In this article, we will be covering the top 30 oil producing countries in 2023. If you want to skip our detailed analysis of the global oil and gas market, you can go directly to Top 5 Oil Producing Countries in 2023.
Previously, we looked at the top natural gas producing countries. In this piece, we will be looking at the largest oil producing countries in the world.
Driven by a constant interplay between supply and demand, technological advancements, and geopolitics, the global oil and gas market is one of the world’s largest and most complex industries. However, as the world moves towards a cleaner energy future, the oil and gas industry is presented with both challenges and opportunities.
The Global Oil and Gas Market Poised for Growth Despite Challenges
The unresolved economic uncertainties, persistent inflation, and recessionary fears from 2022 continue to disrupt the macroeconomic environment in 2023. Ongoing geopolitical tensions and economic and trade sanctions on multiple countries have led to supply chain disruptions. This is negatively affecting many markets around the world, including the oil and gas market.
We discussed in one of our previous articles about the largest energy companies by revenue that renewable energy’s share of the global energy mix is steadily expanding. Moreover, as the electric vehicles market continues to grow, it presents a serious threat to the dominance of oil in the transport sector.
Despite these challenges, the oil and gas market is expected to continue growing in the coming years. Providing the energy that powers electricity generation, manufacturing, and transportation, oil and gas play a crucial role in the global economy. According to a report by The Business Research Company, the global oil and gas market value reached around $7.33 trillion in 2023. The oil and gas market is expected to grow at a compound annual growth rate (CAGR) of 4.3% during 2023-2027, pushing it to reach higher than $8.67 trillion by the end of the forecast period. Oil and gas still account for a significant portion of the global energy mix. The demand for energy is expected to grow significantly in emerging markets, particularly in Asia and Africa. As these regions experience economic growth and urbanization, the demand for energy is expected to grow, which will provide opportunities to the oil and gas companies to expand their operations.
What are Some of the Biggest Companies in the Oil and Gas Industry Up To?
Some of the major industry players that are expected to benefit as the oil and gas market grows include Exxon Mobil Corporation (NYSE:XOM), Valero Energy Corporation (NYSE:VLO), and Chevron Corporation (NYSE:CVX).
Based in the US, Chevron Corporation (NYSE:CVX) is a multinational energy corporation that primarily specializes in oil and gas refining and marketing. On October 23, CNBC reported that Chevron Corporation (NYSE:CVX) has agreed to acquire Hess Corporation (NYSE:HES) in an all-stock transaction valued at $53 billion. Hess Corporation (NYSE:HES) is engaged in the exploration and production of crude oil and natural gas in Guyana. The agreement indicates that Chevron Corporation (NYSE:CVX) plans to continue investing in oil. As demand for oil remains strong, major players are looking to expand and increase their business operations through acquisitions.
As a major player in the global oil and gas industry, Exxon Mobil Corporation (NYSE:XOM) ranks among the top oil and gas stocks to buy. On November 14, Exxon Mobil Corporation (NYSE:XOM) announced the start of production at Payara, Guyana’s third offshore oil development on the Stabroek Block. This brings up the total production capacity in Guyana to around 620,000 barrels per day. The news report also mentions that Exxon Mobil Corporation’s (NYSE:XOM) Guyana operations generate approximately 30% less greenhouse gas emissions than the company's overall upstream portfolio average.
Valero Energy Corporation (NYSE:VLO) is one of the world’s largest independent oil and gas companies. With 15 refineries in the US, Canada, and the UK, Valero Energy Corporation (NYSE:VLO) is a major independent refiner with a total throughput capacity of about 3.2 million barrels per day. On October 26, Valero Energy Corporation (NYSE:VLO) reported strong earnings for the fiscal third quarter of 2023, reflecting strong demand for oil. The company reported earnings per share (EPS) of $7.49, surpassing EPS estimates by $0.17. The company reported a revenue of $38.4 billion.
Now that we have briefly discussed what some of the major oil and gas companies are up to, let’s take a look at the top 30 oil producing countries in 2023.
Top 30 Oil Producing Countries in 2023
A drilling rig pumping oil and gas from a well in Latin America.
Methodology
In this article, we have listed the top 30 oil producing countries in 2023. To collect data for our list, we consulted the 72nd edition of the Statistical Review of World Energy published by the Energy Institute (EI). We used data obtained for the latest year in their dataset, published in 2023. This database provided us with a list of countries and information on their oil production as well as each country’s market share as a percentage for the year 2022. Oil production is measured in barrels per day. We then narrowed down our selection to rank the top 30 oil producing countries, which are listed below in ascending order.
