The World’s Top 10 Oil Producers 2024

Statistics originate from the Energy Information Administration (EIA) and include total production of petroleum and other liquids. It is the most current data at the time of publication.

United States

• Production: 20-22 million barrels per day (includes crude oil and liquids)
  • Crude Oil Production: 12.9 million barrels per day
• Key Players: ExxonMobil, Chevron, ConocoPhillips
• Major Fields: Permian Basin (Texas/New Mexico), Alaska, Bakken Formation (North Dakota), Eagle Ford (Texas), Gulf of Mexico

The US is the world’s top producer due to the shale oil (tight oil) revolution. Apart from being the top oil producer, the US is a major consumer, with an average daily consumption of roughly 20-22 million barrels. Texas is the largest oil-producing state in the nation, followed by New Mexico. Thus, the United States plays a crucial role in the global oil industry landscape.

Saudi Arabia

• Production: 10-11 million barrels per day (includes crude oil & liquids)
  • Crude Oil Production: 9.7 million barrels per day
• Key Players: Saudi Aramco (state-owned, world’s largest oil company)
• Major Fields: Ghawar (largest onshore field), Safaniya (largest offshore), Khurais, Shaybah, Qatif, Abqaia, Khursaniyah, Zuluf, Berri.

Saudi Arabia is the second largest top oil producer after the United States. It is the OPEC+ de facto leader which sets production quotas for members. Its oil & gas sector accounts for around 50% of its GDP and about 85% of its export earnings. In addition, Saudi Arabia is home to about 17% of the world’s proven petroleum reserves, the second-largest held after Venezuela, totalling 297 billion barrels.

Russia

• Production: 9–10.8 million barrels per day
  • Crude Oil Production: 10.1 million barrels per day
• Key Players: Rosneft, Lukoil, Gazprom NeftSurgutneftegas
• Major Fields: Western Siberia, Sakhalin, Caspian, Volga-Urals Irkutsk, Volga-Ural, Eastern Siberia, and the Far East.

Russia, a key member of the OPEC+ group, is the third largest oil producer in 2024. However, sanctions, boycotts, and export constraints levied in response to its invasion of Ukraine have hurt the country’s production and export output. In response to Russia’s invasion, the US, the UK, Canada and Australia have banned imports of Russian oil. Nevertheless, despite economic sanctions and trade restrictions, Russia remains one of the world’s top oil producers.

Canada

• Production: 5.8 million barrels per day    
  • Crude Oil Production: 4.6 million barrels per day
• Key Players: Suncor, Canadian Natural Resources, Imperial Oil, Cenovus
• Major Fields: Western Canada Sedimentary Basin and Atlantic offshore fields

Canada is the 4th largest oil producer. Nearly all of Canada’s production originates from Alberta. 97% of oil reserves there are in the form of oil sands. At the same time, conventional reserves account for the other 3%.

China

• Production: 5-5.3 million barrels per day
  • Crude Oil Production: 4-4.2 million barrels per day
• Key Players: Daqing, Shengli, Tarim Basin, and Offshore (Bohai Bay and South China Sea)
• Major Fields: CNPC (China National Petroleum Corporation), Sinopec, CNOOC (China National Offshore Oil Corp)

China rounds out the top 5 global oil producers. The country’s northeast and north-central regions are the sources of most domestic production. Mature fields like Daqing have been heavily drilled for oil since the 1960s.

Iraq

• Production: 4.4 million barrels per day
  • Crude Oil Production: 4.3 million barrels per day
• Key Players: Basra Oil Company, Iraq National Oil Company, international firms (BP, ExxonMobil, TotalEnergies, Lukoil, ENI)
• Major Fields: Rumaila, West Qurna, Kirkuk, Majnoon, Kurdistan

At 4.4 million bpd, Iraq is the sixth largest producer country and the third largest producer in OPEC+ after Saudi Arabia and Russia.

Brazil

• Production: 4.3 million barrels per day
  • Crude Oil Production: 3.4 million barrels per day
• Key Players: Petrobras and International Majors (Shell, TotalEnergies, CNOOC)
• Major Fields: Pre-salt basins (Tupi, Sapinhoá, Búzios), Campos Basin

Brazil is the top oil producer in Latin America and the seventh in the world. The country possesses the world’s largest ultra-deep oil reserves, and most of its production is offshore. 

United Arab Emirates (UAE)

• Production: 4.2 million barrels per day
  • Crude Oil Production: 3.4 million barrels per day
• Key Players: ADNOC (Abu Dhabi National Oil Company), International majors (TotalEnergies, BP, Shell, CNPC)
• Major Fields: Upper Zakum, Murban, Bab, Bu Hasa, Umm Shaif, Lower Zakum

The UAE, an OPEC+ member and the Arab world’s second-largest economy, also ranks among the top world oil producers. Abu Dhabi accounts for nearly all of the UAE’s oil production and over 90% of its proven oil reserves. Abu Dhabi National Oil Company (ADNOC) plans to achieve a production capacity of 5 million bpd by 2030.

Iran

• Production: 3.9 million barrels per day (sanction-constrained)
  • Crude Oil Production: 3.6 million barrels per day
• Key Players: NIOC (National Iranian Oil Company) manages all production
• Major Fields: Ahvaz, Gachsaran, South Pars (gas/oil), Aghajari, Azadegan

Iran was the world’s ninth-largest oil producer. In the 1970s, Iran produced between 5 and 6 million barrels of oil daily. As more countries started to produce and export oil, this number decreased drastically. Further decreases in production followed as the US and the European Union imposed and toughened sanctions on Iran. Thus, sanctions have negatively impacted Iran’s energy production sector.

Kuwait

• Production: 2.9 million barrels per day
  • Crude Oil Production: 2.6 million barrels per day
• Key Players: Kuwait Petroleum Corporation, Kuwait Oil Company, Kuwait Gulf Oil Co, International majors (Chevron & Saudi Aramco)
• Major Fields: Burgan (2nd largest in the world), Raudhatain & Sabriyah, Minagish & Umm Gudair, Khafji, and Wafra

Kuwait is the tenth-largest oil producer in the world in 2024. However, internal politics, constant government changes, and delayed infrastructure projects have hindered the country’s plans to expand capacity to 3.5 million.