Top 40 Oil Producing Countries in the World

Oil Producing Countries in the World
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This article is an analysis of the Top 40 oil-producing Countries in the World. While we’re all buzzing about the shift to renewable energy due to climate concerns, let’s not forget the big player that’s still in the game: crude oil.

It remains a cornerstone of our global economy. Just to put things in perspective, Brent Crude oil takes the top spot as the world’s most traded commodity, with West Texas Intermediate Crude trailing just behind. In 2022 alone, a whopping 246.9 million Futures and Options Contracts of Brent Crude oil were exchanged on the Intercontinental Exchange, Inc. (NYSE:ICE).

Remember when we talked about the global crude oil market being valued at a cool $1.4 trillion in 2021? Well, forecasts are pinning it at an impressive $1.6 trillion by 2029. The 1.8% CAGR might feel a tad slow, but considering how established the crude oil sector is, it’s quite significant. And hey, keep an eye out for some roller-coaster price swings in the near future!

The Newest Information about the Crude Oil Market

Remember our deep-dive into the effects of the Russian invasion of Ukraine on the global crude oil market? Well, the ripples are still being felt. To date, the EU has put a hefty €91.2 billion in sanctions on imports from Russia, and a big slice of that pie is oil and gas.

Here’s an update: As of February 5, the EU put the brakes on all seaborne petroleum products coming from Russia. This move prompted the US Energy Information Administration (EIA) to tweak its numbers a bit. Originally forecasting an average Brent Crude oil price of $83 per barrel for Q2 2022, they’ve now upped it to $85. Though this ban was on the cards since December 2022, it only kicked in officially in February 2023.

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But what’s the road ahead looking like? Well, the EIA reckons that prices will stay pretty stable throughout Q2 2023. However, expect a gradual drop after that. Their predictions? An annual average price of about $83 per barrel in 2023, dipping down to $78 by 2024. Time to watch and see how this plays out!

Crude Oil Stocks

2022 was quite the year for US crude oil exports, wouldn’t you say? We saw a whopping 3.6 million barrels a day being shipped out, thanks largely to the sanctions slapped on Russian imports. Thanks to this, it was party time for crude oil stocks. The bigwigs, the top 5 US oil companies, raked in nearly $200 billion in profits. Not too shabby!

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But, as always, the tides change. Over the past three months, these stocks have had a rough ride. Just look at ETFs like Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (NYSEARCA: GUSH) — they’re down by almost 21%! And ProShares Ultra Bloomberg Crude Oil ETF (NYSEARCA: UCO)? They’ve slipped by 10.2%. It’s always a rollercoaster, isn’t it?

The Process We Follow

So, we’ve whipped up a list for you all, diving into the average monthly production volumes of different countries throughout 2022. And just so you know, we pulled all this juicy data from the Trading Economics website. A heads up though, some numbers might’ve shifted a bit with new updates or tweaks.

And oh, when it comes to Russia? There were a bunch of different figures flying around, so we settled on using the data from S&P Global for a consistent measure.

One more thing: we were pretty strict about our definition of crude oil here, leaving out NGPL and other liquids. So, if you’re thinking some countries’ production looks a bit low, keep in mind it’d be higher if we took a broader view of crude oil. Just some food for thought!

Top 40 Oil Producing Countries in the World

1. United States

Crude Oil Production in 2022: 11.9 million barrels per day

Guess who’s sitting pretty at number one in the Top 40 Oil-Producing Countries in the World? Yep, it’s the USA! Not only do they pump out more oil than anyone else, but they’re also the world’s thirstiest consumers. In 2022, the US was churning out a whopping 11.9 million barrels daily, up from 11.254 million the previous year.

And it looks like things are only ramping up. The EIA’s crystal ball suggests that in 2023, the US might be producing around 12.4 million barrels a day. A lot of this boost comes from the Permian Basin, which is expected to see its daily production leap by 470,000 barrels, hitting around 5.7 million barrels in 2023. Keep your eyes on the horizon, folks!

2. Russia

Crude Oil Production in 2022: 10.75 million barrels per day

So, here’s the scoop on Russia’s oil scene as we stepped into 2023. According to the EIA, they’re sitting on a massive stash of crude oil reserves—about 80 billion barrels! Throughout 2022, they were pumping out roughly 10.75 million barrels every day.

But here’s the twist: on December 23, 2022, Russia’s Deputy Prime Minister, Alexander Novak, dropped some news. He said that in 2023, Russia might dial back its production, cutting it by anywhere between 500,000 to 700,000 barrels daily. And why? It’s mainly in response to the G7 putting a cap on the price for Russia’s crude oil exports. The plot thickens, doesn’t it?

