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Top 10 Oil Titans Account For Over 70% of Global Production

  • The US produced nearly one-fifth of the world’s oil in 2022, maintaining its top position since 2018.
  • Europe has seen a significant drop in oil output over the past 20 years, now contributing only 3% to global supply, largely due to environmental regulations and a shift towards natural gas.
  • While oil remains vital, supplying almost a third of global energy demand, major oil-exporting countries are diversifying their economies, with Saudi Arabia investing in companies like Uber and WeWork.
Oil Barrels

In 2022 oil prices peaked at more than $100 per barrel, hitting an eight-year high, after a full year of turmoil in the energy markets in the wake of the Russian invasion of Ukraine.

Oil companies doubled their profits and the economies of the biggest oil producers in the world got a major boost.

But which countries are responsible for most of the world’s oil supply? Using data from the Statistical Review of World Energy by the Energy Institute, Visual Capitalist's Pallavi Rao and Christina Kostandi visualized and ranked the world’s biggest oil producers.

Ranked: Oil Production By Country, in 2022

The U.S. has been the world’s biggest oil producer since 2018 and continued its dominance in 2022 by producing close to 18 million barrels per day (B/D). This accounted for nearly one-fifth of the world’s oil supply.

Almost three-fourths of the country’s oil production is centered around five states: Texas, New Mexico, North Dakota, Alaska, and Colorado.

We rank the other major oil producers in the world below.

Rank

Country

2022 Production

(Thousand B/D)

YoY Change

Share of

World Supply

1

U.S.

17,770

+6.5%

18.9%

2

Saudi Arabia

12,136

+10.8%

12.9%

3

Russia

11,202

+1.8%

11.9%

4

Canada

5,576

+3.0%

5.9%

5

Iraq

4,520

+10.2%

4.8%

6

China

4,111

+2.9%

4.4%

7

UAE

4,020

+10.4%

4.3%

8

Iran

3,822

+4.6%

4.1%

9

Brazil

3,107

+3.9%

3.3%

10

Kuwait

3,028

+12.0%

3.2%

11

Mexico

1,944

+0.9%

2.1%

12

Norway

1,901

-6.3%

2.0%

13

Kazakhstan

1,769

-2.0%

1.9%

14

Qatar

1,768

+1.8%

1.9%

15

Algeria

1,474

+8.9%

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1.6%

16

Nigeria

1,450

-11.2%

1.5%

17

Angola

1,190

+1.1%

1.3%

18

Libya

1,088

-14.3%

1.2%

19

Oman

1,064

+9.6%

1.1%

20

UK

778

-11.0%

0.8%

Behind America’s considerable lead in oil production, Saudi Arabia (ranked 2nd) produced 12 million B/D, accounting for about 13% of global supply.

Russia came in third with 11 million B/D in 2022. Together, these top three oil producing behemoths, along with Canada (4th) and Iraq (5th), make up more than half of the entire world’s oil supply.

Meanwhile, the top 10 oil producers, including those ranked 6th to 10th—China, UAE, Iran, Brazil, and Kuwait—are responsible for more than 70% of the world’s oil production.

Notably, all top 10 oil giants increased their production between 2021–2022, and as a result, global output rose 4.2% year-on-year.

Major Oil Producing Regions in 2022

The Middle East accounts for one-third of global oil production and North America makes up almost another one-third of production. The Commonwealth of Independent States—an organization of post-Soviet Union countries—is another major regional producer of oil, with a 15% share of world production.

Region2022 Production(Thousand B/D)YoY ChangeShare ofWorld Supply
Middle East30,743+9.2%32.8%
North America25,290+5.3%27.0%
CIS14,006+0.9%14.9%
Africa7,043-3.5%7.5%
Asia Pacific7,273-1.4%7.8%
South & CentralAmerica6,3617.2%6.8%
Europe3,131-8.6%3.3%

What’s starkly apparent in the data however is Europe’s declining share of oil production, now at 3% of the world’s supply. In the last 20 years the EU’s oil output has dropped by more than 50% due to a variety of factors, including stricter environmental regulations and a shift to natural gas.

Another lens to look at regional production is through OPEC members, which control about 35% of the world’s oil output and about 70% of the world’s oil reserves.

When taking into account the group of 10 oil exporting countries OPEC has relationships with, known as OPEC+, the share of oil production increases to more than half of the world’s supply.

Oil’s Big Balancing Act

Since it’s the very lifeblood of the modern economy, the countries that control significant amounts of oil production also reap immense political and economic benefits. Entire regions have been catapulted into prosperity and wars have been fought over the control of the resource.

At the same time, the ongoing effort to pivot to renewable energy is pushing many major oil exporters to diversify their economies. A notable example is Saudi Arabia, whose sovereign wealth fund has invested in companies like Uber and WeWork.

However, the world still needs oil, as it supplies nearly one-third of global energy demand.

By Zerohedge.com

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Leave a comment
  • john tucker on October 02 2023 said:
    The profits of one dot com company, Amazon.com, have been larger than the profits of ALL the US oil exploration and production companies PLUS all of the pipeline companies combined, for each of the past 15 years......
  • Mamdouh Salameh on October 02 2023 said:
    According to the US Energy Information Administration (EIA), US crude consumption in 2023 is 20.5 million barrels a day (mbd) and its production is 12.8 mbd (though this figure is highly hyped). This means that US imports should be 7.7 mbd.

    If we believe the fantasy figure of US production of 17.77 mbd according to the Energy Institute’s Statistical Review of World Energy, then the US only imports 2.73 mbd which is an impossibility.

    This is no different from the claim made by the IEA in 2018 that by 2025 US production at 25 mbd will be bigger than the combined production of Russia and Saudi Arabia.

    Like all claims by the IEA, the claim that the United States is the world’s biggest producer can be safely ignored.

    Moreover, the production figures of Saudi Arabia, UAE and Iran are inflated.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment




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