Top 10 Oil Producing Countries In The World in 2024: Where’s The Greatest Petroleum Dominion?

Despite the advent of the green economy, oil remains a valuable commodity capable of creating fortunes (and using them to purchase Premier League clubs or World Cups). With China recently surpassing the US in oil imports, the situation seems unlikely to change any time soon. While the future situation is sure to change as extraction technology improves and old wells go dry, let’s take a look at the current top dogs in petroleum production.

With just over 90 million barrels per day of total production, the top ten producers are responsible for over 60% of the barrels flowing each day. For this list, we’re focusing solely on crude oil extraction, leaving aside natural gas and biofuel production–two fuel sources of which the US is a worldwide leader.

What factors influence a country’s oil production?

Several factors determine a country’s oil production capacity, affecting output levels and consistency over time. Here are the key influences:

• Geological Reserves: The size and accessibility of a country’s oil reserves are foundational. Countries with large, easily extractable reserves, like Saudi Arabia and Russia, naturally produce more oil.
• Technology and Infrastructure: Advanced extraction and refining technology can significantly boost production efficiency and yield. Countries with well-developed infrastructure and modern technology investments can extract oil faster and reduce losses.
• Government Policies and Regulations: Government policies around energy, environmental protection, and foreign investment play a critical role. Some countries, like the U.S., encourage oil production through supportive policies, while others may impose restrictions or production caps.
• Market Demand and Price: Higher global demand and favorable oil prices incentivize increased production. However, when prices fall, as seen during global crises, countries may reduce output to control costs or stabilize prices.
• Political Stability: Political factors also impact production levels. In politically stable countries, production is typically more consistent. In contrast, countries facing conflict or sanctions, like Venezuela or Iran, often experience production disruptions.

10. Kuwait – 2.75 million barrels per day

The ultimate prize in the First Gulf War, instigated by Iraqi dictator Saddam Hussein in 1990, Kuwait’s oil fields are currently producing over 3% of global production. The wells were first tapped in 1938, and Kuwait continues to sit on reserves of at least 104 billion barrels–although more may be extractable with better technology. At current rates, their oil will last for 100 years, providing a stable source of wealth for some time, barring price changes.

9. Brazil – 2.8 million barrels per day

In 2006, Petrobras announced the largest oil discovery in the Western Hemisphere for decades: the offshore Lula field, named for the president. Brazil produces 3.15 percent of the world’s daily oil, although only a tiny fraction of this is from the Lula field–a fraction likely to grow going forward. The Lula located in the Santos Basin, which is over 100 miles off the coast of Rio de Janeiro. More recently, the Jupiter field (not named for the Brazilian president) was discovered near Lula, leading to reserve estimates of 12.86 billion barrels. With the rate of discovery in Brazil, this figure will surely increase in the future.

8. Mexico – 2.95 million barrels per day

While not thought of as an energy powerhouse, Mexico nevertheless remains the 8th-largest oil producer on the planet, with over 3% of daily production. In fact, Mexico’s exports are a large fraction of US oil imports–over ⅓ of Mexican production is destined for US gas tanks. Furthermore, oil exports are an important export within Mexico: roughly 10% of total export dollars earned derive from oil, producing large incomes and a number of jobs. However, despite some recent discoveries, the main wells are nearly tapped out and Mexico’s spot in the rankings appears likely to slip behind that of Brazil–and perhaps even further.

7. United Arab Emirates – 3.23 million barrels per day

The UAE–a federation of 7 Emirates, the most famous of which are Dubai and Abu Dhabi–is a very oil-rich part of the Persian Gulf. Altogether, the Emirates produce 3.6% of global daily output, and their reserves will last for decades at current rates of extraction: with 98 billion barrels, the Emirs appear set. However, the overwhelming majority (92 billion barrels) are located in Abu Dhabi, potentially setting up inter-emirate political challenges. Nevertheless, Abu Dhabi has been quite generous with its sister cities, bailing out Dubai from financial trouble a couple of years ago. With all that oil, they can afford to be: at current prices and their 5 million barrel per day target for 2015, the UAE will be raking in billions of dollars per week in oil revenues for years to come.

6. Canada – 3.92 million barrels per day

The country best known for maple leafs and moose also produces vast quantities of oil. In fact, despite having less than .5% of the world’s population, our neighbors to the North produce well over 4% of world production. Canada is well-placed to continue for the indefinite future: much of the current reserves are in tar sands, meaning that the oil is more costly to separate from the ground. As technology improves, Canada will be able to capitalize on these reserves–not to mention any that may be revealed as Arctic sea ice retreats. Its reserves of 180 billion barrels are third-most in the world, and the Canucks should be hearing “ca-ching” in their bank accounts for a long time.

5. Iran – 4.13 million barrels per day

Coming in at number five is US adversary Iran, producing over 4.5% of daily output. Much of Iran’s oil is conventional, meaning fancy technology is not necessary to get the most bang for their bucket of oil. An OPEC (Organization of Petroleum Exporting Countries) member, Iran also holds some power to help influence oil prices through OPEC’s cartel actions. Assuming they do not end up entangled in war with the US, Iran can look forward to over 90 years of production at current rates–ensuring continuing wealth for the children and grandchildren of today’s Iranians.

