The demand for oil continues to soar around the world, and it looks like it’s not going down anytime soon. The Top 10 Oil Producing Countries Updated 2023 has rounded up the largest oil-producing nations on the planet, which account for approximately 87 percent of the world’s total petroleum output.
Coming in at number one is the United States. It continues to be the largest global producer by far, outputting an estimated 20.04 million barrels of oil per day (bpd) according to The Energy Information Administration. This marks a 8 percent increase from themid-2018 to mid-2019.
Next up is Saudi Arabia. Producing 12.83 million bpd, it takes the spot as the world’s second largest oil producer. It is also the largest exporter, shipping around 10 million bpd overseas.
Ranking third is Russia. With 11.31 million bpd, this Eurasian power is able to feed its burgeoning population and invest in its energy resources. It has proved itself to be a stable supplier of crude oil, thanks to its massive oil reserves.
Fourth and fifth on the list are the two largest producers in the Organization of the Petroleum Exporting Countries (OPEC) — Iraq and Iran. Together, they are able to account for nearly one-quarter of global petroleum supplies, producing 4.69 million bpd and 4.36 million bpd respectively.
Making an impressive debut into the top 6 is Canada. As one of the largest producers of crude oil in North America, it has managed to hit a peak production of 4.25 million bpd. The country hopes to achieve 5 million bpd by the year end.
The United Arab Emirates (UAE) follows close behind in seventh place. Its production is estimated to be at 3.2 million bpd, down slightly from the previous calendar year.
Coming in eighth is Kuwait. It has managed to produce 2.9 million bpd of oil, slightly below its peak production of 3.3 million bpd in 2018.
Ninth on the list is Venezuela, which has recently seen a rise in its oil production. It was able to produce 2.4 million bpd in February of this year.
Finally, rounding up our list is China, producing 2.2 million bpd. This makes it the leading oil producer of Asia.
These Top 10 Oil Producing Countries Updated 2023 are prime examples of what oil-producing countries can achieve. With a combination of natural resources, a keen eye for investments, and a commitment to innovation, these nations are the envy of many in the industry.