Top 30 Oil Producing Countries in 2023

Published on November 20, 2023 at 1:15 pm by Ali Ahmed in Industries, Lists, News

In this article, we will be covering the top 30 oil producing countries in 2023. If you want to skip our detailed analysis of the global oil and gas market, you can go directly to Top 5 Oil Producing Countries in 2023.

Previously, we looked at the top natural gas producing countries. In this piece, we will be looking at the largest oil producing countries in the world.

Driven by a constant interplay between supply and demand, technological advancements, and geopolitics, the global oil and gas market is one of the world’s largest and most complex industries. However, as the world moves towards a cleaner energy future, the oil and gas industry is presented with both challenges and opportunities.

The Global Oil and Gas Market Poised for Growth Despite Challenges

The unresolved economic uncertainties, persistent inflation, and recessionary fears from 2022 continue to disrupt the macroeconomic environment in 2023. Ongoing geopolitical tensions and economic and trade sanctions on multiple countries have led to supply chain disruptions. This is negatively affecting many markets around the world, including the oil and gas market.

We discussed in one of our previous articles about the largest energy companies by revenue that renewable energy’s share of the global energy mix is steadily expanding. Moreover, as the electric vehicles market continues to grow, it presents a serious threat to the dominance of oil in the transport sector.

Despite these challenges, the oil and gas market is expected to continue growing in the coming years. Providing the energy that powers electricity generation, manufacturing, and transportation, oil and gas play a crucial role in the global economy. According to a report by The Business Research Company, the global oil and gas market value reached around $7.33 trillion in 2023. The oil and gas market is expected to grow at a compound annual growth rate (CAGR) of 4.3% during 2023-2027, pushing it to reach higher than $8.67 trillion by the end of the forecast period. Oil and gas still account for a significant portion of the global energy mix. The demand for energy is expected to grow significantly in emerging markets, particularly in Asia and Africa. As these regions experience economic growth and urbanization, the demand for energy is expected to grow, which will provide opportunities to the oil and gas companies to expand their operations.

What are Some of the Biggest Companies in the Oil and Gas Industry Up To?

Some of the major industry players that are expected to benefit as the oil and gas market grows include Exxon Mobil Corporation (NYSE:XOM), Valero Energy Corporation (NYSE:VLO), and Chevron Corporation (NYSE:CVX).

Based in the US, Chevron Corporation (NYSE:CVX) is a multinational energy corporation that primarily specializes in oil and gas refining and marketing. On October 23, CNBC reported that Chevron Corporation (NYSE:CVX) has agreed to acquire Hess Corporation (NYSE:HES) in an all-stock transaction valued at $53 billion. Hess Corporation (NYSE:HES) is engaged in the exploration and production of crude oil and natural gas in Guyana. The agreement indicates that Chevron Corporation (NYSE:CVX) plans to continue investing in oil. As demand for oil remains strong, major players are looking to expand and increase their business operations through acquisitions.

As a major player in the global oil and gas industry, Exxon Mobil Corporation (NYSE:XOM) ranks among the top oil and gas stocks to buy. On November 14, Exxon Mobil Corporation (NYSE:XOM) announced the start of production at Payara, Guyana’s third offshore oil development on the Stabroek Block. This brings up the total production capacity in Guyana to around 620,000 barrels per day. The news report also mentions that Exxon Mobil Corporation’s (NYSE:XOM) Guyana operations generate approximately 30% less greenhouse gas emissions than the company’s overall upstream portfolio average.

Valero Energy Corporation (NYSE:VLO) is one of the world’s largest independent oil and gas companies. With 15 refineries in the US, Canada, and the UK, Valero Energy Corporation (NYSE:VLO) is a major independent refiner with a total throughput capacity of about 3.2 million barrels per day. On October 26, Valero Energy Corporation (NYSE:VLO) reported strong earnings for the fiscal third quarter of 2023, reflecting strong demand for oil. The company reported earnings per share (EPS) of $7.49, surpassing EPS estimates by $0.17. The company reported a revenue of $38.4 billion.

