In this article, we discuss 5 of the top oil producing countries in 2022. If you want to see more of the biggest oil producing countries, go directly to Top 20 Oil Producing Countries in 2022.
5. Iraq
Crude oil production for 2021: 4,085,000 barrels per day
Iraq’s oil production has increased substantially in the last decade. While the country only produced 1.7 millions per day in 2013, Iraq produced almost 4.1 million barrels per day in 2021. With the world’s fifth largest proved oil reserves at 145 billion barrels, the country has substantial oil production capability that could help the country develop.
4. Canada
Crude oil production for 2021: 4,439,000 barrels per day
Although it isn’t known for being a major oil producing country, Canada is actually the fourth biggest oil producer in the world given its crude oil production of 4.439 million barrels per day for 2021. One reason for Canada’s substantial oil production is that the country has the fourth most proved oil reserves in the world with 168 billion barrels although the majority of the reserves are in more expensive to extract oil sands.
3. Saudi Arabia
Crude oil production for 2021: 9,313,000 barrels per day
Saudi Arabia has long been known for its substantial oil reserves and production. Not only is the country the third largest oil producer in the world, but also Saudi Arabia is home to the world’s most valuable oil company, Saudi Aramco, which is worth around $2 trillion. Given that it doesn’t consume as much oil as it produces, Saudi Arabia is one of the world’s leading exporters with crude exports of 7.6 million barrels per day in August of 2022.
2. Russia
Crude oil production for 2021: 10,112,000 barrels per day
As a country with substantial resources and land, Russia is the second largest oil producer in the world with oil production of 10,112,000 barrels per day in 2021. Although the Western sanctions due to the Russia Ukraine war have negatively affected Russia’s energy industry in 2022, the country is likely among the top producers in the world in 2022.
1. United States
Crude oil production for 2021: 11,254,000 barrels per day
With the largest economy in the world and also substantial oil reserves, the United States is both the leading consumer of crude oil in the world and ranks #1 on our list of Top 15 Oil Producing Countries in 2022. According to the EIA for the year 2021, the United States consumed around 19.89 million barrels of petroleum a day, and the country produced 11.254 million barrels per day.
While the United States still needs to import millions of barrels per day to fuel its economy, its oil production has more than doubled from 5 million barrels in 2008 and could potential rise further.
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