Global oil production amounted to 96.4 million barrels per day in 2023. The level of oil production reached an all-time high in 2023. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in 2020. Rising production and consumption Apart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry. Production by region and country While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Even though as a region the Middle East still produces the largest share of oil worldwide, the United States is currently the worl'ds largest producer of oil, followed by Saudi Arabia and Russia.

The United States produced the most oil in the world in 2023, at around 19.4 million barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank amongst the top countries with highest oil exports. OPEC production share Many of the top oil-producing countries belong to the Organization of the Petroleum Exporting Countries, also known as OPEC. The group was founded in 1960 by five original members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. As of 2021, 15 nations belong to OPEC, and the organization holds powerful influence on the prices of oil, with some 37 percent of the total global share of crude oil production coming from OPEC. Increased production in the United States The United States was not always the largest producer of oil, but imported oil at higher rates before the 2008 financial crisis. As foreign oil prices peaked during the Recession, investors sought to develop technology to extract more oil domestically, notably through hydraulic fracturing. Since then, oil production in the United States has nearly doubled, reducing the need for imports.

In 2023, global crude oil production amounted to approximately 4.5 billion metric tons. This was the largest amount that had ever been produced and nearly one billion metric tons more than oil produced in 1998. Which countries extract the most oil? The United States is the largest oil producing country in the world. Profiting off advances in horizontal drilling and shale extraction, the U.S. has succeeded OPEC-affiliated countries, such as Saudi Arabia, in becoming the world's greatest supplier of crude oil. Oil production in the United States The U.S. has been producing oil since the 1850s. U.S. oil production initially decreased until 2008, but has been steadily increasing since. Texas is by far the U.S. state that produces the most crude oil. It is home to the Permian Basin and Eagle Ford shale play, two of the most important petroleum-rich locations in the country. The U.S. also operates numerous rigs located offshore in the Gulf of Mexico, which contribute significantly to overall oil and gas production.

The United States is the world's largest crude oil producer. In 2023, it had an output of 19.4 million barrels worth of oil per day. This was nearly 12 million barrels more than in 2010 and largely a result of advances in unconventional tight oil production. Saudi Arabia and Russia ranked second and third, at around 11.4 and 11.1 million barrels daily respectively. Oil production includes crude oil, shale oil, oil sands, and natural gas liquids. Distribution of U.S. oil production The U.S. is divided into five regional divisions for oil production, known as Petroleum Administration for Defense District’s (PADD), which were created during World War II. The main goal was to organize the allocation of fuels from petroleum products and for data collection purposes these regions are still currently used. Out of all PADD's, PADD 3, including the Gulf Coast states, has recorded by far the largest daily crude oil production, at some 7.9 million barrels in 2021. By comparison, PADD 1 (East Coast) production volumes were 74 thousand barrels per day. The importance of PADD 3 to the country’s overall oil output is hardly surprising as Texas is by far the state with the largest crude oil production. U.S. natural gas production Besides being the world's largest oil producer, the U.S. is also the world’s largest natural gas producer. It produced over 934 billion cubic meters in 2021, despite ranking fifth in terms of proved natural gas reserves .

In 2023, the majority of oil worldwide was produced in the Middle East, which accounted for around 31.5 percent of the global output that year. Home to large hydrocarbon reserves, many of the world’s largest petrostates are located here. North America was the second largest oil producer, followed by the Commonwealth of Independent States. Global crude oil production In 2022, global oil production stood at almost 94 million barrels per day. Amongst the various crude oil producing countries in the world, the United States came in first, accounting for nearly 19 percent of global oil production in 2022. In comparison, Algeria was in the last position accounting for only 1.6 percent of the global oil production. Global oil companies In 2022, Saudi Aramco, a state-owned petroleum and natural gas company in Saudi Arabia was one of the top oil companies in terms of daily crude oil production, with a daily production volume of nearly 13.6 million barrels per day. In contrast, Sinopec, a Chinese oil company, which largely focuses on refining, reported a daily production of 769,000 barrels. Due in part to its position as refining leader, Sinopec claimed the highest revenue among global oil and gas companies, reaching nearly 373 billion U.S. dollars in 2023.

The Middle East produces more oil than any other region in the world, accounting for slightly less than a third of global oil production in 2023, at 31.5 percent. Overall, the Middle Eastern oil production makes up a slightly larger share of global production than it did ten years ago, but the contribution to worldwide oil production has risen most consistently in North America, while declining in all other regions. Shifts in North American oil production Over the past decade, higher oil production in North America has largely been driven by the United States. In the last ten years, oil production in the United States has more than doubled, with its annual output only mildly affected by the coronavirus pandemic. Meanwhile, Canada's crude oil production has also increased in the period, although in a less consistent manner. The U.S. moves towards less dependency Oil prices from OPEC countries, many of which are in the Middle East, had been rising in the years leading up to the global recession, reaching a peak in 2012. As a result, the United States decreased oil imports, and investors capitalized on lower interest rates to develop technologies such as hydraulic fracturing (fracking) that would allow domestic oil extraction from wells deep underground that were once too hard to reach. In 2019, before oil demand was affected by the pandemic, the North American country's imports dipped below 2.5 million barrels, a 26 percent drop in comparison to a decade earlier.

Equatorial Guinea: Oil production percent of world total: The latest value from 2023 is 0.108 percent, a decline from 0.147 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Equatorial Guinea from 1973 to 2023 is 0.168 percent. The minimum value, 0 percent, was reached in 1973 while the maximum of 0.488 percent was recorded in 2005.

Kazakhstan: Oil production percent of world total: The latest value from 2023 is 2.272 percent, an increase from 2.141 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Kazakhstan from 1992 to 2023 is 1.632 percent. The minimum value, 0.672 percent, was reached in 1994 while the maximum of 2.32 percent was recorded in 2020.

