In 2023, the United States led with a 13.41% share of global oil production, followed closely by Saudi Arabia at 13.4% and Russia at 12.18%. Iran, Iraq, and Canada hovered around 4.99%, 4.85%, and 4.84%, respectively. Notably, the United Arab Emirates and China had similar shares, each over 4%. Kuwait and Brazil rounded out the top ten, at 3.42% and 2.83% respectively.
In recent years, the top three producers exhibited competitive stability, while secondary producers adapted to fluctuating demand and geopolitical dynamics. Five-year averages indicated sustained growth among leaders and resilience in emerging producers.
Future trends to monitor:
- Technological advancements in extraction and production.
- Geopolitical shifts affecting production policies.
- Transition to renewable energy sources impacting oil market dynamics.
- Global economic conditions influencing oil demand and production.
Top countries in Top Countries' Share of Global Oil Production
| # | 10 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 United States | 13.41 | 2016 | |
| 2 | 2 Saudi Arabia | 13.4 | 2016 | |
| 3 | 3 Russia | 12.18 | 2016 | |
| 4 | 4 Iran | 4.99 | 2016 | |
| 5 | 5 Iraq | 4.85 | 2016 | |
| 6 | 6 Canada | 4.84 | 2016 | |
| 7 | 7 United Arab Emirates | 4.42 | 2016 | |
| 8 | 8 China | 4.34 | 2016 | |
| 9 | 9 Kuwait | 3.42 | 2016 | |
| 10 | 10 Brazil | 2.83 | 2016 |
