Crude oil, often called black gold, is the lifeblood of modern economies. This fossil fuel not only powers our cars and heats our homes, but it also plays a critical role in sectors like manufacturing, production, and technology. This article offers an in-depth exploration of oil production on a global scale, focusing on the most recent data available.
In 2022, according to data gathered from across the world, varying rates of oil production were observed across countries, thereby inherently influencing their economies — both directly and indirectly.
A few key findings from the data include:
Understanding the global landscape of oil production is vital, as it provides a foundation for predicting future trends in energy demand, economic growth, and environmental impacts, ultimately guiding policy-making and business decisions around the world. The rich data available on oil production by country serves as a lodestar, illuminating the complex world of energy politics, economics, and sustainability.
The top ten oil producing countries in terms of daily barrels produced are United States, Russia, Saudi Arabia, Canada, Iraq, China, United Arab Emirates, Brazil, Kuwait, and Iran. The leading country in the oil production sector is the United States, boasting an impressive production of 11.6 million barrels per day. Next, Russia follows closely behind with daily oil production at 10.5 million barrels. Saudi Arabia ranks third, contributing 10.2 million barrels to the world's daily oil production.
Canada and Iraq are next on the list producing 4.7 and 4.3 million barrels per day, respectively. Meanwhile, China contributes a significant figure of 4.0 million barrels per day to the global tally. The United Arab Emirates and Brazil are next in line, with outputs of 3.0 and 2.9 million barrels per day, respectively. Lastly, contributing to the top ten are Kuwait and Iran, each producing 2.6 and 2.5 million barrels of oil per day respectively.
10 Oil Producing Countries with their Daily Oil Production in Millions of Barrels:
To sort the data in the table, click on the column headers.