Oil Consumption by Country 2024

As of 2023, oil remains one of the world’s most important natural resources. Not only is it a key energy source worldwide, but it’s also an important part of many economies and industries around the world. However, oil production isn’t consistent worldwide, with some countries contributing much more to world oil stores than others.

Here’s an overview of some of the current top oil-producing countries in the world, as well as some key factors that can affect a particular country’s production capabilities as compared to another’s.

Top Oil-Producing Countries Worldwide

The following are the leading countries in the oil production industry as of 2023.

Saudi Arabia

With an impressive annual production estimate of 11 million barrels of oil, Saudi Arabia is currently the world’s top oil producer. Factors that contribute to these production and export rates include Saudi Arabia’s huge natural oil reserves and large capacity for production at scale.

Russia

Coming in right behind Saudi Arabia, Russia is another of the world’s most critical players when it comes to the oil industry. In fact, Russia’s overall oil revenue climbed considerably in 2023 to an impressive $17.1 billion. Like Saudi Arabia, Russia also has advantages like massive natural oil deposits and production capacity.

United States

Thanks to an innovative extraction procedure that combines horizontal drilling and hydraulic fracturing (the “shale revolution”), the United States has become a huge player in the worldwide oil industry game. Flexible energy policies combined with innovative techniques contribute to the U.S.’s industry success.

Iraq

Even though Iraq has seen plenty of instability and political challenges over the years, it remains a huge global producer and exporter of oil. In fact, its production of the resource has been climbing lately, easily securing Iraq a spot on the list of top exporters.

Other countries making formidable contributions to the worldwide oil industry as of 2023 include Canada, the United Arab Emirates, Kuwait, and Iran.

Factors Impacting Oil Production from Country to Country

The presence (or lack thereof) of natural oil reserves within a country will be among the largest contributing production factors. However, others may include the following:

• Geopolitical Connections: Political circumstances, ongoing relationships with other countries in the industry, and more can all impact a country’s oil production abilities.
• Environmental Concerns: As concerns over sustainable extraction practices and environmental consciousness grow, changing regulations and protocols can affect production.
• Energy Access: National energy policies likewise affect many aspects of oil production and exportation from country to country.