Top 10 oil producing countries in the world 2024

Weather of Arabia - Oil production is the cornerstone of the global energy industry, with major countries around the world playing an important role in shaping the dynamics of supply and demand. Until 2024, many countries dominate the oil market, exploiting huge reserves and advanced extraction technologies. From traditional major powers like the United States and Saudi Arabia to emerging players like Brazil and China, the top 10 oil-producing countries play a vital role in meeting global energy needs and driving economic growth.

Global oil production

Currently, global crude oil production is at 82.92 million barrels per day, showing a slight increase from 82.52 million barrels last month and an increase from 81.81 million barrels a year ago. This represents an increase of 0.49% month over month and an increase of 1.36% over last year. Global crude oil production measures the daily production of barrels of crude oil around the world.

The world's largest oil producer in 2024

The United States maintains its position as the world's largest oil producer in 2024, with production of 19.43 million barrels per day, including crude oil and liquids. Despite a decline of 783,000 barrels per day compared to 2022 levels, the United States remains an important player, often described as a fluctuating producer due to its response to market prices. Texas stands out as the major oil producing state, outperforming the others by nearly four times, which significantly leads the country's oil production. Moreover, in addition to its dominance in production, the United States is also a large consumer, using an average of 20.5 million barrels per day of petroleum products in 2023.

Top 10 oil producing countries in the world for 2024

The United States retains the title of the world's largest oil producing country, with production of 19.43 million barrels per day, followed by Russia, Saudi Arabia and Canada.

Below is a list of the top 10 oil producing countries in the world for the year 2024:

1. United States – 19.43 million barrels per day
2. Russia – 10.96 million barrels per day
3. Saudi Arabia - 10.73 million barrels per day
4. Canada – 5.79 million barrels per day
5. Iraq - 4.27 million barrels per day
6. China – 4.28 million barrels per day
7. United Arab Emirates – 3.3 million barrels per day
8. Brazil – 3.49 million barrels per day
9. Iran – 2.99 million barrels per day
10. Kuwait – 2.62 million barrels per day

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Sources:

yalatrade