Oil_Producers_IBTGraphics
Nearly 70% of oil production in North America came from the U.S. IBT Graphics

Oil production plays a paramount role in the global economy. The production of oil and other petroleum liquids worldwide has reached an average of 100.1 million barrels per day in 2022, according to the U.S. Energy Information Administration (EIA). The agency identified the U.S., Saudi Arabia, Russia, China, and Canada as the top five oil-producing nations in 2022 (as of May 1, 2023).

The United States ranks as the world's biggest producer of oil, with 20.21 million barrels of oil produced on average per day in 2022. Saudi Arabia and Russia follow the U.S. in second and third place, producing around 12.14 and 11 million barrels of oil per day, respectively.

The OPEC (Organization of Oil Producing Countries) nations collectively emerged as the largest oil producers to influence the global market price, with Saudi Arabia making up one-third of OPEC production. Nearly 70% of oil production in North America came from the U.S.

Note: Oil includes crude oil, biofuels, and other petroleum liquids. Furthermore, production implies domestic production of crude oil, biofuels, and other petroleum liquids.