Oil production and consumption are two of the most significant aspects of the global energy market, with a massive impact on economies and politics around the world. From the world’s largest producers, who pump millions of barrels daily, to the biggest consumers, who drive demand, each country’s role in the oil landscape reflects its unique energy needs and resources. Let's take a look at the top 10 countries leading in oil production and consumption as of 2024.
Leading Oil-Producing Countries
Global oil production is concentrated among a handful of nations with vast reserves and strong oil industries. These countries contribute to around three-quarters of the world’s oil supply.
1. United States
The U.S. ranks as the top oil producer, contributing around 22% of global production. Thanks to advancements in fracking and shale oil extraction, the U.S. has maintained its lead, producing nearly 21.91 million barrels per day.
2. Saudi Arabia
Saudi Arabia holds a significant position in the oil market as one of the largest OPEC members. Producing about 11.13 million barrels per day, it accounts for 11% of the world’s total output.
3. Russia
Russia is another top player, producing approximately 10.75 million barrels per day. Despite economic challenges, Russia remains one of the most consistent oil producers globally.
4. Canada
Canada produces about 5.76 million barrels per day, largely from its oil sands. This has positioned the country as a critical supplier, especially to North American markets.
5. China
In addition to its high consumption, China produces 5.26 million barrels per day. This domestic production helps meet some of its vast energy demands.
6. Iraq
Iraq contributes about 4.42 million barrels per day. As an OPEC member, Iraq has vast reserves and remains a significant player in Middle Eastern oil production.
7. Brazil
Brazil is South America's largest oil producer, generating approximately 4.28 million barrels per day. Offshore oil fields play a critical role in this production.
8. United Arab Emirates
With around 4.16 million barrels per day, the UAE is a major oil producer in the Middle East. Its stable production levels make it a crucial member of OPEC.
9. Iran
Iran’s production stands at about 3.99 million barrels per day. Sanctions have impacted its exports, but it remains a significant contributor to global oil production.
10. Kuwait
Kuwait produces around 2.91 million barrels per day, rounding out the list of the top 10 oil-producing countries. Despite its small geographic size, Kuwait’s reserves are among the most substantial in the world.