1. United States:
Topping the list of the top oil-producing countries in 2024 is the United States. The U.S. has managed to significantly ramp up its oil production in recent years, thanks to advancements in technology such as hydraulic fracturing. Texas, in particular, is a key state contributing to this surge in oil production, making the U.S. a dominant player in the global oil market.
2. Saudi Arabia:
Saudi Arabia has long been known as a major player in the oil industry, and it continues to hold a significant position in 2024. The country possesses vast reserves of oil, and its production levels play a crucial role in shaping the global oil market. Saudi Aramco, the national oil company of Saudi Arabia, is a key player in the country’s oil production sector.
3. Russia:
Russia has consistently been one of the top oil-producing countries in the world, and this trend continues in 2024. The country has abundant oil reserves, particularly in regions such as Siberia. Russian oil companies like Rosneft and Lukoil are major players in the global oil industry, contributing significantly to the country’s oil production output.
4. Canada:
Canada ranks high on the list of top oil-producing countries in 2024, thanks to its rich oil sands deposits in Alberta. The country’s oil production is mainly focused on bitumen extraction from oil sands, a process that requires specialized technology and infrastructure. Canadian oil companies like Suncor Energy and Canadian Natural Resources Limited are key players in the country’s oil industry.
5. China:
China’s oil production levels have been steadily increasing in recent years, making it one of the top oil-producing countries in 2024. The country’s growing demand for oil to fuel its expanding economy has led to investments in domestic oil production. Major Chinese oil companies like PetroChina and Sinopec are key players in the country’s oil sector.
6. Iraq:
Iraq is a major player in the global oil market, with significant oil reserves and production capacity. The country’s oil production is primarily concentrated in regions like Basra and Kirkuk. Despite facing challenges such as geopolitical instability, Iraq continues to be a key oil-producing country in 2024, with the state-owned company, Iraq National Oil Company, playing a central role in oil production.
7. United Arab Emirates:
The United Arab Emirates (UAE) is another top oil-producing country in 2024, with significant oil reserves and production capacity. Abu Dhabi, the largest of the seven emirates, is home to vast oil fields that contribute to the country’s oil production output. State-owned companies like Abu Dhabi National Oil Company (ADNOC) are major players in the UAE’s oil industry.
8. Brazil:
Brazil’s oil production has been on the rise in recent years, driven by the development of offshore oil fields in the pre-salt region. The country’s state-owned oil company, Petrobras, is a key player in Brazil’s oil industry, overseeing major oil exploration and production projects. Brazil’s oil production growth positions it as one of the top oil-producing countries in 2024.
9. Kuwait:
Kuwait is a significant player in the global oil market, with substantial oil reserves and production capacity. The country’s oil production is primarily centered in regions like Burgan and Raudhatain. Kuwait Petroleum Corporation (KPC), the state-owned oil company, plays a central role in the country’s oil production sector, contributing to Kuwait’s position as a top oil-producing country in 2024.
10. Iran:
Rounding out the list of the top oil-producing countries in 2024 is Iran. The country boasts vast oil reserves and a long history of oil production. Despite facing challenges such as sanctions and political tensions, Iran remains a key player in the global oil market. National Iranian Oil Company (NIOC), the state-owned entity, is a major player in Iran’s oil industry, overseeing oil exploration, production, and export activities.