The United States produced the most oil in the world in 2018, at around 15.31 million barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank as the top two countries with highest oil exports.
OPEC production share
Many of the top oil-producing countries belong to the Organization of the Petroleum Exporting Countries, also known as OPEC. The group was founded in 1960 by five original members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Today, 14 nations belong to OPEC, and the organization holds powerful influence on the prices of oil, with over 40 percent of the total global share of crude oil production coming from OPEC.
Increased production in the United States
The United States was not always the largest producer of oil, but imported oil at higher rates before the 2008 financial crisis. As foreign oil prices peaked during the Recession, investors sought to develop technology to extract more oil domestically, notably through hydraulic fracturing. Since then, oil production in the United States has nearly doubled, reducing the need for imports.
Oil production in the leading oil-producing countries worldwide in 2018 (in 1,000 barrels per day)*
* Includes crude oil, shale oil, oil sands and NGLs (the liquid content of natural gas where this is recovered separately). Excludes liquid fuels from other sources such as biomass and coal derivatives.
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BP. (June 11, 2019). Oil production in the leading oil-producing countries worldwide in 2018 (in 1,000 barrels per day)* [Graph]. In Statista. Retrieved April 10, 2020, from https://www.statista.com/statistics/237115/oil-production-in-the-top-fifteen-countries-in-barrels-per-day/
BP. "Oil production in the leading oil-producing countries worldwide in 2018 (in 1,000 barrels per day)*." Chart. June 11, 2019. Statista. Accessed April 10, 2020. https://www.statista.com/statistics/237115/oil-production-in-the-top-fifteen-countries-in-barrels-per-day/
BP. (2019). Oil production in the leading oil-producing countries worldwide in 2018 (in 1,000 barrels per day)*. Statista. Statista Inc.. Accessed: April 10, 2020. https://www.statista.com/statistics/237115/oil-production-in-the-top-fifteen-countries-in-barrels-per-day/
BP. "Oil Production in The Leading Oil-producing Countries Worldwide in 2018 (in 1,000 Barrels per Day)*." Statista, Statista Inc., 11 Jun 2019, https://www.statista.com/statistics/237115/oil-production-in-the-top-fifteen-countries-in-barrels-per-day/
BP, Oil production in the leading oil-producing countries worldwide in 2018 (in 1,000 barrels per day)* Statista, https://www.statista.com/statistics/237115/oil-production-in-the-top-fifteen-countries-in-barrels-per-day/ (last visited April 10, 2020)
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