In this article, we will be navigating through the 25 countries with the highest crude oil production in 2024. If you wish to skip our detailed analysis, you can move directly to the 5 Countries with Highest Crude Oil Production in 2024.
Global Oil Industry Outlook
As reported by the International Energy Agency, the global oil demand experienced a decline between the third and fourth quarters of 2023. 78% of the growth in global oil demand in 2024 will be dominated by three major economies including China, India, and Brazil. The new year began with disappointing circumstances since extreme weather conditions halted production in oil-producing areas in the United States and Canada, two major oil producers. Simultaneously, the global oil supply was also impacted by the voluntary output cuts from OPEC+ countries including Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. To balance oil markets, these cuts are being implemented by OPEC+ countries, with additional voluntary reductions totaling 2.2 million barrels per day. The cuts were reported to begin on January 1 and last until March 2024. For the rest of 2024, improved oil output has been forecasted which will be supported by the non-OPEC+ oil supply growth. The global oil supply is expected to rise by 1.7 mb/d to 103.8 mb/d in 2024.
On February 6, The US Energy Information Administration reported that the crude oil price experienced a monthly increase in January. The price increase has been due to the Red Sea attacks that have led to a rise in transit times as well as oil shipping costs. These attacks were launched by the Iranian-backed militant group, Houthis in November 2023 and drastically disrupted the global trade carried out through the Red Sea. However, the impact has been limited due to the global oil inventory build-up during 2022 and 2023. The world’s oil inventories went up by 0.8 million barrels per day on average from October 2023 through January 2024.
The production cuts as mentioned above will also be building upward pressure on the oil prices. In the first quarter of 2024, an average draw of 0.8 million barrels per day has been forecasted as a result of these cuts. Afterward, the global oil inventories will rise by an average of 0.1 million barrels per day in the last three quarters of 2024. In 2025, the global oil market is expected to resume moderate inventory levels.
Companies Dominating the Global Oil Industry
Some of the dominant players in the global oil market include Chevron Corporation (NYSE:CVX), Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR), and Shell plc (NYSE:SHEL). Let’s take a look at what these firms have been up to. Other valuable oil companies in the world have been previously covered.
Chevron Corporation (NYSE:CVX) serves as one of the major integrated energy companies. The company engages in the production of crude oil and natural gas as well as the manufacturing of transportation fuels. On January 18, Chevron Corporation (NYSE:CVX) reported it invested up to $41 million into two Kazakhstani companies by Chevron Direct Investment Fund Ltd. (CDIF). The companies Top Cleaning Kazakhstan LLP and Orhun Med Ltd will be expanding their business using the investment. The initiative demonstrates CDIF’s commitment to investing in Kazakhstan’s economy as well as its various industries including manufacturing, works, and services in the oil and gas industry.
Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is a Brazilian state-owned company that serves as one of the largest oil and gas producers globally. On February 8, the company reported that it has been working on exploratory operations in the African continent. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) completed the acquisition of stakes in the 3 exploratory blocks 10, 11, and 13, in São Tomé and Príncipe. As a part of the consortia for these blocks, the company holds a 45% stake in blocks 10 and 13 and a 25% interest in block 11.
Shell plc (NYSE:SHEL) is a British multinational oil and gas company. On January 16, the company reported that it has agreed to sell its Nigerian onshore subsidiary ‘The Shell Petroleum Development Company of Nigeria Limited’ (SPDC). The completion of the transaction is subject to approvals by the Federal Government of Nigeria. Through the company’s Deepwater and Integrated Gas businesses, it will continue to invest in the energy sector in Nigeria. Previously, Shell plc (NYSE:SHEL) had expressed intentions to leave onshore oil production in the Niger Delta.
Now that we have taken a look at the global oil industry, let’s move to the 25 countries with the highest crude oil production in 2024.
25 Countries with Highest Crude Oil Production in 2024
Our Methodology:
In order to compile a list of the 25 countries with the highest crude oil production in 2024, we sourced the most recent data available on oil production from the Energy Institute. The 2023 Statistical Review of World Energy presents country-wise oil production data from 2022. The countries on our list have been ranked in ascending order of their crude oil production.
25 Countries with Highest Crude Oil Production in 2024
25. Argentina
Oil Production: 32.8 Million Tonnes
In 2022, Argentina produced 32.8 million tonnes of oil. Therefore, Argentina ranks as one of the countries with a high crude oil production in 2024.
