As an important commodity, oil has an impact on various industries around the world. From personal protective equipment to plastics, chemicals, and pharmaceuticals, the use of petroleum products cannot be underestimated. Business Research Insights values the crude oil market at $2,875.7 billion in 2022, and forecasts show that this figure will increase to $3,522.2 billion by 2031. Despite the changing energy landscape and evolving concerns about sustainability, crude oil is expected to remain important globally. The U.S. has been the number one oil producer since 2018. In December 2023, production hit a new monthly high of more than 13.3 million b/d, following a record production of 12.9 million b/d in 2023.
20. United Arab Emirates
Percent change in yield: 20.91%
The United Arab Emirates (UAE) ranks among the top 10 oil producers in the world. The UAE has an estimated 100 billion barrels of oil reserves, 96% of which are found in Abu Dhabi. The leader in this industry is Abu Dhabi National Oil Company (ADNOC), which is a giant in the oil and gas sector with operations across all industry sectors. Looking ahead, Abu Dhabi National Oil Company has ambitious plans. Their goal is to increase production to a maximum sustainable capacity of 5 million barrels per day by 2030.
19. Chad
Percent change in production: 24.01%
Chad is the 10th largest oil reserve in Africa, with oil reserves of about 1.5 billion barrels as of 2018. In 2020, Chad produced more than 140,000 barrels of oil per day. This oil wealth is vital to Chad's economy and is a major source of public revenue. It is worth noting that about 90% of Chad's oil is sold overseas.
However, Chad's oil fields are aging, suggesting that new investment is urgently needed. Without such investment, Chad would be at risk of a decline in oil production due to natural factors.
18. South Sudan
Percent change in production: 26.29%
South Sudan is heavily dependent on oil, producing about 160,000 barrels of crude oil per day, and its oil exports are supported by its northern neighbor through Port Sudan. South Sudan is plagued by political instability and ethnic conflict. Despite its oil wealth, the country is facing economic challenges due to global price fluctuations and production disruptions. The humanitarian crisis has severely affected the country, with millions of people suffering from food insecurity and displacement. Efforts to maintain peace and stability continue, but the way forward remains uncertain.
17. Syria
Percent change in production: 34.14%
As of 2016, Syria has proven oil reserves of 2.5 billion barrels, ranking 31st in the world. It also accounts for about 0.2% of the world's total oil reserves of 1.65 trillion barrels. Syria is a major producer of crude oil in the Eastern Mediterranean. The region includes Jordan, Lebanon, Israel and the Palestinian territories.
16. Canada
Percent change in production: 42.27%
Canada's oil production is expected to surge by about 10% next year, making it a significant contributor to the increase in global oil supply. Currently, Canada produces about 4.8 million barrels of crude oil per day. According to S&P Global Platts, this production could increase by about 500,000 barrels per day to 5.3 million barrels by the end of 2024. If this forecast is true, it would be a record high for Canadian oil production.
15. Iraq
Percent change in production: 43.33%
Iraq is the world's sixth-largest oil producer and OPEC's second-largest oil producer, after Saudi Arabia. In the past year, Iraq produced about 4.2 million barrels per day. In 2023, the major countries supplying oil to the United States are Canada, Mexico, Saudi Arabia, Iraq, and Brazil.
14. South Korea
Percent Change in Production: 45.05%
In 2022, South Korea exported $199 million worth of crude oil, ranking 66th among global exporters of this resource. In the same year, crude oil ranked 278th among South Korea's most exported commodities. By 2023, well-known companies will lead South Korea's crude oil exports to the United States.
13. Barbados
Percent Change in Yield: 50.63%
In 2021, Barbados had proven crude oil reserves totalling 1.98 million barrels. Established in 1982 by the Government of Barbados, the Barbados National Petroleum Company Limited (BNOCL) has played an important role in the development of the Woodburn field and its vicinity. Barbados has approximately 240 oil and related gas wells onshore. At any given time, there are about 80 to 100 wells that are active and producing.
12. Tajikistan
Percent change in yield: 53.40%
Tajikistan is rich in natural gas and oil resources, with natural gas reserves of more than 900 billion cubic meters and oil reserves of more than 150 million tons. The country has 24 oil fields and also has 14 natural gas fields.
11. Brazil
Percent change in production: 59.79%
Petrobras reported record oil and gas production in 2023. Crude oil production rose nearly 13% to more than 3.4 million barrels per day. Natural gas production also increased, by 8.7%.