3. Saudi Arabia

Crude Oil Production in 2022: 10.59 million barrels per day

Alright, let’s chat about Saudi Arabia, a genuine heavyweight in the oil game. They’re packing a whopping 17% of the world’s proven crude oil reserves. In 2022, they stepped up their game, cranking up their daily production by 800,000 barrels, hitting 10.57 million barrels a day. Impressive, right?

What’s more, they shipped out 7 million barrels daily, marking their highest export game in the past half-decade. But hey, let’s not forget their record-breaking streak in 2016, where they exported a jaw-dropping 7.35 million barrels per day. Saudi Arabia sure knows its oil!

4. Iraq

Crude Oil Production in 2022: 4.48 million barrels per day

2022 was quite the year for Iraq in the oil arena. They climbed the ranks and snagged the 4th spot on the global leaderboard of top oil producers. And, get this – their global oil sales brought in a staggering $115.657 billion! That’s a big leap from the $75.6 billion they raked in the previous year.

What fueled this surge? Well, apart from pumping more barrels daily, the Russia-Ukraine conflict played its part, driving up costs in 2022. All of this together supercharged Iraq’s oil revenues. What a turn of events, right?

5. China

Crude Oil Production in 2022: 4.1 million barrels per day

Let’s talk China and its mammoth appetite for oil. This powerhouse is among the world’s top crude oil importers. And here’s a fun fact: even with their massive daily production, they gulp down over 15 million barrels of oil each day. And guess what? 2023 might see this number spike. Why? Well, as of January, they’ve given the green light to travel and lifted those lockdowns. So, more movement probably means more fuel. Keep an eye on this space!

6. Canada

Crude Oil Production in 2022: 4.076 million barrels per day

Canada boasts a significant chunk of the world’s crude oil reserves, holding a solid 10% with a whopping 171.0 billion barrels. The heart of this treasure? Alberta’s oil sands, where nearly all these reserves lie. But, interestingly, the country saw a dip in production from 4.439 million barrels a day in 2021, down to 4.076 million in 2022. Wonder what’s behind that!

7. United Arab Emirates

Crude Oil Production in 2022: 3.064 million barrels per day

UAE is making some bold moves in the oil scene. Even though it’s the third biggest oil producer among the OPEC nations, word on the street (well, CNBC) is that the UAE might leave OPEC. Why? Abu Dhabi, which holds a massive 96% of the country’s oil, wants its own production baseline. And in April 2022, Saudi Arabia upped the ante by increasing UAE’s baseline from 3.2 million to 3.65 million barrels per day.

But that’s not all. UAE has some ambitious plans up its sleeve. The country is looking to invest a staggering $150 billion by 2027 to jack up its oil production capacity to 5 million barrels daily. And to think, they initially aimed to hit this by 2030!

8. Brazil

Crude Oil Production in 2022: 3021.7 million barrels per day

Brazil is leading the charge in South American oil production, and here’s an interesting tidbit – almost 97% of their oil is chilling offshore! The International Energy Agency even predicts that by 2040, Brazil will be the powerhouse behind over half the world’s offshore oil. And when we talk about Brazilian oil, we’ve got to give a shoutout to Petróleo Brasileiro S.A. – Petrobras (that’s NYSE:PBR for the stock enthusiasts). They’re the big players in Brazil’s oil and gas scene, handling more than 70% of the country’s production. Quite the heavy-hitters, right?

9. Kuwait

Crude Oil Production in 2022: 2.7 million barrels per day

Kuwait’s oil game is strong and getting stronger! Last year, they averaged a daily production of 2.7 million barrels, which is a pretty impressive jump from the previous year. The Kuwait Petroleum Corporation isn’t stopping there though; they’ve got their eyes set on hitting 3.5 million barrels daily by 2025. If you’re curious where all this oil action is happening, look southeast to the Greater Burgan field. This field alone pumps out over 1.6 million barrels every single day.

Here’s a fun fact: oil isn’t just Kuwait’s pride, it’s their lifeline. It contributes to more than 90% of the country’s income. And with the crude oil prices doing the cha-cha upwards in 2022, they’re looking at a potential oil revenue of $82 billion or more for the fiscal year wrapping up in March 2023. Now that’s some serious oil money!

10. Iran

Crude Oil Production in 2022: 2.54 million barrels per day

OPEC dropped some news about Iran’s oil game in 2022. They ramped up their average production by 140,000 barrels, hitting 2.54 million barrels every day. And December? Oh, they were on fire, pumping out a peak of 2.58 million barrels daily.

