This article discusses the 5 Biggest Oil Producing Countries in Asia. If you want to get a detailed analysis of the global oil sector, you can head on to the 20 Biggest Oil Producing Countries in Asia.
5. United Arab Emirates
BBL/D/1K: 2,914
The United Arab Emirates produced somewhat less crude oil in February 2024 than it did in January. With a peak in 2020 and a low in 1984, the country’s oil production has historically varied substantially, reflecting a variety of regional, national, and international economic and geopolitical variables. The United Arab Emirates is making large investments to increase its crude oil production capacity to 5 million barrels per day by 2027.
4. Iran
BBL/D/1K: 3,163
With an oil production rate of 3,163 thousand barrels per day in February 2024, Iran continues to be one of the top players in the global oil market even thought it had been facing multiple challenges, including international sanctions. Iran is planning to increase its oil production to 3.4 million barrels per day by the end of summer, approaching its capacity limit of 3.8 million barrels per day.
3. Iraq
BBL/D/1K: 3,992
As of February 2024, Iraq’s crude oil production stands at 3,992 thousand barrels per day, making it a major player in the global oil market and a major contributor to the world’s energy supply. Iraq’s oil production increased significantly in 2022 compared to the previous year, reaching an average of 4.62 million barrels per day in December, almost back to pre-pandemic levels. This recovery was seen despite the difficulties brought about by OPEC-plus policy and infrastructure limitations.
2. China
BBL/D/1K: 4,150
In February 2024, China’s oil production rate peaked to 4,150 thousand barrels per day, which marks its significant presence in the global oil market. This stresses upon China’s massive energy requirements and its place as a key actor in the regional and global energy dynamics. China’s total oil and gas production hit a new high of more than 390 million metric tons of oil equivalent in 2023.
1. Saudi Arabia
BBL/D/1K: 9,011
At number one we have Saudi Arabia. With an oil production rate of 9,011 thousand barrels per day in February 2024, Saudi Arabia maintains its status as a global energy powerhouse. The Kingdom plays an important role in the global oil market, especially within OPEC, influencing supply dynamics and pricing strategies globally. With an aim to stabilize the market in the face of a softening economic outlook, notably in China, Saudi Arabia stated in July 2023 that it would be cutting oil output by an extra 1 million barrels per day.
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