30 Apr

The World’s Top Oil-Producing Countries

WRITTEN BY Rekha Khandelwal, CFA

Top oil producers

According to the EIA (U.S. Energy Information Administration), the United States, Saudi Arabia, and Russia are the world’s top three crude oil producers. The United States accounted for 18% of global oil production in 2018. Next came Saudi Arabia, which produced 12%, and Russia, which accounted for 11% of global oil production. Canada and China were, respectively, the fourth- and fifth-largest crude oil (USO) producers.

The World’s Top Oil-Producing Countries

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According to the EIA, the United States surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer in 2018. Texas, North Dakota, New Mexico, Oklahoma, and Alaska are the top oil-producing US states. ExxonMobil (XOM), Chevron (CVX), BP (BP), and Royal Dutch Shell (RDS.A) are among the top global oil companies.

Iran’s oil production

Iraq contributed ~5% of total global crude oil production while Iran was the seventh-largest producer, accounting for ~4% of the total global production. So, with roughly 4.47 million barrels per day of production, Iran’s contribution to global oil production isn’t insignificant. The top ten oil producers account for 70% of the total global crude oil production.

Top oil consumers

The United States also happens to be the largest consumer of crude oil worldwide. According to 2016 data, it accounted for 20% of the global oil consumption. Next come China and India. The EIA ranking defines “oil” to include crude oil, all other petroleum liquids, and biofuels.

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