How Does US Oil & Gas Production Compare to Other Countries?

Global oil and petroleum liquid production averaged 103 million barrels per day in 2024, reflecting an increase of roughly 900,000 barrels from the previous year. This relatively modest growth can primarily be attributed to a slowdown in China’s economic expansion.

The United States continues to lead the world in both oil and natural gas production. However, several other countries play major roles in each industry, with large multinational corporations being the driving force in the extraction. This blog post will explore the top 5 oil and the top 5 natural gas producing countries in the world, comparing their output with that of the United States. 

The Top 5 Oil-Producing Nations in The World

1) United States

The United States produced double the output of the second largest producer in 2023, weighing in at 21.91 million barrels of oil per day. The US also holds the top position in both lease condensate and crude oil production, with Texas at the forefront as the country’s biggest oil-producing state.

The U.S. is often referred to as a “swing producer” due to the way its production levels fluctuate in response to changes in market prices. Furthermore, the United States is a significant consumer of oil, averaging 20.5 million barrels per day in 2023.

2) Saudi Arabia

Saudi Arabia was the second-largest oil producer globally in 2023, with a daily output of 11.1 million barrels. As a pivotal OPEC member, it holds the title of the world’s largest petroleum exporter and contains roughly 17% of the planet’s proven oil reserves.

The country’s economy is deeply reliant on oil, with petroleum making up about 42% of its GDP, 87% of its government revenues, and 90% of its export earnings.

3) Russia

Despite enduring harsh economic sanctions and trade restrictions following its invasion of Ukraine, Russia remains a major player in the global oil market. In 2023, it produced 10.75 million barrels of oil per day, accounting for roughly 11% of global output.

Most of Russia’s oil reserves are concentrated between the Central Siberian Plateau and the Ural Mountains. In response to export bans from Western countries like the U.S., U.K., and Canada, Russia has pivoted to meeting its oil export needs through stronger trade relationships with China and India.

4) Canada

Canada secured the fourth spot in global oil production in 2023, with a daily output of 5.7 million barrels, contributing about 6% of the world’s total. A significant portion of this comes from Alberta’s oil sands, offshore fields in the Atlantic, and the Western Canada Sedimentary Basin.

The U.S. is Canada’s largest export market for oil, and in 2023, 60% of the crude oil imported by the U.S. originated from Canada, reflecting a 27% increase from 2013.

5) China

China ranks fifth in global oil production, contributing 5.26 million barrels per day in 2023, or around 5% of total worldwide production.

Most of China’s oil comes from the northeast and north-central regions, although some of the country’s older fields, such as Daqing, have seen significant depletion over time. To counteract production declines, China is investing in advanced recovery techniques like polymer flooding, steam injection, and water flooding.

In addition to being a top producer, China is now the world’s second-largest consumer of oil.

The Top 5 Natural Gas-Producing Nations in The World

1) United States

The United States leads global natural gas production, generating 1.35 trillion cubic meters in 2023, accounting for 25% of the world’s total output. Over the past decade, production has surged by over 350 billion cubic meters, fueled by rising coal prices and advancements in hydraulic fracturing (fracking).

The U.S. is also the world’s largest consumer of natural gas, with a demand of 886.5 billion cubic meters in 2023. A significant portion of this demand is driven by heating and electricity generation, particularly from the Appalachian region, which alone contributes 29% of total output.

2) Russia

Russia remains the second-largest producer and exporter of natural gas globally, with an output of 586.4 billion cubic meters in 2023. Holding the largest proven reserves of natural gas, the state-owned Gazprom controls roughly 16.3% of global reserves.

However, Russia faced a 41% drop in revenues during the first three quarters of 2023 due to the European Union’s shift away from Russian gas in response to geopolitical tensions.

3) Iran

Iran is the third-largest producer of natural gas, contributing 251.7 billion cubic meters in 2023. The country shares the second-largest natural gas reserves globally with Qatar, although its infrastructure is still less developed compared to the U.S. and Russia.

In the last decade, Iran’s production has tripled, making it the largest producer in the Middle East. Iran plans to invest $80 billion into expanding its gas fields and increasing production by 30% over the next five years.

4) China

China ranks fourth with a natural gas production of 234.3 billion cubic meters in 2023, marking a 92.3% increase since 2013. This growth is largely attributed to government incentives to reduce coal usage and improve air quality.

Despite this progress, China remains dependent on imports from countries like Australia, Turkmenistan, the U.S., Malaysia, and Russia. Unconventional sources, such as shale gas, coal-bed methane, and natural gas hydrates, now represent 43% of China’s total output.

5) Canada

Canada produced 190.3 billion cubic meters of natural gas in 2023. Its primary reserves are located in the Western Canadian Sedimentary Basin, with additional offshore fields off the coasts of Newfoundland and Nova Scotia.

Canada also holds 83 trillion cubic feet in proven natural gas reserves, positioning it as a major player in global energy production.

Looking Ahead

For the next decade, the U.S. is likely to remain the leader in both oil and natural gas production, given the strength of its current lead. However, Russia, China, and Saudi Arabia will continue to play significant roles in global energy markets.