Leading oil producing countries 2020

In 2020, the United States produced a total of 744.7 million metric tons of oil, and thus was the leading oil producing country worldwide. The U.S. was also the largest oil consuming country, with a consumption of nearly 19 million barrels of oil per day in 2021.

Russia’s oil production

Russia is the second largest oil producer worldwide. Starting in February 2022, Russia’s invasion of Ukraine led to bans on fossil fuel imports from various countries in Europe and the Americas. Therefore, Russia’s monthly crude oil production reached a record low in April 2022. Domestic production impacts are expected to be seen throughout the decade, with crude oil production adjusted to the Russia-Ukraine war forecast to amount to 7.5 million barrels daily in 2030. By comparison, before the invasion, the expected output for that year was 9.1 million barrels daily. Besides the decreased domestic production, sanctions are forcing Russia’s crude oil to be transported to farther destinations like India and China.

Oil as a raw material

Despite the economic events in 2008, 2009, and 2020 that impacted global oil consumption, daily global crude oil demand net increased since 2006 and are forecast to grow and amount to over 104 million barrels per day by 2026. Oil is a versatile product, used as a raw material in transportation fuels to pharmaceuticals and plastics. Of the many products made of one barrel of crude oil, gasoline and diesel are the largest product group.