5 Countries That Produce the Most Oil In The World

In this article, we are going to look at the 5 countries that produce the most oil in the world. If you want to read more about the top oil producing countries and read our detailed analysis of the oil and gas market, you can go to 20 Countries That Produce the Most Oil In The World.

5. Iraq

Oil Production: 4,520,000 Barrels Per Day

Market Share: 4.8%

Iraq ranks among the top 5 countries that produce the most oil in the world. It is home to some of the world’s largest oil reserves. According to recently reported data, Iraq produces 4.52 million barrels of oil per day. Iraq relies heavily on oil production and it is also a major exporter of oil.

4. Canada

Oil Production: 5,576,000 Barrels Per Day

Market Share: 5.9%

Canada is one of the largest countries in terms of size. It also ranks high among the top oil producers. Thanks to the Athabasca oil sands deposit in Alberta, Canada is home to a thriving oil and gas industry. On average, Canada is producing over 5.57 million barrels of oil per day.

3. Russia

Oil Production: 11,202,000 Barrels Per Day

Market Share: 11.9%

Russia, the world’s largest country by area, ranks third on our list of 20 countries that produce the most oil in the world. Russia is home to one of the largest oil industries in the world. According to recently reported data, Russia produces over 11.2 million barrels of oil per day.

2. Saudi Arabia

Oil Production: 12,136,000 Barrels Per Day

Market Share: 12.9%

Saudi Arabia is the largest country in the Middle East by area. It is also one of the largest exporters of oil. Saudi Arabian Oil Co (TADAWUL:2222), commonly referred to as Saudi Aramco, is the world’s largest integrated energy and chemicals company. Producing over 12.13 million barrels of oil per day, Saudi Arabia is the second largest oil producing country in the world.

1. United States

Oil Production: 17,770,000 Barrels Per Day

Market Share: 18.9%

The United States tops our list of the 20 countries that produce the most oil in the world. Producing 17.77 million barrels of oil per day, the US currently produces more oil than any other country. The oil industry has seen remarkable growth in the US and it also supports millions of jobs around the country.

You can also take a look at 11 Hot Oil Stocks To Buy Now and 11 Best Natural Gas Dividend Stocks To Buy.