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 States11,567,0002021-12-01334,805,269
Russia10,503,0002021-11-01145,805,947
Saudi Arabia10,225,0002022-02-0135,844,909
Canada4,656,0002021-11-0138,388,419
Iraq4,260,0002022-02-0142,164,965
China3,969,0002021-11-011,448,471,400
United Arab Emirates2,954,0002022-02-0110,081,785
Brazil2,852,0002021-11-01215,353,593
Kuwait2,610,0002022-02-014,380,326
Iran2,546,0002022-02-0186,022,837
Kazakhstan1,937,0002021-11-0119,205,043
Norway1,744,0002021-11-015,511,370
Mexico1,733,0002021-11-01131,562,772
Qatar1,297,0002021-11-012,979,915
Nigeria1,258,0002022-02-01216,746,934
Libya1,220,0002022-02-017,040,745
Angola1,158,0002022-02-0135,027,343
Oman998,0002021-11-015,323,993
Algeria978,0002022-02-0145,350,148
Venezuela788,0002022-02-0129,266,991
United Kingdom772,0002021-11-0168,497,907
Colombia748,0002021-11-0151,512,762
Azerbaijan705,0002021-11-0110,300,205
India602,0002021-11-011,406,631,776
Egypt559,0002021-11-01106,156,692
Argentina547,0002021-11-0146,010,234
Malaysia501,0002021-11-0133,181,072
Ecuador485,0002021-11-0118,113,361
Australia365,0002021-11-0126,068,792
Republic of the Congo260,0002022-02-015,797,805
Gabon195,0002022-02-012,331,533
Vietnam190,0002021-11-0198,953,541
Turkmenistan186,0002021-11-016,201,943
Bahrain185,0002021-11-011,783,983
Ghana172,0002021-11-0132,395,450
Thailand161,0002021-11-0170,078,203
Italy114,0002021-11-0160,262,770
Israel114,0002021-11-018,922,892
Brunei96,0002021-11-01445,431
Equatorial Guinea95,0002022-02-011,496,662
Pakistan83,0002021-11-01229,488,994
Yemen70,0002021-11-0131,154,867
Chad68,0002021-11-0117,413,580
Denmark68,0002021-11-015,834,950
Turkey67,0002021-11-0185,561,976
Sudan67,0002021-11-0145,992,020
Romania63,0002021-11-0119,031,335
Cameroon62,0002021-11-0127,911,548
Trinidad And Tobago61,0002021-11-011,406,585
Peru38,0002021-11-0133,684,208
Papua New Guinea37,0002021-11-019,292,169
Syria35,0002021-11-0119,364,809
Germany34,0002021-11-0183,883,596
Ukraine33,0002021-11-0143,192,122
Netherlands33,0002021-11-0117,211,447
Cuba33,0002021-11-0111,305,652
Belarus33,0002021-11-019,432,800
Ivory Coast32,0002021-11-0127,742,298
Tunisia31,0002021-11-0112,046,656
Bolivia30,0002021-11-0111,992,656
Hungary19,0002021-11-019,606,259
Mongolia16,0002021-11-013,378,078
Albania16,0002021-11-012,866,374
Serbia15,0002021-11-018,653,016
Suriname14,0002021-11-01596,831
Croatia12,0002021-11-014,059,286
Austria10,0002021-11-019,066,710
New Zealand8,6002021-11-014,898,203
Niger8,0002021-11-0126,083,660
Myanmar7,5002021-11-0155,227,143
Guatemala6,4002021-11-0118,584,039
Chile5,0002021-11-0119,250,195
Uzbekistan4,4002021-11-0134,382,084
Japan3,4002021-11-01125,584,838
Czech Republic1,7002021-11-0110,736,784
Bulgaria1,0002021-11-016,844,597
Belize1,0002021-11-01412,190
Barbados1,0002021-11-01288,023
Kyrgyzstan7002021-11-016,728,271
Lithuania7002021-11-012,661,708
Tajikistan3002021-11-019,957,464
Georgia3002021-11-013,968,738

Oil Producing Countries 2022

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