Key information about Russia Crude Oil: Production

• Russia Crude Oil: Production was reported at 9,592.386 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 9,756.049 Barrel/Day th for Dec 2022
• Russia Crude Oil: Production data is updated yearly, averaging 9,261.952 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 11,152.736 Barrel/Day th in 1987 and a record low of 2,683.100 Barrel/Day th in 1960
• Russia Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

Hong Kong: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Hong Kong from 2004 to 2023 is 0 percent. The minimum value, 0 percent, was reached in 2004 while the maximum of 0 percent was recorded in 2004.

The United States accounts for 20.1 percent of global crude oil production, making it the largest oil producing country in the world. Crude oil production includes crude oil, shale oil, oil sand and NGLs (natural gas liquids: liquid content of natural gas in which the condensate is recovered separately). It excludes liquid fuels from other sources such as biomass and coal derivatives. Global crude oil supply Apart from the United States, Saudi Arabia and Russia are among the world’s largest producers of crude oil, each accounting for a share around 12 percent. Saudi Arabia's oil production has amounted to roughly 11 million barrels of oil per day for the past few years. Unsurprisingly, these countries are also some of the world’s largest oil consumers. Saudi Arabia consumes around 3.5 million barrels per day, while the U.S. uses about 17 million barrels. U.S. oil trade In the past, the U.S. relied heavily on oil imports from OPEC member countries like Saudi Arabia. However, due to an increase in domestic production output following technological advances, U.S. crude oil imports decreased by over one third since 2005. Conversely, U.S. petroleum exports skyrocketed, reaching 10.15 million barrels per day in 2023.

Key information about Brazil Crude Oil: Production

• Brazil Crude Oil: Production was reported at 3,401.532 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 3,021.636 Barrel/Day th for Dec 2022
• Brazil Crude Oil: Production data is updated yearly, averaging 629.653 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 3,401.532 Barrel/Day th in 2023 and a record low of 85.114 Barrel/Day th in 1960
• Brazil Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

The Central African Republic: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for the Central African Republic from 2004 to 2023 is 0 percent. The minimum value, 0 percent, was reached in 2004 while the maximum of 0 percent was recorded in 2004.

Saudi Arabia’s crude oil exports in 2023 had a value of 310.6 billion U.S. dollars. This was the highest amount made by any crude oil exporting country that year and corresponded to a 16.3 percent share of global crude exports based on value. What is crude oil and who are the largest producers? Crude oil is unrefined petroleum that is made up of hydrocarbons as well as other organic materials. It is a fossil fuel that can be refined to create products such as transportation and heating fuels, as well as plastics, resins, solvents, and lubricants. It is a nonrenewable resource, meaning that there is a limited amount of it on Earth and it cannot be replaced naturally at the same rate as our current global consumption. Global oil production stands at nearly 96 million barrels per day. Oil production in Saudi Arabia It follows that as the greatest exporter based on value, Saudi Arabia is also one of the world’s largest oil producers. As of 2023, the Middle Eastern country and OPEC member state accounted for a 12.9 percent share of oil produced, second only to the United States. As the U.S. is also the country with the highest oil consumption worldwide, it uses more oil domestically and exports less than its competitors. The U.S. export value was roughly half that of Saudi Arabia.

Ireland: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Ireland from 2004 to 2023 is 0 percent. The minimum value, 0 percent, was reached in 2004 while the maximum of 0 percent was recorded in 2004.

Togo: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Togo from 2004 to 2023 is 0 percent. The minimum value, 0 percent, was reached in 2004 while the maximum of 0 percent was recorded in 2004.

Tonga: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Tonga from 2004 to 2023 is 0 percent. The minimum value, 0 percent, was reached in 2004 while the maximum of 0 percent was recorded in 2004.

North America's oil production amounted to 27.1 million barrels per day in 2023, up from some 25.4 million barrels daily in the prior year. Between 1998 and 2022, figures increased by nearly 12.9 thousand barrels per day.

OPEC's net oil export revenue reached 679.75 billion U.S. dollars in 2023, a decrease from 2022. In 2022, figures reached 828.61 billion U.S. dollars. OPEC stands for the Organization of Petroleum Exporting Countries and includes countries located in Africa, South America, the Middle East, and Southeast Asia. Currently, the organization has 12 member countries. OPEC oil production The formation of OPEC marked a shift away from large multinational company market control to a primarily state-based control of natural resources. The supply restrictions that began in 1970 enabled a significant increase in oil prices and thus, OPEC’s revenues. OPEC produces around 40 percent of the world’s total crude oil. Saudi Arabia is one of the largest oil exporters among the OPEC. The country sells around six million barrels of oil per day overseas. In total, some 19.7 million barrels of oil was exported per day by OPEC regions in 2021. OPEC crude oil production can strongly impact global oil prices, especially during periods of war or upheaval. Prices of oil are largely affected by basic supply and demand. As of preliminary 2024 figures, the average price of OPEC crude oil was around 80.48 U.S. dollars per barrel. Low oil prices in 2015 and 2016 were due to a wide range of factors including, but not limited to, lower U.S. production, rising Canadian and Iraqi production, and more energy-efficient vehicles. While the drop in 2020 was due to the coronavirus-pandemic.

Key information about Iran Crude Oil: Exports

• Iran Crude Oil: Exports was reported at 1,322.634 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 900.632 Barrel/Day th for Dec 2022
• Iran Crude Oil: Exports data is updated yearly, averaging 2,122.500 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 2,684.100 Barrel/Day th in 2004 and a record low of 404.489 Barrel/Day th in 2020
• Iran Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports