Top 5 Oil Producing Countries in 2023

In this article, we are going to look at the top 5 oil producing countries in 2023. If you want to read more about top oil producing countries and check out our detailed analysis of the global oil and gas industry, you can go to Top 30 Oil Producing Countries in 2023.

5. Iraq

Oil Production: 4,520,000 Barrels Per Day

Market Share: 4.8%

Producing around 4.52 million barrels per day, Iraq ranks among the top 5 oil producing countries in 2023. While being home to some of the largest oil reserves in the world, Iraq depends heavily on its oil industry and oil exports.

4. Canada

Oil Production: 5,576,000 Barrels Per Day

Market Share: 5.9%

Oil production is a major industry in Canada which also plays a vital role in the overall economy of North America. Athabasca oil sands deposit in Alberta, Canada ranks among some of the largest, most developed oil sands deposits in the world. Canada produces more than 5.57 million barrels of oil per day.

3. Russia

Oil Production: 11,202,000 Barrels Per Day

Market Share: 11.9%

Russia, the largest country in the world by area, ranks third in our list of top 30 oil producing countries in 2023. The oil industry in Russia ranks among some of the largest in the world. According to the most recent reported data, Russia produces more than 11.2 million barrels 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. Producing more than 12.13 million barrels of oil per day, Saudi Arabia is one of the world’s largest producers and exporters of oil.

1. United States

Oil Production: 17,770,000 Barrels Per Day

Market Share: 18.9%

The United States tops our list of the top 30 oil producing countries in 2023. According to the most recent reported data, the US produces around 17.77 million barrels of oil daily, making it the world’s top oil producer. The oil industry in the US supports millions of jobs while also contributing greatly to the country’s GDP. 

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