Now that we have briefly discussed what some of the major oil and gas companies are up to, let’s take a look at the top 30 oil producing countries in 2023.

A drilling rig pumping oil and gas from a well in Latin America.

Methodology

In this article, we have listed the top 30 oil producing countries in 2023. To collect data for our list, we consulted the 72nd edition of the Statistical Review of World Energy published by the Energy Institute (EI). We used data obtained for the latest year in their dataset, published in 2023. This database provided us with a list of countries and information on their oil production as well as each country’s market share as a percentage for the year 2022. Oil production is measured in barrels per day. We then narrowed down our selection to rank the top 30 oil producing countries, which are listed below in ascending order.

Top 30 Oil Producing Countries in 2023

30. Australia

Oil Production: 420,000 Barrels Per Day

Market Share: 0.4%

First up on our list of top 30 oil producing countries in 2023 is Australia. Australia is the largest country in Oceania, and its oil and gas sector has played a crucial role in the development of the country’s present-day economy. According to recently reported data, Australia produces around 420,000 barrels of oil per day.

For investors looking to increase their exposure to the oil and gas industry, some stocks they can consider researching include Exxon Mobil Corporation (NYSE:XOM), Valero Energy Corporation (NYSE:VLO), and Chevron Corporation (NYSE:CVX).

29. Ecuador

Oil Production: 481,000 Barrels Per Day

Market Share: 0.5%

Ecuador is a country in South America. With significant oil reserves, it is one of the largest oil producers of South America. Crude oil production is one of the country’s most important exports. Ecuador produces an average of 481,000 barrels of oil daily.

28. Malaysia

Oil Production: 567,000 Barrels Per Day

Market Share: 0.6%

Malaysia is a country in Southeast Asia. The oil sector plays a crucial role in Malaysia’s annual GDP, and positively influences the country’s economy. According to recently reported data, Malaysia produces around 567,000 barrels of oil daily.

27. Egypt

Oil Production: 613,000 Barrels Per Day

Market Share: 0.7%

Egypt is a country located in south-western Asia and the north-eastern corner of Africa. The oil industry is one of Egypt’s most dynamic economic sectors. With significant energy resources, Egypt produces about 613,000 barrels of oil per day.

26. Indonesia

Oil Production: 644,000 Barrels Per Day

Market Share: 0.7%

Indonesia is a country in Southeast Asia and Oceania. The country is one of the biggest producers of palm oil. The oil sector is crucial to Indonesia’s economy and it employs thousands of people in the country. Indonesia produces an average of 644,000 barrels of oil per day according to recently reported data.

25. Azerbaijan

Oil Production: 685,000 Barrels Per Day

Market Share: 0.7%

Azerbaijan is a transcontinental country divided between Eastern Europe and Western Asia. It is rich in oil and gas resources and ranks among the top 25 oil producing countries in 2023. According to recently reported data, Azerbaijan produces about 685,000 barrels of oil per day.

24. Argentina

Oil Production: 706,000 Barrels Per Day

Market Share: 0.8%

Argentina is the second largest country by area in South America. The country is home to some of the world’s largest shale oil and shale gas reserves. Argentina produces around 706,000 barrels of oil per day.

23. Venezuela

Oil Production: 731,000 Barrels Per Day

Market Share: 0.8%

Venezuela has the world’s largest proven oil reserves and previously, the South American nation ranked among the largest exporters of oil. However, Venezuela’s oil industry witnessed a significant decline over the last decade. According to recently reported data, Venezuela now produces around 731,000 barrels of oil per day.

22. India

Oil Production: 737,000 Barrels Per Day

Market Share: 0.8%

India ranks among the largest and most populated countries in the world. It produces an average of 737,000 barrels of oil per day. However, India also ranks among the world’s largest consumers of oil. As an oil-dependent country, India is forced to import a large bulk of its consumption requirements.

