1. United States
In terms of oil production, the United States maintains its top spot in 2024. Benefiting from advances in hydraulic fracturing and horizontal drilling technologies, US oil production centers around the Permian Basin in Texas and New Mexico, and the hub in the Gulf of Mexico. As of 2024, the United States is producing about 19.4 million barrels of oil per day.
2. Saudi Arabia
Second on the list is Saudi Arabia, a nation whose economy heavily relies on oil. Home to the world’s second-largest crude oil reserves, Saudi Arabia’s national oil company, Saudi Aramco, produces about 11.5 million barrels of oil per day. The biggest oil fields in this country are Ghawar and Safaniya which contribute to around half of the country’s oil production.
3. Russia
Russia, another major oil player globally, ranks third. Their top producing company, Rosneft, leads the way with its massive reserves in Western Siberia and the Volga-Urals region. As of 2024, Russia is producing around 10.8 million barrels per day. The country uses oil as a critical tool for global diplomacy and economic strategy.
4. Iraq
Next in the list is Iraq. Despite its political instability and conflicts, Iraq maintains oil production thanks to its large reserves. Nearly all of Iraq’s oil production comes from the southern region of the country, producing approximately 4.8 million barrels per day.
5. Canada
Canada ranks fifth in global oil production. The unconventional oil sands of Alberta make Canada the holder of the third largest oil reserves. Oil sands represent about 97% of Canada’s proven reserves, producing nearly 4.7 million barrels per day.
6. China
Despite being one of the largest global consumers of oil, China holds sixth position for oil production. It relies on reserves found in provinces like Heilongjiang and Shandong, producing about 4.4 million barrels per day. China attempts to balance its high consumption with domestic production and significant imports.
7. United Arab Emirates
United Arab Emirates (UAE) ranks seventh in oil production. The majority of oil comes from Abu Dhabi, which has the largest oil reserves in the UAE. As of 2024, the UAE produces about 4.0 million barrels per day.
8. Brazil
Brazil comes in eighth place with their offshore pre-salt oil reserves accounting for more than 13% of the country’s production. In 2024, it produces around 3.8 million barrels of oil per day. Petrobras continues to be the dominant player in the Brazilian oil sector.
9. Iran
Despite the economic sanctions, Iran remains among the top oil producers, ranking ninth. With an estimated production rate of 3.7 million barrels per day, Iran relies on its vast reserves mainly located in the Khuzestan region.
10. Kuwait
Rounding off the list is Kuwait. Even though it’s a small country, it’s one of the top oil producers thanks to its supergiant Burgan oil field. In 2024, Kuwait produces about 2.8 million barrels per day.
In summary, these nations hold the world’s energy needs in their hands. They vary in their reliance on oil revenue, but all share the international platform that oil production offers. As alternative energy sources continue to be explored and implemented, it remains to be seen how these nations will adapt their economies.