Top 30 Oil Producing Countries in 2023
30. Australia
Oil Production: 420,000 Barrels Per Day
Market Share: 0.4%
First up on our list of top 30 oil producing countries in 2023 is Australia. Australia is the largest country in Oceania, and its oil and gas sector has played a crucial role in the development of the country's present-day economy. According to recently reported data, Australia produces around 420,000 barrels of oil per day.
For investors looking to increase their exposure to the oil and gas industry, some stocks they can consider researching include Exxon Mobil Corporation (NYSE:XOM), Valero Energy Corporation (NYSE:VLO), and Chevron Corporation (NYSE:CVX).
29. Ecuador
Oil Production: 481,000 Barrels Per Day
Market Share: 0.5%
Ecuador is a country in South America. With significant oil reserves, it is one of the largest oil producers of South America. Crude oil production is one of the country's most important exports. Ecuador produces an average of 481,000 barrels of oil daily.
28. Malaysia
Oil Production: 567,000 Barrels Per Day
Market Share: 0.6%
Malaysia is a country in Southeast Asia. The oil sector plays a crucial role in Malaysia’s annual GDP, and positively influences the country’s economy. According to recently reported data, Malaysia produces around 567,000 barrels of oil daily.
27. Egypt
Oil Production: 613,000 Barrels Per Day
Market Share: 0.7%
Egypt is a country located in south-western Asia and the north-eastern corner of Africa. The oil industry is one of Egypt’s most dynamic economic sectors. With significant energy resources, Egypt produces about 613,000 barrels of oil per day.
26. Indonesia
Oil Production: 644,000 Barrels Per Day
Market Share: 0.7%
Indonesia is a country in Southeast Asia and Oceania. The country is one of the biggest producers of palm oil. The oil sector is crucial to Indonesia’s economy and it employs thousands of people in the country. Indonesia produces an average of 644,000 barrels of oil per day according to recently reported data.
25. Azerbaijan
Oil Production: 685,000 Barrels Per Day
Market Share: 0.7%
Azerbaijan is a transcontinental country divided between Eastern Europe and Western Asia. It is rich in oil and gas resources and ranks among the top 25 oil producing countries in 2023. According to recently reported data, Azerbaijan produces about 685,000 barrels of oil per day.
24. Argentina
Oil Production: 706,000 Barrels Per Day
Market Share: 0.8%
Argentina is the second largest country by area in South America. The country is home to some of the world's largest shale oil and shale gas reserves. Argentina produces around 706,000 barrels of oil per day.
23. Venezuela
Oil Production: 731,000 Barrels Per Day
Market Share: 0.8%
Venezuela has the world's largest proven oil reserves and previously, the South American nation ranked among the largest exporters of oil. However, Venezuela’s oil industry witnessed a significant decline over the last decade. According to recently reported data, Venezuela now produces around 731,000 barrels of oil per day.
22. India
Oil Production: 737,000 Barrels Per Day
Market Share: 0.8%
India ranks among the largest and most populated countries in the world. It produces an average of 737,000 barrels of oil per day. However, India also ranks among the world’s largest consumers of oil. As an oil-dependent country, India is forced to import a large bulk of its consumption requirements.
21. Colombia
Oil Production: 754,000 Barrels Per Day
Market Share: 0.8%
Columbia produces an average of 754,000 barrels of oil per day. Colombia is South America's second largest oil producer and the oil industry is key for the country’s national revenue. Colombia exports about half of the oil produced and the state-owned Colombian Petroleum Enterprise is a highly profitable concern.
20. United Kingdom
Oil Production: 778,000 Barrels Per Day
Market Share: 0.8%
The United Kingdom ranks among the top 20 oil producing countries in 2023. The oil and gas industry plays an important part in the economy of the United Kingdom. According to recently reported data, the United Kingdom produces around 778,000 barrels of oil per day.
19. Oman
Oil Production: 1,064,000 Barrels Per Day
Market Share: 1.1%
Oman is a country in the Middle East. While it is relatively less oil-rich than some of its neighbors in the Middle East, oil and gas still play a crucial role in Oman’s economy. Oman produces upwards of 1.06 million barrels of oil per day.