Now, when it comes to how much oil Iran’s shipping out, that’s where things get a bit mysterious. The EIA reckons it’s about 600,000 barrels a day. But, depending on who you chat with, that figure could range anywhere from 600,000 to a cool 1.2 million barrels daily. The real number? Well, that’s Iran’s little secret.

11. Mexico

Crude Oil Production in 2022: 1.71 million barrels per day

Mexico’s oil scene has seen some shifts over the past decade. Rewind to December 2012, and they were pumping out a robust 2.5 million barrels a day. Fast forward to 2022, and that number has dipped to about 1.71 million barrels daily. But here’s the kicker: even with this decline, they’re still one of the top dogs when it comes to shipping crude oil to the US. Go figure!

12. Kazakhstan

Crude Oil Production in 2022: 1.7 million barrels per day

Kazakhstan’s got some serious oil game going on! They currently have a stake in about 3% of the world’s oil reserves, which translates to a cool 30 billion barrels. But here’s where it gets intriguing: word has it that there might be another 60-100 billion barrels hiding in the Kazakh part of the Caspian Sea, just waiting to be discovered. And when we’re chatting about the Caspian Sea neighborhood, Kazakhstan’s the big player with the largest proven oil stash. Who knew?

13. Norway

Crude Oil Production in 2022: 1.55 million barrels per day

Norway’s oil story is quite something! While most countries in the Economic Co-operation and Development (OECD) club see oil making up a mere 0.2% of their GDP, Norway’s like, “Hold my beer!” For this Nordic nation, oil covers a whopping 4.3% of their GDP. That’s massive, especially when you consider Norway’s size and population. 2022 was a rollercoaster year for them, though. In June, they hit a bit of a slump with their lowest production for the year, dripping out 1.35 million barrels daily. But by August? Norway was back in action, hitting a yearly high with a flow of 1.808 million barrels a day.

14. Qatar

Crude Oil Production in 2022: 1.321 million barrels per day

Let’s chat about Qatar for a sec! This place isn’t just rich in culture and history, it’s also the world’s richest country when you look at GDP per capita – a jaw-dropping $129,360! Now, a big chunk of that wealth? Thank the endless flows of oil and natural gas exports. In 2022, except for a little hiccup in the first two months, they consistently pumped out 1.322 million barrels daily. And just to sprinkle in another fun fact: as of 2021, Qatar was sitting on a treasure trove of over 25 billion barrels in proven oil reserves.

15. Nigeria

Crude Oil Production in 2022: 1.144 million barrels per day

Let’s dive into some oil tales from Nigeria! They’re the big kahunas in Africa, boasting the continent’s second-largest stash of proven oil reserves – that’s a cool 36.89 billion barrels. But, here’s the twist: they’ve got a bit of a problem with pipeline thefts, which often throws a wrench in their oil production plans. They aimed to pump out 1.88 million barrels daily in 2022 but ended up missing that target by a hefty 736,000 barrels each day. Crunch the numbers with 2022’s average Brent crude oil spot price of $100, and you’re looking at a loss of $26.864 billion.

16. Angola

Crude Oil Production in 2022: 1.14 million barrels per day

Angola’s got some fascinating oil mysteries! Right now, they’re sitting on a confirmed stash of about 9 billion barrels of oil. But here’s the juicy part: whispers suggest there could be a whopping 57 billion barrels of oil still hiding, just waiting to be confirmed. And it’s not just oil – their natural gas reserves are playing the same game of hide and seek. By the way, Angola’s no small player in Africa; they snagged the spot as the continent’s second biggest oil producer, pumping out 1.14 million barrels daily in 2022.

17. Oman

Crude Oil Production in 2022: 1.06 million barrels per day

Oman’s got quite the dynamic economy! While they lean heavily on mineral fuels, particularly oil, there’s a fresh buzz in town: tourism. And if you’re looking for some intriguing trade stats, check this out: December 2022 saw Oman’s imports to Japan skyrocket, jumping a staggering 179.3%. And let’s not forget their oil exports; South Korea was all in, soaking up an impressive 93% more of Oman’s oil compared to the previous year. Seems like Oman’s making some major economic moves!

18. Algeria

Crude Oil Production in 2022: 1.020 million barrels per day

Guess who’s the big kid on the African block? That’s right, it’s Algeria! The vast landscapes here aren’t just stunning; they’re packed with treasures like oil, gas, and other nifty resources – think iron ore, phosphates, uranium, and lead. In the 2022 treasure tally, they boasted a solid 12.2 billion barrels in proven oil reserves. And they’re not hoarding it all either; Algeria ships out about 60% of its oil bounty every year. Sharing is caring, after all!