21. Colombia

Oil Production: 754,000 Barrels Per Day

Market Share: 0.8%

Columbia produces an average of 754,000 barrels of oil per day. Colombia is South America’s second largest oil producer and the oil industry is key for the country’s national revenue. Colombia exports about half of the oil produced and the state-owned Colombian Petroleum Enterprise is a highly profitable concern.

20. United Kingdom

Oil Production: 778,000 Barrels Per Day

Market Share: 0.8%

The United Kingdom ranks among the top 20 oil producing countries in 2023. The oil and gas industry plays an important part in the economy of the United Kingdom. According to recently reported data, the United Kingdom produces around 778,000 barrels of oil per day.

19. Oman

Oil Production: 1,064,000 Barrels Per Day

Market Share: 1.1%

Oman is a country in the Middle East. While it is relatively less oil-rich than some of its neighbors in the Middle East, oil and gas still play a crucial role in Oman’s economy. Oman produces upwards of 1.06 million barrels of oil per day.

18. Libya

Oil Production: 1,088,000 Barrels Per Day

Market Share: 1.2%

Libya is a country in North Africa. According to recently reported data, Libya’s oil production averages nearly 1.09 million barrels per day. Oil revenues are Libya’s primary source of income and the oil and gas sector is crucial to the country’s economy.

17. Angola

Oil Production: 1,190,000 Barrels Per Day

Market Share: 1.3%

Angola is a country located on the west-central coast of South Africa. Angola’s economy relies heavily on its oil and gas industry. As one of the main players in Africa’s oil sector, Angola produces an average of 1.19 million barrels of oil per day.

16. Nigeria

Oil Production: 1,450,000 Barrels Per Day

Market Share: 1.5%

Nigeria is a country in West Africa. It is the second largest producer of oil and gas on the continent of Africa. Oil production contributes greatly to the country’s GDP. According to recently reported data, Nigeria produces 1.45 million barrels of oil daily.

15. Algeria

Oil Production: 1,474,000 Barrels Per Day

Market Share: 1.6%

Algeria is a country in North Africa. It is the largest oil producing country from the African continent. Producing an average of more than 1.47 million barrels of oil per day, Algeria ranks among the top 15 oil producing countries in 2023. Along with oil, Algeria is a large producer of gas.

14. Qatar

Oil Production: 1,768,000 Barrels Per Day

Market Share: 1.9%

Qatar is a country in the Middle East that ranks among some of the richest nations in the world, thanks to its oil and natural gas industry. According to recently reported data, Qatar produces an average of more than 1.76 million barrels of oil per day.

13. Kazakhstan

Oil Production: 1,769,000 Barrels Per Day

Market Share: 1.9%

Kazakhstan is a country in Central Asia that shares a border with Russia and China, among other countries. Kazakhstan produces an average of nearly 1.77 million barrels of oil daily. The oil sector plays a crucial role in Kazakhstan’s economy.

12. Norway

Oil Production: 1,901,000 Barrels Per Day

Market Share: 2%

Norway is a Scandinavian country that ranks at the number 12 spot on our list of top 30 oil producing countries in 2023. It is the largest oil producing country in Europe and the country’s oil industry plays a vital role in the Norwegian economy as well as the financing of the Norwegian welfare state. According to recently reported data, Norway produces more than 1.9 million barrels of oil per day.

11. Mexico

Oil Production: 1,944,000 Barrels Per Day

Market Share: 2.1%

Mexico is one of the largest oil producing nations in the Western Hemisphere. Production of oil is crucial to Mexico’s economy. According to recently reported data, the country produces over 1.94 million barrels of oil per day.

10. Kuwait

Oil Production: 3,028,000 Barrels Per Day

Market Share: 3.2%

Kuwait is a country in the Middle East that is a major supplier of oil. Oil accounts for more than 90% of Kuwait’s exports and a large chunk of the country’s GDP. Kuwait produces more than 3.02 million barrels of oil per day to rank among the top 10 oil producing countries in 2023.

