Although oil production is carried out in more than 30 countries in the world, some countries are in the top 5 in oil production due to their geography and underground resources.
According to research and statistics, the countries with the highest oil production in 2023 are as follows.
- United States of America: The United States is one of the world’s largest oil producers. Its annual oil production capacity is estimated to be around 12 to 13 million barrels per day (bpd). The US has experienced a significant increase in oil production in recent years due to advances in shale oil extraction techniques such as hydraulic fracturing (fracking). This has led to an increase in domestic oil production, making the US less dependent on oil imports.
- Saudi Arabia: Saudi Arabia is the world’s largest oil exporter and a major player in the global oil market. The country’s annual oil production capacity is about 12 million bpd. Saudi Arabia has large oil reserves and is a leading member of the Organization of Petroleum Exporting Countries (OPEC), which allows it to influence global oil prices through production decisions.
- Russia: Russia is another major player in the global oil industry. It has an annual oil production capacity of around 11 million barrels. Russia’s oil production is driven by its vast reserves, especially in Siberia. The country is actively exploring and developing new oil fields to maintain production levels.
- Iraq: Iraq is one of the largest oil producers in the Middle East. Its annual oil production capacity is estimated to be around 4 to 5 million bpd. Despite facing challenges such as political instability and security issues, Iraq has been steadily increasing its oil production in recent years. The country has significant untapped oil reserves, especially in the southern part of the country.
- Canada: Canada has significant oil reserves, especially in the oil sands in Alberta. Annual oil production capacity is about 4 million bpd. Oil extraction from oil sands involves a more complex and energy-intensive process than conventional oil production. Canada’s oil production is primarily exported to the United States.
Although countries are trying to increase their production, geographical conditions do not allow this at some point. In oil production, companies need to produce without endangering nature and its inhabitants.