5 Biggest Oil Producers in the World

1. United States of America

Total Oil Production: 17,770,000 b/d

The U.S. is the Largest Producer of Oil in the World, accounting for 14.7% of the overall world crude production in 2022. Despite this, the country imports so much crude mainly because many of its refineries are not equipped to distill the light oil coming from the Gulf Coast, and are more suited to the heavy, harder-to-refine crude imported from the Middle East and elsewhere.

Every year, the indigenous production of oil and gas helps save American consumers an estimated $203 billion, or $2,500 for each family of four. Moreover, the oil and gas industry also supports over 12 million American jobs, provides billions of dollars in tax revenue, and ensures energy security.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 15 Countries with the Most Beautiful Castles in the World and 15 Countries with the Most Beautiful Culture in the World.