The global production of oil has become an integral part of the global economy. In 2023, there were hundreds of oil producing countries around the world that were responsible for supplying the world’s energy needs. From processing of petroleum, to its transport, to refining – the importance of oil as an essential resource is undeniable. In this article, we will provide an overview of the top 10 oil producers in the world in 2023.
1. United States of America: With an estimated oil production of 15.92 million barrels per day (MMBPD) in 2023, the United States was the largest oil producer in the world. This amount accounts for 17.2% of the world’s total oil production. This dominant position is due to the abundance of shale oil and shale gas resources in the United States.
2. Saudi Arabia: Saudi Arabia holds the second position in terms of oil production, with an estimated production of 11.95 MMBPD. It is an OPEC country and the largest oil exporter in the world. Saudi Arabia has large reserves of oil, natural gas, and other hydrocarbon resources.
3. Russia: Russia is the third largest oil producer in the world, with estimated oil production of 10.17 MMBPD. It controls around 6.9% of the world’s total oil production. Russia has the largest natural gas reserves in the world.
4. Canada: Canada is the fourth largest oil producer in the world, with an estimated oil production of 5.81 MMBPD. This figure makes up 6.2% of the total world production of oil. The majority of Canada’s oil production consists of crude oil and bitumen.
5. China: China is the fifth in terms of oil production, producing 5.46 MMBPD in 2023. Chinese oil production is heavily supported by its expansive oil refining industry.
6. United Arab Emirates: UAE also produces 5.46 MMBPD of oil, which is almost equal to China’s production. The country possesses 7% of the world’s proven oil reserves and it is the seventh largest producer of oil.
7. Iran: Iran is the sixth largest producer of oil in the world, producing 5.18 MMBPD in 2023. Iran has long been an OPEC member, which contributes to its steady production of oil.
8. Iraq: Iraq is the eighth largest oil producer in the world, with an estimated production of 4.21 MMBPD. Iraq is rich in oil reserves and has some of the largest oilfields in the world. The country is the second largest member of the OPEC cartel.
9. Brazil: Brazil is the ninth largest oil producer in the world and produces 3.67 MMBPD in 2023. The country has large and expanding oil reserves as well as large off-shore resources.
10. Kuwait: Kuwait is the tenth largest oil producer, with an estimated production of 3.44 MMBPD. It is one of the oldest members of the OPEC cartel and has abundant oil resources.
It is evident from this list that the United States is the clear leader in oil production in the world. Saudi Arabia, Russia, and Canada also feature prominently. Notably, all the countries in this list are wealthy and possess large oil resources, barring Brazil and Iraq, which have large off-shore oil reserves. This list is an indicator of the important role of oil in the global economy and the prominence of these countries in the global production of oil.
