Oil stands as an important commodity that has influence across industries worldwide. From personal protective gear to plastics, chemicals, and pharmaceuticals, the use of petroleum products can't be understated.
In 2022, crude oil market was valued at $2,875.7 billion by Business Research Insights; and the projections indicate an increase to $3,522.2 billion by 2031. Despite shifting energy landscapes and sustainability concerns, crude oil is expected to maintain its significance globally.
OPEC forecasts a substantial increase in world oil demand, expecting the increase to hit 2.25 million barrels per day in 2024, as reported by CNBC. This forecast contrasts with the IEA's conservative estimate of an increase of 1.1 million barrels per day for the same period. There are many countries that increased oil production significantly in the last decade, to take part in this expanding market.
According to EIA, global oil production hit 93.9 million barrels per day in 2022. Except for economic crises like those in the late 2000s and 2020, oil production has risen steadily for the past two decades. The Middle East remains the largest producer, but the United States now leads globally. It is followed by Saudi Arabia and Russia. Together, these three countries contributed 40% of global oil production in 2023.
The U.S. has held the top spot as an oil producer since 2018. This badge comes from a production record of 12.9 million barrels per day in 2023. December 2023 saw a monthly high of over 13.3 million barrels per day. Companies like Exxon Mobil Corporation (NYSE:XOM), Chevron Corporation (NYSE:CVX), and Valero Energy (NYSE:VLO) are the top oil producing companies in the country. Thus, before we move on to our list of 20 Countries That Increased Oil Production the Most in A Decade, let's first take a look on these companies.
Exxon Mobil Corporation (NYSE:XOM), which runs a vast pipeline network spanning over 1,300 miles, is a multinational energy and petrochemical company. Exxon Mobil Corporation (NYSE:XOM) has a 45% stake in the offshore Starbroek Block in Guyana, along with China's CNOOC, which has 25% stake in the oil reservoir, and Hess Corp, which has 30% stake in it.
In April 2024, they have gotten the approval from the country's energy officials, for Whiptail project, which would come out as the 6th multi-billion-dollar project of the group. With a value of $12.7 billion, the project would uplift the block's production to 1 million b/d, because of its cool 250,000 oil production capacity, according to S&P Global. The project is expected to come out operational in 2027.
Chevron Corporation (NYSE:CVX) is a crude oil and natural gas producer. Aiming to up its fossil fuel reserves, Chevron Corporation (NYSE:CVX) had announced a $53 billion all-stock purchase agreement of Hess in late 2023. This deal focuses on Hess's oil-rich assets in Guyana that hold over 11 billion barrels-equivalent of recoverable resources. But in February 2024, Chevron faced a strong resistance from the rival petroleum giants, Exxon and CNOOC, fighting for their control of the vital oil asset, putting Chevron's deal at risk.
Valero (NYSE:VLO), a major oil company in the USA, started back in 1980. They run 15 refineries, including one in Wales. Their business spans across different countries, including the United Kingdom, Canada, the United States, and the Caribbean. Valero also owns over 6,800 retail and branded wholesale outlets.
In the twelve months ending December 31, 2023, Valero Energy (NYSE:VLO) made $144.77 billion in revenue. That's a decrease of 17.93% compared to the previous year. In the quarter ending December 31, 2023, their revenue was $35.41 billion, down 15.17% year-over-year. You can check out our list of the 12 Best Oil and Gas Stocks To Buy here.
20 Countries That Increased Oil Production the Most in A Decade
Aerial view of a pipeline transporting crude oil over a desert landscape.
Methodology
To compile a list of 20 Countries That Increased Oil Production the Most in A Decade, the decade long time period selected was from 2013 to 2023. With the time period down, we sourced data from U.S. Energy Information Administration (EIA) on the production of Crude Oil for every country. The percentage change in oil production over this decade was then calculated from the data and countries were ranked accordingly. Countries that had the largest change in oil production in 2023, compared to the beginning of the decade, i.e. 2013, were subsequently ranked higher. With this thorough approach, we bring to you this comprehensive list of 20 Countries That Increased Oil Production the Most in A Decade.
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20. United Arab Emirates
Percentage Change in Production: 20.91%
The United Arab Emirates (UAE) ranks among the top ten oil-producing nations globally. A whopping 96% of the UAE's estimated 100 billion barrels of oil reserves are found in Abu Dhabi. Leading the sector is the Abu Dhabi National Oil Company (ADNOC) which is a powerhouse in the oil and gas world, operating across all industry segments. Looking ahead, ADNOC has ambitious plans. They aim to ramp up production to a maximum sustainable capacity of 5 million barrels per day by 2030.
19. Chad
Percentage Change in Production: 24.01%
Chad stands as the tenth-largest holder of oil reserves in Africa, boasting around 1.5 billion barrels as of 2018. By 2020, Chad was producing over 140,000 barrels of oil daily. This petroleum wealth is vital to Chad's economy, serving as its main source of public income. Notably, about 90% of Chad's oil is sold overseas.
However, Chad's oil fields are getting older, signaling a pressing need for fresh investments. Without such investments, Chad risks a decline in its oil production due to natural factors.
