The World’s Topmost Crude Oil Producers in 2023

SEATTLE (Oil Monster): According to a latest report, the U.S., Russia and Saudi Arabia continued to dominate world crude oil production in 2023. These three countries have been the leading producers for the past several years. The top three producing countries accounted for almost 40% of the global oil production during the previous year.

The leading crude oil producer was the U.S. with 12.9 million barrels per day (b/d) of production. In second position was Russia, which contributed 10.1 million b/d too global oil production. The third largest producer was Saudi Arabia. The country’s production averaged at 9.7 million b/d.

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The other countries in the top ten list along with their output (in million barrels per day) is provided below: Canada (4.6), Iraq (4.3), China (4.2), Iran (3.6), Brazil (3.4), the UAE (3.4) and Kuwait (2.7).

The combined production of Canada, Iraq and China totalled 13.1 million barrels per day in 2023. It just surpassed the U.S. production.

The report noted that no other country is likely to surpass the record production levels achieved by the U.S., at least in the near term, as no other producing country has so far achieved daily capacity of 13 million b/d.

According to analysts, the U.S. is likely to emerge as the leading producer in 2024 as well. Macquarie Group foresees the country’s oil production to touch a new record of around 14 million b/d during the current year.