9. Brazil

Oil Production: 3,107,000 Barrels Per Day

Market Share: 3.3%

Brazil is the largest country by area in South America. It is also the largest producer of oil in South America. Brazil has the largest recoverable ultra-deep oil reserves in the world. The country produces an average of more than 3.1 million barrels of oil per day.

8. Iran

Oil Production: 3,822,000 Barrels Per Day

Market Share: 4.1%

Iran is the second largest country in the Middle East. Iran is home to some of the largest deposits of oil and natural gas in the world. According to recently reported data, Iran produces more than 3.82 million barrels of oil daily.

7. United Arab Emirates

Oil Production: 4,020,000 Barrels Per Day

Market Share: 4.3%

The United Arab Emirates, or simply the UAE, is a country in the Middle East. Majority of UAE’s oil reserves are located in Abu Dhabi. Producing around 4.02 million barrels of oil per day, UAE ranks among the top 10 oil producing countries.

6. China

Oil Production: 4,111,000 Barrels Per Day

Market Share: 4.4%

China is one of the largest countries in the world by area. With one of the world’s largest strategic oil reserves, China ranks high among some of the top oil producing countries. According to recently reported data, China produces more than 4.11 million barrels of oil per day.

Some of the most prominent names in the global oil and gas industry include Exxon Mobil Corporation (NYSE:XOM), Valero Energy Corporation (NYSE:VLO), and Chevron Corporation (NYSE:CVX).

Click to continue reading and see Top 5 Oil Producing Countries in 2023.

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

The AI infrastructure supercycle
The onshoring boom driven by Trump-era tariffs
A surge in U.S. LNG exports
And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 100+% Return within 12 to 24 months.

We’re now offering month-to-month subscriptions with no commitments.

For a ridiculously low price of just $9.99 per month, you can unlock our in-depth investment research and exclusive insights – that’s less than a single fast food meal!

Here’s why this is a deal you can’t afford to pass up:

Access to our Detailed Report on our AI, Tariffs, and Nuclear Energy Stock with 100+% potential upside within 12 to 24 months
BONUS REPORT on our #1 AI-Robotics Stock with 10000% upside potential: Our in-depth report dives deep into our #1 AI/robotics stock’s groundbreaking technology and massive growth potential.
One New Issue of Our Premium Readership Newsletter: You will also receive one new issue per month and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.
One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149
Bonus Content: Premium access to members-only fund manager video interviews
Ad-Free Browsing: Enjoy a month of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.
Lifetime Price Guarantee: Your renewal rate will always remain the same as long as your subscription is active.
30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $9.99.

2. Enjoy a month of ad-free browsing, exclusive access to our in-depth report on the Trump tariff and nuclear energy company as well as the revolutionary AI-robotics company, and the upcoming issues of our Premium Readership Newsletter.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a month later!

Insider Monkey Ads

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Premium

Log In

Sign Up

Top 30 Oil Producing Countries in 2023

Published on November 20, 2023 at 1:15 pm by Ali Ahmed in Industries, Lists, News

Share

The Global Oil and Gas Market Poised for Growth Despite Challenges

What are Some of the Biggest Companies in the Oil and Gas Industry Up To?

Top 30 Oil Producing Countries in 2023

30. Australia

29. Ecuador

28. Malaysia

27. Egypt

26. Indonesia

25. Azerbaijan

24. Argentina

23. Venezuela

22. India

21. Colombia

20. United Kingdom

19. Oman

18. Libya

17. Angola

16. Nigeria

15. Algeria

14. Qatar

13. Kazakhstan

12. Norway

11. Mexico

10. Kuwait

9. Brazil

8. Iran

7. United Arab Emirates

6. China

Share

AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

A New Dawn is Coming to U.S. Stocks

Published on June 13, 2025 at by Insider Monkey Staff