The US, Saudi Arabia, and Russia led global oil production in 2022, with the top 10 producers accounting for over 70% of the world's supply.
Start Trading CFDs Over 2,200 Different InstrumentsStart Trading CFDs Over 2,200 Different Instruments3 days5 daysThe US produced nearly one-fifth of the world’s oil in 2022, maintaining its top position since 2018.
The U.S. has been the world’s biggest oil producer since 2018 and continued its dominance in 2022 by producing close to 18 million barrels per day . This accounted for nearly one-fifth of the world’s oil supply.Behind America’s considerable lead in oil production, Saudi Arabia produced 12 million B/D, accounting for about 13% of global supply.
Notably, all top 10 oil giants increased their production between 2021–2022, and as a result, global output rose 4.2% year-on-year.The Middle East accounts for one-third of global oil production and North America makes up almost another one-third of production. The Commonwealth of Independent States—an organization of post-Soviet Union countries—is another major regional producer of oil, with a 15% share of world production.
At the same time, the ongoing effort to pivot to renewable energy is pushing many major oil exporters to diversify their economies. A notable example is Saudi Arabia, whose Clash Over Electric Vehicle Battery Plants Stall UAW Negotiationsto your account to post your comment, or enter a different email address to continue with your comment & account creation.Please understand that, by submitting this form, you will be creating a free OilPrice.com account, and therefore agree to abide by our.
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