid fuels from other sources such as biofuels and synthetic derivatives of coal and natural gas. We used this data to rank the 20 countries that produce the most oil in the world, which are listed below in ascending order.
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20 Countries That Produce the Most Oil In The World
20. United Kingdom
Oil Production: 778,000 Barrels Per Day
Market Share: 0.8%
The United Kingdom ranks among the top 20 countries that produce the most oil in the world. The oil and gas industry plays an important part in the nation’s economy. As one of the top oil producing countries, the United Kingdom produces around 778,000 barrels of oil per day.
19. Oman
Oil Production: 1,064,000 Barrels Per Day
Market Share: 1.1%
Oman is a country in the Middle East that produces more than 1.06 million barrels of oil per day. While Oman is not as oil-rich as some of the other countries in the Middle East, oil and gas still play an important role in the country’s economy.
18. Libya
Oil Production: 1,088,000 Barrels Per Day
Market Share: 1.2%
Libya, a country in North Africa, is one of the world’s top oil producers. According to the most recently reported data, Libya produces nearly 1.09 million barrels per day. Oil revenues are the country’s main source of income and the oil and gas sector is crucial to Libya’s economy.
17. Angola
Oil Production: 1,190,000 Barrels Per Day
Market Share: 1.3%
Located on the West-Central coast of South Africa, Angola is another African country that ranks among the top 20 countries that produce the most oil in the world. According to recently reported data, Angola produces 1.19 million barrels of oil per day. The nation’s economy relies heavily on its oil and gas industry.
16. Nigeria
Oil Production: 1,450,000 Barrels Per Day
Market Share: 1.5%
Nigeria is a country in West Africa that is known for its many natural landmarks and wildlife reserves. It is one of the world’s biggest producers of oil and the second largest producer of oil on the continent of Africa. Nigeria produces 1.45 million barrels of oil per day, and oil production contributes greatly to the nation’s GDP.
15. Algeria
Oil Production: 1,474,000 Barrels Per Day
Market Share: 1.6%
Algeria is the largest oil producing country in Africa. It produces more than 1.47 million barrels of oil per day and ranks among the top 15 countries that produce the most oil in the world. Algeria is also a major producer of gas.
14. Qatar
Oil Production: 1,768,000 Barrels Per Day
Market Share: 1.9%
Qatar, in the Middle East, is one of the richest countries in the world. The oil and natural gas industry continues to play a crucial role in the country’s economy. As one of the top producers of oil, Qatar produces more than 1.76 million barrels of oil per day.
13. Kazakhstan
Oil Production: 1,769,000 Barrels Per Day
Market Share: 1.9%
Kazakhstan is a country in Central Asia that shares a border with China and Russia, among other nations. Kazakhstan produces nearly 1.77 million barrels of oil daily and the oil sector contributes greatly to the country’s economy.
12. Norway
Oil Production: 1,901,000 Barrels Per Day
Market Share: 2%
Norway is a Scandinavian country and the biggest oil producing nation in Europe. Producing more than 1.9 million barrels of oil per day, Norway ranks 12th on our list of countries that produce the most oil in the world. The production of oil plays a crucial role in the nation’s economy.
11. Mexico
Oil Production: 1,944,000 Barrels Per Day
Market Share: 2.1%
Mexico is one of the largest oil producing countries in the world. According to recently reported data, Mexico produces more than 1.94 million barrels of oil per day. The production of oil plays a vital role in the nation’s economy.
10. Kuwait
Oil Production: 3,028,000 Barrels Per Day
Market Share: 3.2%
Kuwait is a country in the Middle East that ranks among the top 10 countries that produce the most oil in the world. Oil accounts for over 90% of Kuwait’s exports and contributes greatly to the nation’s GDP. As a major supplier of oil, Kuwait produces nearly 3.03 million barrels of oil per day.
9. Brazil
Oil Production: 3,107,000 Barrels Per Day
Market Share: 3.3%
Brazil is one of the world’s largest and most populated countries. It is the biggest oil producing country in South America, and it also has the largest recoverable ultra-deep oil reserves in the world. As one of the top 10 oil producing countries, Brazil produces more than 3.1 million barrels of oil per day.
8. Iran
Oil Production: 3,822,000 Barrels Per Day
Market Share: 4.1%
Iran, the second largest country in the Middle East, is home to some of the world’s largest deposits of oil and natural gas in the world. As one of the world’s biggest producers of oil, Iran produces over 3.82 million barrels of oil per day.
7. United Arab Emirates
Oil Production: 4,020,000 Barrels Per Day
Market Share: 4.3%
The United Arab Emirates, commonly shortened to UAE, is a country in the Middle East. The bulk of the country’s oil reserves are located in Abu Dhabi. According to recently reported data, the UAE produces 4.02 million barrels of oil per day.
6. China
Oil Production: 4,111,000 Barrels Per Day
Market Share: 4.4%
China is one of the largest and most populated countries in the world. With one of the world’s largest strategic oil reserves, China ranks high among the countries that produce the most oil in the world. Producing more than 4.11 million barrels of oil per day, China ranks high among some of the top oil producing countries. China is also one of the top consumers of oil.
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Disclosure: None. 20 Countries That Produce the Most Oil In The World is originally published on Insider Monkey.