In this article, we discuss the top 5 oil producing countries of the world. To read the detailed analysis and latest updates on the oil industry, go directly to the Top 25 Oil Producing Countries in the World.
5. China
Crude Oil Production in 2022: 4.1 million barrels per day
China is one of the largest importers of crude oil in the world. Compared to its daily production, the country consumes over 15 million barrels of oil daily. Additionally, China’s oil consumption may also increase in 2023 as its travel and lockdown restrictions were finally been lifted in January.
4. Iraq
Crude Oil Production in 2022: 4.48 million barrels per day
In 2022, Iraq moved up to the 4th spot among the top oil-producing countries in the world. Additionally, the country generated record revenues of $115.657 billion from global oil sales, compared to $75.6 billion in 2021. Along with an increase in daily production, the cost increase in 2022 due to the Russia-Ukraine war was also a major factor in Iraq’s oil revenues surge.
3. Saudi Arabia
Crude Oil Production in 2022: 10.59 million barrels per day
Saudi Arabia contains 17% of the global proven crude oil reserves. In 2022, the country’s crude oil production increased by 800,000 barrels per day to 10.57 million barrels per day. Furthermore, Saudi Arabia exported 7 million barrels per day of crude oil, the highest in the last 5 years. The country’s crude oil exports hit an all-time high in 2016 at 7.35 million barrels per day.
2. Russia
Crude Oil Production in 2022: 10.75 million barrels per day
As of January 1, 2023, Russia’s crude oil reserves were around 80 billion barrels according to the EIA. In 2022, the country produced around 10.75 million barrels of crude oil per day. However, on December 23, 2022, Russia’s Deputy Prime Minister, Alexander Novak, announced that the country may cut its production by 500,000-700,000 barrels per day in 2023 due to G7’s price cap on Russia’s crude oil exports.
1. United States
Crude Oil Production in 2022: 11.9 million barrels per day
The United States makes it to the top of our list of the top 25 oil-producing countries in the world. Apart from being the biggest oil producer in the world, the US is also the largest consumer. In 2022, the country’s daily oil production was 11.9 million barrels, compared to 11.254 million barrels in 2021.
The EIA predicts that in 2023, the production of crude oil in the United States will average around 12.4 million barrels per day due to increased production in the Permian Basin. The EIA’s forecast of Permian Basin production increased by 470,000 barrels per day to estimated 5.7 million barrels per day in 2023.
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