10. Sweden
Percent change in yield: 69.62%
Sweden is the 43rd largest consumer of oil in the world. It accounts for about 0.3% of the world's total oil consumption, a large figure considering that the world's total oil consumption is 97,103,871 barrels per day.
9. Turkey
Percent change in yield: 74.51%
Turkey has made remarkable achievements in oil production. The country's state-owned oil company, Turkish Petroleum (TPAO), revealed that it was producing more than 35,000 barrels per day in the mountainous areas southeast of Gabar. Turkey's Minister of Energy and Natural Resources, Alparslan Bayraktar, said that production in the Gabar area came from 27 wells, mentioning that the wells are producing a total of about 33,000 barrels per day.
8. Ghana
Percent change in production: 77.38%
Ghana has shown great potential in oil and gas exploration. Recent findings suggest that these resources run along the country's coastline from Cape Triangular in the west to Keita in the east. In addition, the Volta Basin is believed to contain onshore oil and gas reserves.
Ghana's proven reserves are huge, 20.5 times its annual consumption. To put it simply, if Ghana does not export any oil, its current reserves can last for about 21 years.
7. Estonia
Percent change in yield: 82.63%
Compared to some other countries, Estonia's oil production industry is small, with a production of 7,394 terjoules, accounting for 3.5% of the country's energy supply, and the country's oil production is mainly derived from oil shale.
Estonia's oil shale industry dates back decades and plays an important role in the country's energy sector. Estonia's largest oil shale extraction and processing company is Eesti Energia, which produces shale oil and uses it to generate electricity, and according to ERR News, oil production has further contributed to 3.6 GW of electricity generation in 2023, down 42% from the previous year.
6. United States
Percent change in yield: 84.68%
The U.S. topped global crude oil production for the sixth year in a row and ranked sixth on the list of countries with the largest increase in oil production in a decade. In a recent report, the U.S. Energy Information Administration (EIA) announced an average of 12.9 million barrels per day. In December 2023 alone, U.S. crude oil production hit a new monthly high. Production soared to more than 13.3 million barrels per day.
5. Bulgaria
Percent change in yield: 105.68%
Bulgarian oil production comes mainly from a few onshore oil fields, but production is insufficient to meet domestic demand. In recent years, Bulgaria has focused more on diversifying its energy sources and reducing its dependence on fossil fuels. Moreover, according to the trader and the London Stock Exchange, by 2024, it aims to stop importing oil from Russia and replace it with oil from countries such as Kazakhstan, Iraq, and Tunisia.
The country has been investing in renewable energy sources such as wind, solar, and biomass to enhance energy security, reduce greenhouse gas emissions, and comply with EU energy directives.
4. Switzerland
Percent Change in Yield: 151.00%
In absolute terms, Switzerland produces very little oil domestically and relies heavily on imports to meet its needs. About 39% of Switzerland's crude oil imports come from Nigeria. The United States provides 32% and Libya provides 25%. Switzerland's only oil refinery is located in Cressier, Canton of Neuchâtel, and meets a quarter of the country's oil needs. Most of the finished products come from neighboring European countries, mainly Germany.
3. Bangladesh
Percent change in yield: 206.51%
On the energy side, Bangladesh faces challenges due to limited domestic resources. It relies heavily on imported fossil fuels. This dependence raises economic and energy security concerns. To address these challenges, Bangladesh is investing in its energy sector.
More recently, in March 2024, the Bangladesh government issued a public tender for oil and gas exploration in 24 blocks located in the Bay of Bengal. The move is aimed at boosting the country's oil production. The government has set the deadline for bidding to be the first week of September. The evaluation and transaction are expected to be completed by the end of this year.
2. Kyrgyzstan
Percent Change in Yield: 520.00%
Kyrgyzstan produces 6,200 barrels of oil per day, ranking 106th in the world. Despite the fact that the oil production is not large, the country still uses it for various purposes, such as transforming it into different chemicals and products. One notable application is the production of plastics, which have a variety of industrial and commercial uses.
1. Israel
Percent change in production: 3,746.15%
In 2022, Israel's crude oil exports totaled $558 million. The main export destination for Israeli crude oil is Chinese Taipei, with an export value of $344 million, followed by India with an export value of $212 million. Smaller amounts went to Portugal at $710,000, Ghana at $270,000 and Italy at $163,000.