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.
4. Canada
Total Oil Production: 5,576,000 b/d
While Canada produces more oil than required to meet its domestic refining needs, some refineries import crude oil for a variety of reasons, such as higher transportation costs, limited pipeline access, and the inability of refineries to process WCSB heavy crude oil.
The Irving Oil Refinery at St. John, New Brunswick, is the largest oil refinery in Canada. With a capacity of 320,000 b/d, the refinery supports 2,440 jobs through its supply chain and accounts for about half the dollar value of the province’s exports.
Canada ranks among the Top Oil Producing Countries in 2024.
3. Russia
Total Oil Production: 11,202,000 b/d
Although Russia is the third-largest producer of oil in the world, the country’s oil industry has recently been facing a number of problems, including sanctions from the West for its invasion of Ukraine, reduction in output from brownfields in Western Siberia, rising costs, and the high carbon intensity of the country’s oil production.
2. Saudi Arabia
Total Oil Production: 12,136,000 b/d
Saudi Arabia is home to around 17% of the world’s proven petroleum reserves and ranks as one the largest net exporters of petroleum.
The country’s largest oil company, Saudi Aramco, boasted a massive revenue of $535.2 billion in 2022, up 49% from 2021. The state-owned oil producer also registered a profit of $161 billion the same year, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand. The company is planning to continue to invest to increase its maximum potential production capacity to 13 million b/d by 2027.
Saudi Aramco is the Largest Oil Company by Production 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.
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