19. Libya

Crude Oil Production in 2022: 1.018 million barrels per day

Libya’s got this energy thing down pat! Their economy runs majorly on oil and natural gas, making them one of the high-rollers in Africa. Oh, and they’ve been rubbing shoulders with the OPEC crew since 1962. But, 2022? A bit of a rollercoaster for them. While they generally churned out about 1.018 million barrels daily, there was a bit of a slump between April and July. June was especially tough, with the numbers dipping to just 632,000 barrels a day. Every economy has its ups and downs, right?

20. Columbia

Crude Oil Production in 2022: 754,200 barrels per day

Let’s spill some oil tea about Colombia! In 2022, they turned things around a bit with their crude oil production. After a tough 2021 where the numbers dipped to 796,164 barrels a day (thanks in part to some pesky pipeline attacks by the National Liberation Army), they managed to boost production to 754,200 barrels a day in 2022, marking a 2.4% increase. And get this, according to the EIA, daily disruptions in 2021 averaged around 14,000 barrels. But, 2022 brought some hope to the table! Looks like Colombia’s getting its oil groove back.

21. United Kingdom

Crude Oil Production in 2022: 754,166 barrels per day

Alright, let’s chat UK and its oil saga! Over the past couple of decades, their crude oil game has been, well, on a bit of a decline. 2022 was especially tough, with a drop of about 65 million barrels a day. And word on the street is this trend might continue till 2026. Now, if you’re picturing oil rigs on green pastures, think again! The whole of the UK’s oil stash is chilling offshore. And for the number junkies out there, as of the close of 2021, the UK was sitting on a neat 4 billion barrels in reserves. Dive deep, and you might strike liquid gold!

22. Venezuela

Crude Oil Production in 2022: 717,083

Alright, let’s dish some oil drama about Venezuela! Their crude oil scene has been on a bit of a downslide, and guess what’s to blame? Yep, US sanctions. The whole thing kicked off when Venezuela wanted a bigger slice of the revenue pie from international companies investing there.

But here’s a cool tidbit: According to BP’s snazzy Statistical Review of World Energy, Venezuela’s sitting on a literal goldmine of oil reserves – the largest in the world, in fact! As of 2020, they had a whopping 303.8 billion barrels tucked away, even more than Saudi Arabia’s 297.5 billion.

23. Azerbaijan

Crude Oil Production in 2022: 657,122 barrels per day

Let’s dive into Azerbaijan’s oily past and present! Back in the day, specifically between 1898 and 1901, this place was basically the oil capital of the world, accounting for a whopping 50% of the planet’s oil production. Fast forward to December 2021, and they’re still sitting on a cool 7 billion barrels of reserves.

Last year, they churned out 657,122 barrels a day, and word from the EIA wizards is that they’ll be floating around 640,000 to 670,000 barrels daily in 2023. Keep those oil pumps running, Azerbaijan!

24. Indonesia

Crude Oil Production in 2022: 612,300 barrels per day

Let’s talk Indonesia and its oil saga! Back in the ’90s, they were pumping out oil like champs, but since then, production’s been on a bit of a downhill slide. Meanwhile, their thirst for oil has been skyrocketing. So much so that by 2004, they started importing more than they produced. What’s the hitch, you ask? Well, those old oil fields aren’t getting the love and investment they need, and the changing government policies aren’t helping either. But don’t count them out! Indonesia’s got big dreams and aims to crank up their oil game to 1 million barrels daily by 2030.

25. India

Crude Oil Production in 2022: 605,186 barrels per day

Let’s take a quick trip to India and chat about its oil situation. While India’s oil production has been cruising steady, its population? Not so much! From 1.34 billion folks in 2020, they’ve nearly hit the 1.4 billion mark in 2022. You can imagine the energy it takes to power up such a crowd! This means they’ve had to up their oil import game. Last year they imported 85.7% of their oil, but word on the street is that in 2023, that number’s gonna inch up to 87%. Keep the tanks coming, India!

26. Egypt 559K 2021-11-01
27. Argentina 547K 2021-11-01
28. Malaysia 501K 2021-11-01
29. Ecuador 485K 2021-11-01
30. Australia 365K 2021-11-01
31. 34. Republic Of The Congo 260K 2022-02-01
32. Gabon 195K 2022-02-01
33. Vietnam 190K 2021-11-01
34. Turkmenistan 186K 2021-11-01
35. Bahrain 185K 2021-11-01
36. Ghana 172K 2021-11-01
37.0 Thailand 161K 2021-11-01
38. Italy 114K 2021-11-01
39. Israel 114K 2021-11-01
Brunei 96K 2021-11-01