4. China – 4.19 million barrels per day

An unheralded but major producer, China has steadily increased production of the last 50 years and currently sits at 4.7% of global output. With its huge population and booming economy, the production is still not enough–like the US, China continues to consume more than it produces and thus importing the balance. China’s reserves are modest, at 20.35 billion barrels, but with the implementation of hydraulic fracturing and other technology these seem likely to increase in the future.

3. Russia – 10.3 million barrels per day

Russia remains a massive producer of energy with 11.64% of world production. Considering that Russia comprises about ⅙ of the Earth’s landmass, this is perhaps not surprising. Nor is it surprising that Russia has not fully tapped all of its reserves in the far Eastern Siberia, let alone the resources currently trapped under Arctic sea ice. All told, Russia’s reserves likely sit north of 100 billion barrels when including the Arctic oil.

2. United States – 10.59 million barrels per day

In a dissapointment to Americans everywhere, the US sits at second place with production equal to 12% of the total. Because of its high-tech economy and stable investment climate, the US is at the forefront of non-conventional energy extraction including shale oil and tar sands. These types of oil drilling have reshaped the landscape: the Bakken oil development in North Dakota now shines as brightly at night as regional neighbors like Minneapolis-St. Paul and Chicago. In the future, the US appears set to reclaim its mantle as top oil producer from Saudi Arabia as it moves to tap into an estimated 1,442 billion barrels of recoverable oil. In the meantime, the US is forced to import oil from Mexico, Canada, and other sources as its consumption still exceeds production.

1. Saudi Arabia – 11.75 million barrels per day

The Kingdom of Saudi Arabia produces a whopping 13.24 percent of all the oil produced daily in the entire world. Considering that they sit on over 260 billion barrels of oil–the second highest total after Venezuela–the fortune of the House of Saud appears secure. Its crown as oil champion, however, is less secure: when accounting for energy production including natural gas and biofuels, Saudi Arabia is already behind the United States.

Key Insights

• Global Oil Production Dominance: The top ten oil-producing countries are responsible for over 60% of the world’s daily oil production, with Saudi Arabia leading the pack.
• Kuwait’s Long-Term Stability: Kuwait’s oil reserves are substantial, ensuring production can continue for the next 100 years at current rates, contributing to a stable economic future.
• Brazil’s Growing Potential: Brazil’s oil production is set to increase significantly with ongoing discoveries in offshore fields like Lula and Jupiter, which will boost its global production share.
• Mexico’s Challenges: Mexico remains a significant oil producer, but its main wells are nearly depleted, indicating a potential decline in future production and its ranking among oil producers.
• UAE’s Wealth Concentration: The UAE’s oil wealth is heavily concentrated in Abu Dhabi, which could lead to political challenges but currently ensures substantial financial stability for the federation.
• Canada’s Technological Edge: Canada’s vast tar sand reserves position it for long-term production increases as technology advances, despite the higher costs of extraction.
• Iran’s Conventional Production: Iran’s substantial conventional oil reserves allow for efficient production, maintaining its significant role in global oil output despite geopolitical tensions.
• China’s Import Dependence: Despite being a top oil producer, China’s consumption outpaces its production, necessitating large imports to meet its energy needs.
• Russia’s Untapped Reserves: Russia’s vast landmass includes significant untapped oil reserves, particularly in Siberia and the Arctic, ensuring its long-term role as a major producer.
• US Energy Innovation: The United States excels in non-conventional energy extraction methods like shale oil, positioning it to potentially reclaim the top spot in global oil production in the future.
• Saudi Arabia’s Leading Role: Saudi Arabia remains the largest oil producer, holding a secure position due to its vast reserves and significant daily output.

FAQ

1. What are the current top ten oil-producing countries? The current top ten oil-producing countries are Saudi Arabia, the United States, Russia, China, Iran, Canada, the United Arab Emirates, Mexico, Brazil, and Kuwait.
2. How much of the world’s oil production is accounted for by the top ten producers? The top ten oil producers account for over 60% of the world’s daily oil production.
3. Which country has the largest oil reserves among the top producers? Saudi Arabia has the largest oil reserves among the top producers, with over 260 billion barrels.
4. What challenges does Mexico face in maintaining its oil production rank? Mexico faces challenges due to its nearly depleted main wells, which could lead to a decline in its future production and ranking among oil producers.
5. How does the United States plan to increase its oil production in the future? The United States plans to increase its oil production through advancements in non-conventional energy extraction methods, including shale oil and tar sands, and by tapping into estimated recoverable oil reserves.
6. Why is Canada well-positioned for long-term oil production? Canada is well-positioned for long-term oil production due to its vast tar sand reserves, which, despite higher extraction costs, provide significant future potential as technology improves.
7. What is the significance of Brazil’s offshore oil discoveries? Brazil’s offshore oil discoveries, particularly the Lula and Jupiter fields, signify a potential increase in its oil production, boosting its share of global output in the future.
8. How do geopolitical tensions affect Iran’s oil production? Despite geopolitical tensions, Iran’s substantial conventional oil reserves allow it to maintain efficient production and a significant role in global oil output.
9. What is unique about Russia’s oil reserves? Russia’s oil reserves are unique due to their vastness and the significant untapped potential in regions like Siberia and the Arctic, ensuring long-term production capabilities.
10. How does China manage its oil consumption needs? China manages its oil consumption needs by importing a significant amount of oil, as its domestic production is insufficient to meet the demands of its large population and booming economy.

By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.