18. Libya
Oil Production: 1,088,000 Barrels Per Day
Market Share: 1.2%
Libya is a country in North Africa. According to recently reported data, Libya’s oil production averages nearly 1.09 million barrels per day. Oil revenues are Libya's primary source of income and the oil and gas sector is crucial to the country’s economy.
17. Angola
Oil Production: 1,190,000 Barrels Per Day
Market Share: 1.3%
Angola is a country located on the west-central coast of South Africa. Angola’s economy relies heavily on its oil and gas industry. As one of the main players in Africa’s oil sector, Angola produces an average of 1.19 million barrels of oil per day.
16. Nigeria
Oil Production: 1,450,000 Barrels Per Day
Market Share: 1.5%
Nigeria is a country in West Africa. It is the second largest producer of oil and gas on the continent of Africa. Oil production contributes greatly to the country’s GDP. According to recently reported data, Nigeria produces 1.45 million barrels of oil daily.
15. Algeria
Oil Production: 1,474,000 Barrels Per Day
Market Share: 1.6%
Algeria is a country in North Africa. It is the largest oil producing country from the African continent. Producing an average of more than 1.47 million barrels of oil per day, Algeria ranks among the top 15 oil producing countries in 2023. Along with oil, Algeria is a large producer of gas.
14. Qatar
Oil Production: 1,768,000 Barrels Per Day
Market Share: 1.9%
Qatar is a country in the Middle East that ranks among some of the richest nations in the world, thanks to its oil and natural gas industry. According to recently reported data, Qatar produces an average of more than 1.76 million barrels of oil per day.
13. Kazakhstan
Oil Production: 1,769,000 Barrels Per Day
Market Share: 1.9%
Kazakhstan is a country in Central Asia that shares a border with Russia and China, among other countries. Kazakhstan produces an average of nearly 1.77 million barrels of oil daily. The oil sector plays a crucial role in Kazakhstan's economy.
12. Norway
Oil Production: 1,901,000 Barrels Per Day
Market Share: 2%
Norway is a Scandinavian country that ranks at the number 12 spot on our list of top 30 oil producing countries in 2023. It is the largest oil producing country in Europe and the country’s oil industry plays a vital role in the Norwegian economy as well as the financing of the Norwegian welfare state. According to recently reported data, Norway produces more than 1.9 million barrels of oil per day.
11. Mexico
Oil Production: 1,944,000 Barrels Per Day
Market Share: 2.1%
Mexico is one of the largest oil producing nations in the Western Hemisphere. Production of oil is crucial to Mexico's economy. According to recently reported data, the country produces over 1.94 million barrels of oil per day.
10. Kuwait
Oil Production: 3,028,000 Barrels Per Day
Market Share: 3.2%
Kuwait is a country in the Middle East that is a major supplier of oil. Oil accounts for more than 90% of Kuwait’s exports and a large chunk of the country’s GDP. Kuwait produces more than 3.02 million barrels of oil per day to rank among the top 10 oil producing countries in 2023.
9. Brazil
Oil Production: 3,107,000 Barrels Per Day
Market Share: 3.3%
Brazil is the largest country by area in South America. It is also the largest producer of oil in South America. Brazil has the largest recoverable ultra-deep oil reserves in the world. The country produces an average of more than 3.1 million barrels of oil per day.
8. Iran
Oil Production: 3,822,000 Barrels Per Day
Market Share: 4.1%
Iran is the second largest country in the Middle East. Iran is home to some of the largest deposits of oil and natural gas in the world. According to recently reported data, Iran produces more than 3.82 million barrels of oil daily.
7. United Arab Emirates
Oil Production: 4,020,000 Barrels Per Day
Market Share: 4.3%
The United Arab Emirates, or simply the UAE, is a country in the Middle East. Majority of UAE’s oil reserves are located in Abu Dhabi. Producing around 4.02 million barrels of oil per day, UAE ranks among the top 10 oil producing countries.
6. China
Oil Production: 4,111,000 Barrels Per Day
Market Share: 4.4%
China is one of the largest countries in the world by area. With one of the world's largest strategic oil reserves, China ranks high among some of the top oil producing countries. According to recently reported data, China produces more than 4.11 million barrels of oil per day.
Some of the most prominent names in the global oil and gas industry include Exxon Mobil Corporation (NYSE:XOM), Valero Energy Corporation (NYSE:VLO), and Chevron Corporation (NYSE:CVX).
