Unlocking the Powerhouses: The Top 10 Oil Titans of 2024!

1. United States: The United States has consistently maintained its position as the world’s top oil-producing country, producing over 19 million barrels per day in 2024. This oil production accounts for around 18% of the world’s total oil production. Key oil-producing regions in the U.S. include Texas, Alaska, California, the Gulf of Mexico and North Dakota. Technological advancements in drilling methods like hydraulic fracturing and horizontal drilling have had significant impacts on the U.S.’s oil production surge. 2. Saudi Arabia: Not far behind is Saudi Arabia, with oil production around 12 million barrels per day. It is home to the world’s largest onshore and offshore oil fields—Ghawar and Safaniya respectively. Saudi Aramco, the national oil company, is responsible for majority of the country’s output, making it one of the world’s most valuable and profitable companies. 3. Russia: Consistently amongst the major producers, Russia is the third largest oil producer. With contribution from western Siberia’s aging giant oilfields, the country tallied an impressive 11 million barrels per day in production for 2024. Russia’s vast geographical expanse hosts a wide array of oil production facilities where Rosneft, Gazprom and Lukoil, are key oil producers. 4. Canada: Canada ranks fourth globally, majorly due to their Alberta’s oil sands deposits. With roughly 5.5 million barrels of oil production daily, Canada’s oil sands reserve is only second to Saudi Arabia’s. Canadian oil makes headlines consistently due to environmental concerns associated with extracting oil from oil sands and its impact on global climate change. 5. China: Being the world’s largest importer, China is also one of the largest producers with an average output of 4.9 million barrels daily in 2024. Interestingly, China National Petroleum Corporation and China Petrochemical Corporation account for the majority of the country’s oil output. 6. Iraq: Iraq’s plentiful reserves make it a significant global oil producer, with average oil output of 4.7 million barrels per day. The Rumaila field, one of the world’s largest oil fields, contributes significantly to Iraq’s oil economy. 7. United Arab Emirates: With reserves mainly housed in Abu Dhabi, The UAE occupies the 7th position, pumping about 4 million barrels per day. Abu Dhabi National Oil Company (ADNOC) is the state-owned oil company that controls production and exportation