Oil Producing Countries 2022

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Oil, also commonly referred to as petroleum, is one of the top money-making commodities in the world today. Required for the production of gasoline, diesel fuel, jet fuel, and many other products, oil is one of the most fundamental and vital resources in the modern world. The production of oil is a process that only stops if there is no more oil to extract. Oil extraction is a double-edged sword, as the process of extracting, refining, and burning fossil fuels such as oil is proven to be harmful to the environment. The United States is the world's largest consumer of oil, as well as the world's largest producer of oil, although several countries have larger oil reserves then the U.S. Despite its world-leading production, the U.S. also imports oil from dozens of other countries.

Roughly half of the world's countries produce oil in some capacity. Oil production is measured in barrels per day or BPD. Most oil producing countries produce thousands, even millions of barrels per day, with their total output often limited by market forces rather than by production capability. For instance, gas prices rose sharply in response to the 2022 Russian invasion of Ukraine, but oil companies in the U.S. chose to take the increased per-gallon profits rather than increase production (which would increase supply and lower per-gallon prices).

Top 10 Oil-Producing Countries (barrels per day):

Country Monthly Production Reference Month
United States 11,567,000 12/2021
Russia 10,503,000 11/2021
Saudi Arabia 10,225,000 02/2022
Canada 4,656,000 11/2021
Iraq 4,260,000 02/2022
China 3,969,000 11/2021
United Arab Emirates 2,954,000 02/2022
Brazil 2,852,000 11/2021
Kuwait 2,610,000 02/2022
Iran 2,546,000 02/2022

The United States

With a rough estimate of 11,567,000 barrels per day, the United States is the top oil-producing country in the world, as it has been for many years. The US also consumes more oil than any other country worldwide. In addition to being the world's largest oil producer, the United States also imports upwards of 8 million barrels of oil per day.

Russia

The world's largest country by land area, Russia is also one of its largest oil producers. Russia supplies both oil and natural gas to many countries, particularly China and Europe. This arrangement caused significant complications when Russia invaded Ukraine in 2022, triggering many countries in the EU and elsewhere to place an embargo on Russian goods. Many countries, such as Germany, carved out exceptions so they could still import Russian oil and gas, but at the same time sought to establish new trading partners and energy processing capabilities, so as to reduce their reliance on Russian trade.

Saudi Arabia

The world's largest exporter of oil, Saudi Arabia possesses around 15-17% of the world’s petroleum reserves. Like most Organization of Petroleum Exporting Countries (OPEC) nations, Saudi Arabia's economy is heavily centered around oil. The oil and gas industry makes up roughly 50% of the country's gross domestic product (GDP) and 70% of its export earnings. Saudi Arabia also exports natural gas, gold, iron ore, and copper.

China

China is ranked as the sixth-largest oil-producing country, extracting about 3,838,000 barrels of oil per day. Notably, population size and the total area of a nation have little to do with oil production volumes. More relevant factors are the country's expertise at locating and extracting oil, as well as its political connections and the rules governing where it can and cannot extract oil. For example, most of the oil that China produces is extracted from regions in the Middle Eastern country of Iran, not the Chinese homeland. Over the years, China has watched as its oil production rates have slowly dropped.

Kuwait

The ninth-largest producer of oil is Kuwait. Unlike many oil-producing countries, this Western Asian nation experienced a severe drop in oil production rates between 2016 and 2020. In 2016, Kuwait derived 3,072,000 barrels per day of oil, compared to the rate of 2,753,000 BPD in 2020. This is arguably a poor sign for Kuwait's economy, as oil makes up 60% of its GDP and just over 95% of its export revenue.

Oil Producing Countries 2022

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Oil Producing Countries 2022

Country Barrels per Day Reference Month 2022 Population
United States11.6M2021-12-01338,289,857
Russia10.5M2021-11-01144,713,314
Saudi Arabia10.2M2022-02-0136,408,820
Canada4.7M2021-11-0138,454,327
Iraq4.3M2022-02-0144,496,122
China4M2021-11-011,425,887,337
United Arab Emirates3M2022-02-019,441,129
Brazil2.9M2021-11-01215,313,498
Kuwait2.6M2022-02-014,268,873
Iran2.5M2022-02-0188,550,570
Kazakhstan1.9M2021-11-0119,397,998
Norway1.7M2021-11-015,434,319
Mexico1.7M2021-11-01127,504,125
Qatar1.3M2021-11-012,695,122
Nigeria1.3M2022-02-01218,541,212
Libya1.2M2022-02-016,812,341
Angola1.2M2022-02-0135,588,987
Oman1M2021-11-014,576,298
Algeria978K2022-02-0144,903,225
Venezuela788K2022-02-0128,301,696
United Kingdom772K2021-11-0167,508,936
Colombia748K2021-11-0151,874,024
Azerbaijan705K2021-11-0110,358,074
India602K2021-11-011,417,173,173
Egypt559K2021-11-01110,990,103
Argentina547K2021-11-0145,510,318
Malaysia501K2021-11-0133,938,221
Ecuador485K2021-11-0118,001,000
Australia365K2021-11-0126,177,413
Republic of the Congo260K2022-02-015,970,424
Gabon195K2022-02-012,388,992
Vietnam190K2021-11-0198,186,856
Turkmenistan186K2021-11-016,430,770
Bahrain185K2021-11-011,472,233
Ghana172K2021-11-0133,475,870
Thailand161K2021-11-0171,697,030
Italy114K2021-11-0159,037,474
Israel114K2021-11-019,038,309
Brunei96K2021-11-01449,002
Equatorial Guinea95K2022-02-011,674,908
Pakistan83K2021-11-01235,824,862
Yemen70K2021-11-0133,696,614
Chad68K2021-11-0117,723,315
Denmark68K2021-11-015,882,261
Turkey67K2021-11-0185,341,241
Sudan67K2021-11-0146,874,204
Romania63K2021-11-0119,659,267
Cameroon62K2021-11-0127,914,536
Trinidad and Tobago61K2021-11-011,531,044
Peru38K2021-11-0134,049,588
Papua New Guinea37K2021-11-0110,142,619
Syria35K2021-11-0122,125,249
Germany34K2021-11-0183,369,843
Ukraine33K2021-11-0139,701,739
Netherlands33K2021-11-0117,564,014
Cuba33K2021-11-0111,212,191
Belarus33K2021-11-019,534,954
Ivory Coast32K2021-11-0128,160,542
Tunisia31K2021-11-0112,356,117
Bolivia30K2021-11-0112,224,110
Hungary19K2021-11-019,967,308
Mongolia16K2021-11-013,398,366
Albania16K2021-11-012,842,321
Serbia15K2021-11-017,221,365
Suriname14K2021-11-01618,040
Croatia12K2021-11-014,030,358
Austria10K2021-11-018,939,617
New Zealand8.6K2021-11-015,185,288
Niger8K2021-11-0126,207,977
Myanmar7.5K2021-11-0154,179,306
Guatemala6.4K2021-11-0117,843,908
Chile5K2021-11-0119,603,733
Uzbekistan4.4K2021-11-0134,627,652
Japan3.4K2021-11-01123,951,692
Czech Republic1.7K2021-11-0110,493,986
Bulgaria1K2021-11-016,781,953
Belize1K2021-11-01405,272
Barbados1K2021-11-01281,635
Kyrgyzstan7002021-11-016,630,623
Lithuania7002021-11-012,750,055
Tajikistan3002021-11-019,952,787
Georgia3002021-11-013,744,385

Oil Producing Countries 2022

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