5 Biggest Oil Producers in the World

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In this article, we are going to discuss the 5 biggest oil producers in the world. If you want to check out our detailed analysis of the global oil and gas market, the impact of the Russia-Ukraine war on the global oil sector, and the prevalent use of AI in the oil and gas industry, head to 20 Biggest Oil Producers in the World.

5. Iraq

Total Oil Production: 4,520,000 b/d

Iraq is the second-largest crude oil producer in OPEC after Saudi Arabia, holding the world’s fifth-largest proved crude oil reserves, at 145 billion barrels. 

In July 2023, the country secured a $27 billion oil deal with France’s TotalEnergies SE by offering quicker, less risky payback through greater revenue-sharing – a model it could replicate in the future to lure investors.

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