Global oil production continues to increase. It increased by 1.7 million barrels per day in 2023. EIA projects it will increase by 0.6 million and 1.6 million barrels per day in 2024 and 2025 respectively.
Here are the top 20 oil-producing countries in the world in 2023 with their daily production volume and market share.
- USA – 17,770,000 BOPD (18.9% market share)
- Saudi Arabia – 12,136,000 BOPD (12.9%)
- Russia – 11,202,000 BOPD (11.9%)
- Canada – 5,576,000 BOPD (5.9%)
- Iraq – 4,520,000 BOPD (4.8%)
- China – 4,111,000 BOPD (4.4%)
- UAE – 4,020,000 BOPD (4.3%)
- Iran – 3,822,000 (4.1%)
- Brazil – 3,107,000 (3.3%)
- Kuwait – 3,028,000 (3.2%)
- Mexico – 1,944,000 (2.1%)
- Norway – 1,901,000 (2.0%)
- Kazakhstan – 1,769,000 (1.9%)
- Qatar – 1,768,000 (1.9%)
- Algeria – 1,474,000 (1.6%)
- Nigeria – 1,450,000 (1.5%)
- Angola – 1,190,000 (1.3%)
- Libya – 1,088,000 (1.2%)
- Oman – 1,064,000 (1.1%)
- UK – 778,000 (0.8%)
Source: 20 Countries That Produce the Most Oil in the World by Ali Ahmed.
