There are a handful of countries around the world that produce the most oil, and their production influences energy markets, prices, and geopolitics.
The top 10 largest oil-producing countries in the world include the United States, Saudi Arabia, Russia, Canada, Iran, Iraq, China, Brazil, UAE, and Kuwait.
The information used in this article comes from Visual Capitalist.
US oil production surges
The United States, which ranks first, has seen its production exceed 19 million barrels per day thanks to advances in hydraulic fracturing and horizontal drilling. The United States is currently a net exporter of petroleum products.
According to the US Energy Information Administration (EIA), US oil production growth has averaged about 5% annually over the past five years.
This list shows daily production in millions of barrels and each country’s share of total supply.
Saudi Arabia and Russia’s position in production
Both Saudi Arabia and Russia maintain a production pace of more than 11 million barrels of oil per day, with the two countries providing about a quarter of the global supply.
Saudi Arabia is using its low-cost reserves to withstand market pressure, while Russia is expanding its pipeline system and Arctic fields to meet demand, according to Visual Capitalist.
Canada is the fourth largest producer
Canada’s daily production has reached about 5.7 million barrels, making the country the fourth-largest producer, followed by Iran in the Middle East with 4.6 million barrels.
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