Top 5 Oil Producing Countries in the World

2. Russia

Crude Oil Production in 2022: 10.75 million barrels per day

As of January 1, 2023, Russia’s crude oil reserves were around 80 billion barrels according to the EIA. In 2022, the country produced around 10.75 million barrels of crude oil per day. However, on December 23, 2022, Russia’s Deputy Prime Minister, Alexander Novak, announced that the country may cut its production by 500,000-700,000 barrels per day in 2023 due to G7’s price cap on Russia’s crude oil exports.