Top 10 Oil Producing Countries in the World, 2024
1. United States
The United States is the world's largest consumer and producer of oil. In 2024, its oil production reached 20,135 thousand barrels per day, ranking first globally with a year-on-year increase of 3.6%, capturing a market share of 20.8%. Since the shale oil and gas revolution of the 2010s, the country has significantly increased its oil self-sufficiency rate, surpassing Saudi Arabia and Russia to become the world's top oil producer.
2. Saudi Arabia
Saudi Arabia stands out as a leader in oil production within the Middle East, possessing abundant oil resources with low production costs. It is also a key member of OPEC. The nation’s own oil consumption is relatively low, leading it to have the highest "net export volume" of oil globally. Saudi Arabia produced 10,856 thousand barrels per day in 2024, ranking second globally, with a year-on-year decrease of 3.6% and a market share of 11.2%.
3. Russia
Russia ranked third globally with an oil production of 10,752 thousand barrels per day in 2024, showing a year-on-year decline of 2.9% and holding a market share of 11.1%.
4. Canada
Canada ranked fourth with an oil production of 5,888 thousand barrels per day in 2024, marking a year-on-year increase of 4.3% and securing a market share of 6.1%. Despite having the world's third-largest oil reserves, the difficulty and high cost of extracting oil from oil sands present significant challenges.
5. Iran
Iran, a Middle Eastern country, ranked fifth with an oil production of 5,062 thousand barrels per day in 2024, experiencing a significant year-on-year increase of 10.7%, with a market share of 5.2%. This country holds the world’s third-largest oil reserves and the second-largest natural gas reserves. However, US sanctions and regional disputes severely constrain its oil production capabilities.
6. Iraq
Iraq, another Middle Eastern country, ranked sixth with an oil production of 4,398 thousand barrels per day in 2024, seeing a slight year-on-year increase of 1.0%, holding a market share of 4.5%.
7. China
China, the world's second-largest oil consumer after the United States, has seen six consecutive years of growth in oil production for energy independence. In 2024, it produced 4,264 thousand barrels per day, ranking seventh globally, with a year-on-year increase of 1.6% and a market share of 4.4%.
8. United Arab Emirates (UAE)
The UAE ranked eighth with an oil production of 4,006 thousand barrels per day in 2024, showing a minor year-on-year decrease of 0.3%, and held a market share of 4.1%.
9. Brazil
Brazil, a South American country, ranked ninth with an oil production of 3,466 thousand barrels per day in 2024, experiencing a year-on-year decrease of 1.0% and holding a market share of 3.6%.
10. Kuwait
Kuwait, a Middle Eastern country, ranked tenth with an oil production of 2,719 thousand barrels per day in 2024, witnessing a significant year-on-year decline of 6.3% and holding a market share of 2.8%. The oil and gas sector accounts for approximately 60% of its GDP and about 95% of its export revenue.
