Global Oil Powerhouses: A Deep Dive Into the Top Oil Producing Countries in 2024
The global oil market is a cornerstone of modern civilization, fueling everything from transportation to industry. Despite growing calls for green energy, crude oil remains vital. In 2024, with demand stabilizing post-pandemic and geopolitical uncertainties reshaping markets, top oil-producing countries are regaining their footing — and some are surging to new highs.
In this comprehensive article, we explore the top oil producing countries in 2024, analyzing their production volumes, energy strategies, geopolitical influence, and what it all means for the future of global energy.
1. United States – 21.91 Million Barrels per Day (bpd)
The United States retains its crown as the world’s largest oil producer. Thanks to shale oil from the Permian Basin and advanced drilling techniques like hydraulic fracturing, U.S. output reached 21.91 million bpd in 2023 and remains stable in 2024.
Strategic Highlights:
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The U.S. continues to dominate non-OPEC production.
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Its energy independence allows for greater flexibility in global diplomacy.
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Despite internal debates on climate change, energy firms are expanding capacity.
Geopolitical Implications:
The U.S. exports crude and refined products globally, often influencing prices on both WTI and Brent indexes. Washington’s ability to sanction rival oil producers without disrupting domestic supply is a significant diplomatic tool.
2. Saudi Arabia – 11.13 Million bpd
The heart of OPEC, Saudi Arabia, remains a powerhouse in oil production. Producing 11.13 million bpd, the kingdom’s reserves in Ghawar — the world’s largest conventional oil field — give it a competitive edge.
Strategic Highlights:
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Major investments in carbon capture and green hydrogen (Vision 2030).
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Plays a central role in OPEC+ decisions.
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Voluntarily curtails output to stabilize prices.
Geopolitical Implications:
Saudi Arabia balances U.S. and Chinese partnerships, strategically using oil as leverage. It’s also investing heavily in energy diversification, suggesting long-term planning beyond oil.
3. Russia – 10.75 Million bpd
Despite Western sanctions, a war in Ukraine, and infrastructural challenges, Russia remains a formidable player with 10.75 million bpd. The country has pivoted its crude exports toward Asia, especially China and India.
Strategic Highlights:
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Operates under economic sanctions but maintains robust output.
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New pipelines like Power of Siberia enhance regional ties.
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Investment in Arctic oil exploration is on the rise.
Geopolitical Implications:
Russia uses energy as a diplomatic weapon. Price caps and restrictions from the West have not dramatically reduced its output — only shifted the flow of trade.
4. Canada – 5.76 Million bpd
Canada’s energy sector is anchored in the oil sands of Alberta. Output reached 5.76 million bpd in 2023, with expansion driven by the completed Trans Mountain Pipeline in early 2024.
Strategic Highlights:
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Focused on improving ESG standards in oil sands.
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Increasing exports to Asian markets via Pacific coast.
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Straddling the line between oil development and climate commitments.
Geopolitical Implications:
As a stable democracy with vast reserves, Canada is viewed as a secure source of oil, especially in light of instability in other regions.
5. China – 5.26 Million bpd
While China is the world’s largest oil importer, it is also the fifth-largest producer, generating 5.26 million bpd. However, this only satisfies a portion of its massive demand.
Strategic Highlights:
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Increased investment in domestic unconventional oil fields.
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Belt and Road Initiative includes oil infrastructure abroad.
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Leading the world in refining capacity.
Geopolitical Implications:
China’s oil strategy is two-pronged: secure overseas supplies and boost domestic production. It’s rapidly expanding its influence in oil-rich nations through infrastructure development and trade agreements.
6. Iraq – 4.42 Million bpd
Iraq, endowed with abundant reserves, produced 4.42 million bpd in 2023. Production remains heavily centralized in the south, while the Kurdistan region adds smaller volumes.
Strategic Highlights:
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Dependent on oil revenues for over 90% of government income.
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New licensing rounds for foreign oil companies.
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Infrastructure projects are under development to ease export bottlenecks.
Geopolitical Implications:
Stability remains fragile. While output is strong, internal political divisions and corruption hinder Iraq’s potential to surpass other major producers.
7. Brazil – 4.28 Million bpd
Brazil is a rising force, thanks to deepwater and pre-salt discoveries off its coast. Production reached 4.28 million bpd, making it Latin America’s leading producer.
Strategic Highlights:
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Petrobras is heavily investing in offshore drilling.
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Pre-salt fields offer high-yield, low-cost oil.
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Plans to expand LNG exports.
Geopolitical Implications:
Brazil is increasingly viewed as a reliable source of crude for both Atlantic and Asian markets, attracting interest from global oil majors.
8. United Arab Emirates – 4.16 Million bpd
The UAE, particularly Abu Dhabi, produced 4.16 million bpd in 2023 and has set a target of 5 million bpd by 2027.
Strategic Highlights:
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State-owned ADNOC is expanding upstream and downstream capacity.
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Strong investor partnerships with European and Asian energy companies.
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Invests in carbon-neutral oil production techniques.
Geopolitical Implications:
As a politically stable OPEC member, the UAE plays a balancing role in Middle Eastern oil diplomacy and is diversifying faster than many oil-rich peers.
9. Iran – 3.99 Million bpd
Sanctions haven’t completely derailed Iran’s oil sector. In 2023, it managed to produce 3.99 million bpd, with much of it covertly sold to Asian buyers.
Strategic Highlights:
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Large undeveloped reserves remain untapped.
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Nuclear talks affect market outlook.
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Smuggling and indirect trade routes sustain exports.
Geopolitical Implications:
Iran remains a wildcard. Any shift in sanctions policy or escalation with Israel can swing prices overnight.
10. Kuwait – 2.91 Million bpd
Kuwait rounds out the top 10 with 2.91 million bpd. Its oil sector is mature, but production growth is limited due to bureaucratic hurdles and delayed project timelines.
Strategic Highlights:
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Major reserves concentrated in Burgan field.
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Plans to increase capacity to 4 million bpd by 2035.
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Government reforms aim to attract foreign investment.
Geopolitical Implications:
Kuwait’s cautious but consistent approach makes it a quiet but vital player in OPEC’s long-term stability.
Global Production Outlook
Together, these top oil-producing countries account for nearly 75% of the world’s total oil output, which averaged 101.81 million bpd in 2023. Despite green transitions gaining pace, demand from developing economies ensures that oil will remain a key global commodity through the next two decades.
| Rank | Country | Production (bpd) |
|---|---|---|
| 1 | United States | 21.91 million |
| 2 | Saudi Arabia | 11.13 million |
| 3 | Russia | 10.75 million |
| 4 | Canada | 5.76 million |
| 5 | China | 5.26 million |
| 6 | Iraq | 4.42 million |
| 7 | Brazil | 4.28 million |
| 8 | UAE | 4.16 million |
| 9 | Iran | 3.99 million |
| 10 | Kuwait | 2.91 million |
Final Thoughts
Oil remains one of the world’s most strategic resources. As the energy landscape evolves, the top oil-producing countries listed here are not just pumping crude — they’re reshaping markets, influencing foreign policy, and preparing for a multi-polar energy future.
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