Top-10 Oil Producing Countries in the World 2024

Oil production is a cornerstone of the global energy industry, with key players around the world shaping supply and demand dynamics. As of 2024, several countries dominate the oil market, leveraging vast reserves and advanced extraction technologies. From traditional powerhouses like the United States and Saudi Arabia to emerging players like Brazil and China, the top 10 oil-producing nations play a crucial role in meeting global energy needs and driving economic growth.

Worldwide Oil Production

Currently, global crude oil production stands at 82.92 million barrels, showing a slight increase from 82.52 million barrels last month and a rise from 81.81 million barrels a year ago. This represents a month-over-month uptick of 0.49% and a year-over-year increase of 1.36%. World Crude Oil Production quantifies the daily output of crude oil barrels worldwide.

Largest Oil Producer in the World 2024

The United States maintains its position as the world’s largest oil producer in 2024, with an output of 19.43 million barrels per day (bpd), inclusive of both crude oil and liquids. Despite a decrease of 783 thousand bpd compared to 2022 levels, the US remains a significant player, often termed a swing producer due to its production responsiveness to market prices. Texas emerges as the primary oil-producing state, surpassing others by nearly fourfold, notably leading the nation’s oil production. Moreover, alongside its production dominance, the US also stands as a substantial consumer, utilizing an average of 20.5 million barrels per day of petroleum products in 2023.

Top-10 Oil Producing Countries in the World 2024

United States with the oil production of 19.43 million bpd, holds the title of the largest oil producing country in the world, followed by Russia, Saudi Arabia and Canada.

Here is the list of top-10 oil producing countries in the world 2024:

 Largest Oil Producer in the World – United States

Oil Production: 19.43 million barrels per day

The United States tops the list as the world’s largest oil producer, with an output of 19.43 million bpd in 2023. Despite a decrease from its 2022 level, the US remains a significant player in the global oil market. Texas leads in production, highlighting the nation’s diverse oil-rich regions. Additionally, the US is a major consumer, with an average consumption of 20.5 million barrels per day in 2023.

Second Largest Country in terms of Oil Production – Russia

Oil Production: 10.96 million barrels per day

Russia ranks as the second-largest oil producer globally, with an output of 10.96 million bpd in 2023. Despite challenges such as production cuts and geopolitical tensions, Russia’s oil exports rebounded to pre-war levels by April 2023 due to high demand from China and India. Most of Russia’s reserves are concentrated in West Siberia and the Urals-Volga region.

World’s Third Largest Oil Producing Country – Saudi Arabia

Oil Production: 10.73 million barrels per day

Saudi Arabia ranks as the third-largest oil producer globally, with an output of 10.73 million bpd in 2023. Despite possessing 17 percent of the world’s proven petroleum reserves and being the largest petroleum exporter, Saudi Arabia voluntarily cut its production by 1 million bpd in mid-2023 and into the first quarter of 2024, impacting its ranking.