These are the 15 largest oil producers in the world

  • 17/10/2023
  • 10 minutes

Oil has an enormous importance for the global economy and, consequently, for the lives of everyone. It is from oil that we extract the fuel used in navigation and transport. Despite the mounting criticism that exists about its consumption, we still depend a lot on it, as well as other minerals.

No time to read? Click on the play button below to listen to this content.

The Middle East concentrates most of the world’s oil reserves. The largest known to date in the world actually belongs to Venezuela. However, when it comes to exploration and processing, things change a lot. This means that having the largest reserve does not guarantee the largest exploration.

To better address this issue, we wrote this article. In it, we will show the 15 largest oil producers in the world, among other important information. Keep reading!



The United States of America is recognized as the largest oil producer on the planet, with more than 16 million barrels produced per day. 

In addition, the country holds 4% of the world’s total reserves, with about 68.8 billion barrels still to be explored. Thus, the country is an important world player when it comes to the oil industry.


Next comes Saudi Arabia with an average daily production of approximately 11 million barrels. The reserves of this country are exorbitant: it has 17% of all the world’s reserves, making a total of 297 billion barrels.

Throughout 2021, the production and export of the mineral grew. In addition to being the second largest producer in the world, Saudi Arabia’s oil reserve is also the second largest, second only to Venezuela.


Third, we have Russia with an average daily production of approximately 10 million barrels. The country has a 6% share of the world’s total reserves, reaching 107 billion barrels. Most of this oil production is in Siberia.


There is a very large difference between the top 3 largest oil producers in the world and the others. Canada, which occupies the 4th position, has a capacity of almost 50% of that of Russia. The country produces an average of 5 million barrels per day.

However, her reserve is huge. The country holds 10% of all oil ever discovered in the world, totalling 168 billion barrels.


Iraq is ranked fifth in oil production with a capacity of approximately 4 million barrels per day. It also stands out for having a large reserve, with 8% of all oil discovered worldwide.

There are about 145 billion barrels to be explored. Oil is the main product of the country’s economy, responsible for generating most of its GDP (Gross Domestic Product).


Very close behind Iraq, China has a production capacity of approximately 3.9 million barrels of oil per day. The basins in its territory have about 26 billion barrels.


The United Arab Emirates occupies the seventh position in the ranking with a daily production of around 3.6 million barrels. Situated along the Persian Gulf, the region covers 6% of total oil reserves.

The country holds approximately 97 billion barrels, with oil being its main source of income. For this reason, the local government invests a lot of resources to increase its export capacity and raise its production to the levels of the top 3 oil producers.


In eighth position we have Iran with an average daily production of approximately 3 million barrels. In addition to being among the 10 largest oil producers in the world, the country holds 9% of the reserves that are known worldwide.

Therefore, it has about 157 billion barrels to be explored. As a result, Iran has been investing heavily in its framework to boost production, increasing its share of oil exports.


Very close behind Iran, Brazil occupies the ninth position in the ranking. Our production capacity is 3 million barrels per day. Currently, we are the 16th in size of oil basins and have about 11 billion barrels.  For many years, we have been among the top 15 reserves.


Kuwait is in tenth position with a daily production of approximately 2.6 million barrels. When it comes to oil reserves, the country holds 6% of those known in the world, having about 101 billion barrels. These reserves are considered Local Government property.


In eleventh place we have Norway. The Nordic country produces about 2 million barrels per day. Despite being among the 15 largest oil producers in the world, its reserves are not on the list of the largest. Even so, technology and heavy investment optimize the production of the mineral, having a great importance for the national economy.


Mexico ranks twelfth with a production of approximately 1.9 million barrels per day. Like Norway, the country does not have reserves listed among the largest in the world, but it can produce to meet its needs.


In the thirteenth position we have Kazakhstan, which produces an average of 1.8 million barrels per day. In addition, the country holds 30 billion in reserves of the mineral, making it the twelfth largest basin in the world.


Just below Kazakhstan we have Qatar with a daily production of approximately 1.8 million barrels of oil. The peninsula also ranks fourteenth in the size of reserves of the mineral, totalling 25.2 billion barrels.

The oil sector is one of the main generators of wealth for the economy of the absolutist emirate. About 70% of the nation’s income comes from the production, processing and export of the product.


Finally, we have Nigeria as the fifteenth largest oil producer in the world. Its production is around 1.7 million barrels per day. In addition, the country has about 36.9 billion barrels in total of proven reserves.

Did you like this article? How about complementing your reading with other related content? So, check out the post we prepared. In it, we will show why oil companies are increasingly concerned about sustainable energy generation.