In this article, we discuss 5 countries that produce the most oil in the world. If you want to see more countries that produce the most oil in the world, go directly to 15 Countries That Produce the Most Oil in the World.
5. Iraq
2021 Oil Production (million barrels per day): 4.1
Iraq ranks #5 on our list of 15 Countries That Produce the Most Oil in the World given its 2021 oil production of 4.1 million barrels per day. In terms of oil and gas, Iraq has a lot of potential given the country has proven crude oil reserves of 145 billion barrels and proven natural gas reserves of 3,714 billion cubic meters. The country plans on increasing its oil production capacity to 7 million barrels per day in 2027.
4. Canada
2021 Oil Production (million barrels per day): 5.43
Canada is the fourth largest oil producer in the world with oil production of 5.43 million barrels per day with a substantial percentage from oil sands. In terms of oil sands, Canada has the world’s second largest reserves at 162.4 billion barrels. Taking into the consideration the cost to produce oil from oil sands, however, the process is more expensive than the process of making other types of oil.
3. Russian Federation
2021 Oil Production (million barrels per day): 10.94
The Russian Federation is the third largest oil producer in the world in 2021 with oil production of 10.94 million barrels per day. With the Russia Ukraine war in 2022, however, Russia’s production this year might not be as strong as it was last year. Russia has substantial energy resources given it has over 5% of the world’s crude oil reserves and around a quarter of the world’s natural gas reserves.
2. Saudi Arabia
2021 Oil Production (million barrels per day): 10.95
Saudi Arabia is an energy superpower given the country has around 17% of the world’s proven oil reserves with 267.2 million barrels and average daily oil production of 10.95 million barrels per day in 2021. The country is also a major exporter with crude oil exports of 6.23 million barrels per day in 2021. With its production, Saudi Arabia ranks #2 on our list of 15 Countries That Produce the Most Oil in the World.
1. United States
2021 Oil Production (million barrels per day): 16.59
The United States ranks #1 on our list of 15 Countries That Produce the Most Oil in the World given its oil production of 16.59 million barrels per day according to BP’s Statistical Review of World Energy’s definition of oil which includes condensates and natural gas liquids such as ethane, LPG, and naphtha.
According to the EIA’s more strict definition, U.S. crude oil production was 11.25 million barrels per day for the year which would still rank the country first in the world in terms of production last year.
Although the U.S. is the largest producer of oil, the country is also the biggest consumer of oil. According to the EIA, the U.S. consumed 19.89 million barrels per day of liquid fuels, up from 18.19 million in 2020.
While the U.S. still has a deficit, its production has nevertheless increased over the years, and it could be possible in the future for the United States to be potentially self-sufficient in terms of oil.
You can also take a look at 15 Biggest Banks In The World and Ken Griffin Stock Portfolio: Top 10 Stock Picks.