Despite
efforts to decarbonize the global economy, oil is still one of the world’s most
important resources. It is also produced by a limited group of countries.
This graphic illustrates global crude oil
production in 2023, measured in million barrels per day, sourced from the U.S.
Energy Information Administration (EIA).
Three Countries Account for 40% of Global Oil Production
In
2023, the United States, Russia, and Saudi Arabia collectively contributed 32.8
million barrels per day to global oil production.
These three nations have consistently dominated oil production since
1971.
In
contrast, the combined production of the next three largest producers—Canada,
Iraq, and China—reached 13.1 million barrels per day in 2023, surpassing
the production of the United States alone.
In 2024, according to analysts, the U.S.
will maintain its position as the top oil
producer. In fact, according to Macquarie
Group, U.S. oil production will achieve a
record of about 14 million barrels per day by the end of the year.
