5 Countries That Produce the Most Oil in the World

3. Russian Federation

2021 Oil Production (million barrels per day): 10.94

The Russian Federation is the third largest oil producer in the world in 2021 with oil production of 10.94 million barrels per day. With the Russia Ukraine war in 2022, however, Russia’s production this year might not be as strong as it was last year. Russia has substantial energy resources given it has over 5% of the world’s crude oil reserves and around a quarter of the world’s natural gas reserves.