24. India
Oil Production: 33.0 Million Tonnes
India ranks among the nations with the highest crude oil production in 2024. Nearly half of the country’s crude oil production comes from offshore fields. In 2022, India’s oil production was 33.0 million tonnes.
23. Azerbaijan
Oil Production: 33.3 Million Tonnes
Azerbaijan is another country holding proven crude oil reserves. Crude oil and natural gas production also contribute to the national economy. In 2022, the oil production in Azerbaijan was recorded at 33.3 million tonnes.
22. United Kingdom
Oil Production: 36.2 Million Tonnes
In 2022, the United Kingdom produced 36.2 million tonnes of oil. Therefore, the UK ranks as one of the countries with the highest crude oil production globally.
21. Venezuela
Oil Production: 37.3 Million Tonnes
Venezuela ranks among the 25 countries with the highest crude oil production in 2024. In 2023, the country was known to have the world’s largest proven crude oil reserves. In 2022, it recorded 37.3 million tonnes of oil production.
20. Colombia
Oil Production: 39.7 Million Tonnes
In 2022, the oil production in Colombia was recorded at 39.7 million tonnes. As of January 2022, the country held 1.8 billion barrels of proven crude oil reserves.
19. Libya
Oil Production: 51.0 Million Tonnes
Libya is another country with a high crude oil production. In 2022, the country produced 51.0 million tonnes of crude oil. The country serves as a major crude oil producer in OPEC.
18. Oman
Oil Production: 51.4 Million Tonnes
The economy of Oman also relies heavily on its hydrocarbon industry. In 2022, the country produced 51.4 million tonnes of oil thereby ranking among countries with the highest crude oil production globally.
17. Angola
Oil Production: 57.8 Million Tonnes
Angola ranks as one of the countries with the highest crude oil production in 2024. After Nigeria, the country is a leading total liquid fuel-producing nation in Sub-Saharan Africa. In 2022, the country’s oil production was 57.8 million tonnes.
16. Algeria
Oil Production: 63.6 Million Tonnes
In 2022, oil production in Algeria was recorded at 63.6 million tonnes. The country is a major oil producer in Africa and ranks among the countries with the highest crude oil production in 2024.
15. Nigeria
Oil Production: 69.0 Million Tonnes
Nigeria serves as a major African hydrocarbon producer. The oil and gas sector is a significant part of the country’s economy. In 2022, Nigeria produced 69.0 million tonnes of crude oil.
14. Qatar
Oil Production: 74.1 Million Tonnes
Qatar is another major oil producer in the world. The country holds one of the largest proven oil reserves in the Middle East. In 2022, the oil production in the country was 74.1 million tonnes.
13. Kazakhstan
Oil Production: 84.1 Million Tonnes
The 25 countries with the highest crude oil production in 2024 also include Kazakhstan. In 2022, the country produced 84.1 million tonnes of crude oil.
12. Norway
Oil Production: 89.0 Million Tonnes
Norway is another large producer of crude oil in 2024. Crude oil and natural gas production are important contributors to the country’s economy. In 2022, Norway’s crude oil production was recorded at 89.0 million tonnes.
11. Mexico
Oil Production: 97.7 Million Tonnes
Mexico is one of the largest crude oil producers. Most of the country’s oil reserves are located offshore. In 2022, Mexico produced 97.7 million tonnes of crude oil.
10. Kuwait
Oil Production: 145.7 Million Tonnes
In 2022, the oil production in Kuwait was recorded at 145.7 million tonnes. The country is one of the largest crude oil producers in OPEC. Crude oil export revenues also contribute to the national economy.
9. Brazil
Oil Production: 163.1 Million Tonnes
Brazil is another major global crude oil producer. The country also serves as one of the largest oil-producing nations in South America. In 2022, the country produced 163.1 million tonnes of oil.
8. Iran
Oil Production: 176.5 Million Tonnes
In 2022, the oil production in Iran was recorded at 176.5 million tonnes. Iran ranks among other countries with the highest crude oil production globally.
7. United Arab Emirates
Oil Production: 181.1 Million Tonnes
The UAE is one of the world’s largest crude oil producers. The country had approximately 111 billion barrels of proven crude oil reserves at the start of 2023. It has also been investing heavily in increasing its hydrocarbon production capacity.
6. China
Oil Production: 204.7 Million Tonnes
China ranks as one of the countries with the highest crude oil production in 2024. The country produced 204.7 million tonnes of oil in 2022. However, the maturing oil fields and scarce new oil discoveries in the country are an issue.
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Disclosure: None. 25 Countries with Highest Crude Oil Production in 2024 is originally published on Insider Monkey.