18. South Sudan
Percentage Change in Production: 26.29%
South Sudan, which depends considerably on oil, produces round about 160,000 b/d of crude oil - for the oil exports, it takes support from its northern neighbor through Port Sudan. South Sudan struggles with political instability and ethnic conflicts. Despite its oil wealth, the country faces economic challenges due to global price fluctuations and production disruptions. Humanitarian crises have badly affected the nation, with millions suffering from food insecurity and displacement. Efforts for peace and stability continue, but the path ahead remains uncertain.
17. Syria
Percentage Change in Production: 34.14%
Syria holds 2.50 billion barrels of proven oil reserves as of 2016, ranking 31st in the world. It also accounts for about 0.2% of the world's total oil reserves of 1.65 trillion barrels. Syria stands as the primary crude oil producer in the Eastern Mediterranean region. This area encompasses Jordan, Lebanon, Israel, and the Palestinian territories.
16. Canada
Percentage Change in Production: 42.27%
Canada's oil production is poised to surge by approximately 10% in the coming year, making it a significant global contributor to increased oil supply. Currently, Canada produces around 4.8 million barrels of crude oil daily. According to S&P Global Commodity Insights, this output could rise by roughly 500,000 barrels per day and reach 5.3 million barrels by the end of 2024. If this forecast holds true, it will represent a record high in Canadian oil production.
15. Iraq
Percentage Change in Production: 43.33%
Iraq ranks as the world's sixth-largest oil producer and holds the position of OPEC's second-largest producer, following Saudi Arabia. Over the past year, Iraq has produced approximately 4.2 million barrels per day. In 2023, the leading countries supplying petroleum to the U.S. were Canada, Mexico, Saudi Arabia, Iraq, and Brazil.
14. South Korea
Percentage Change in Production: 45.05%
In 2022, South Korea shipped out Crude Petroleum worth $199 million, ranking it 66th among global exporters of this resource. That same year, Crude Petroleum stood as the 278th most exported item from South Korea. By 2023, prominent companies were leading the export of Crude Petroleum from South Korea to the United States.
13. Barbados
Percentage Change in Production: 50.63%
In 2021, Barbados had proven crude oil reserves totaling 1.98 million barrels. Established in 1982 by the Barbadian government, the Barbados National Oil Company Limited (BNOCL) has been instrumental in developing the Woodbourne field and its nearby areas. Onshore Barbados boasts around 240 oil and related gas wells. At any given time, approximately 80 to 100 of these wells are active and producing.
12. Tajikistan
Percentage Change in Production: 53.40%
Tajikistan has a lot of gas and oil, with over 900 billion cubic meters of gas, and more than 150 million tons of oil. The country has 24 oil fields and also boasts 14 gas fields over the country.
11. Brazil
Percentage Change in Production: 59.79%
The Brazilian National Agency of Petroleum reported record-high oil and gas production in 2023. Crude oil production increased by almost 13%, reaching over 3.4 million barrels per day. Natural gas production also grew, going up by 8.7%.
10. Sweden
Percentage Change in Production: 69.62%
Sweden is the 43rd largest consumer of oil globally. It accounts for roughly 0.3% of the world's total oil consumption, which is a lot given that the world's total oil consumption is 97,103,871 barrels per day.
9. Türkiye
Percentage Change in Production: 74.51%
Türkiye has achieved a notable achievement in oil production. The country's state-owned oil company, Turkish Petroleum (TPAO), revealed a daily output exceeding 35,000 barrels in the southeastern Gabar mountain area. Türkiye's Energy and Natural Resources Minister, Alparslan Bayraktar, shared that production in the Gabar region comes from 27 wells, also mentioning that these wells collectively produce around 33,000 barrels per day.
8. Ghana
Percentage Change in Production: 77.38%
Ghana shows promising potential in oil and gas exploration. Recent findings suggest these resources span from Cape Three Points in the west to Keta in the east along the country's coastline. Additionally, the Volta Basin is thought to contain onshore oil and gas reserves.
Ghana's proven reserves are substantial, being 20.5 times its yearly consumption. In simpler terms, if Ghana didn't export any oil, its current reserves would last approximately 21 years.
7. Estonia
Percentage Change in Production: 82.63%
Estonia has a modest oil production industry compared to some other countries, with a production of 7,394 TJ, which accounts for 3.5% energy supply in the country; the country's oil production mainly comes from oil shale.
Estonia's oil shale industry dates back several decades and has played a significant role in the country's energy sector. The largest oil shale mining and processing company in Estonia is Eesti Energia, which produces shale oil, producing electricity from it; from its oil production, it has further resulted in production of 3.6 GW electricity in 2023, which marked a downtick of 42% with respect to previous year, according to ERR News.
6. United States
Percentage Change in Production: 84.68%
For the sixth consecutive year, the U.S. topped global crude oil production and ranks sixth on our list of Countries That Increased Oil Production the Most in A Decade. The Energy Information Administration (EIA) announced a record-breaking average daily production of 12.9 million barrels in a recent report. In December 2023 alone, U.S. crude oil production hit a new monthly peak. It surged to over 13.3 million barrels per day.
