Top 10 oil producers in 2023 - US + Saudi Arabia = 28% of production

Last year, three countries in the world together issued 32.8 million barrels of oil per day, according to data from the US Energy Information Administration.

Overall, the US, Russia, and Saudi Arabia account for 40% of global oil production - and they have been consistently dominant since 1971, only temporarily displacing each other from the leading positions.

For comparison: the combined production of Canada, Iraq, and China reached 13.1 million barrels per day in 2023, slightly exceeding the production only in the US.

The largest global oil producers in 2023. Infographic: Visual Capitalist

It is forecasted that in the near future, none of the countries will be able to surpass the record oil production in the US set in the previous year - as no other producer has ever reached a daily capacity of 13.0 million barrels. Recently, the state company Saudi Aramco of Saudi Arabia abandoned plans to increase production to 13.0 million barrels per day by 2027.

In 2024, analysts predict that the US will maintain its position as the leader in oil production. According to Macquarie Group, it is expected that by the end of the year, oil production in the US will reach record levels of around 14 million barrels per day.

On a positive note: as reported by the head of the SBU Vasily Maliuk, thanks to drone attacks on Russian oil refineries, it was possible to reduce both production and processing of oil by 12%. Oil is the main source of income for the terrorist country, which uses this money to sponsor the war against Ukraine.

Also, Rosstat reported that in the week of March 18-24, gasoline production in Russia decreased by 7.4% compared to the previous week and amounted to 107.8 thousand tons per day (a decrease of 14.3% compared to the same week last year).

As reported yesterday by Reuters, due to reduced domestic supplies and unscheduled repairs at oil refineries, Russia is increasing gasoline imports from Belarus. In the first half of March, it reached almost 3 thousand tons (in February, Russia imported 590 tons, and in January there were no deliveries from Belarus yet).