The Experts Club analytical center has prepared a video analysis showing how oil production volumes of the world’s largest countries changed over the period 1900–2024, based on internationally comparable series (the Energy Institute Statistical Review and long-term historical databases consolidated by Our World in Data).
Experts Club co-founder, Candidate of Economic Sciences Maksym Urakin, noted that over more than a century “the center of gravity of global production has repeatedly shifted — from the early dominance of the United States to the strengthening role of the Middle East, and then to a new wave of growth in North America amid a technological leap and changes in the structure of demand.”
According to the data used in the analysis, the “oil production” indicator includes oil and liquid hydrocarbons (including condensates and NGL), but excludes biofuels and synthetic derivatives of coal and gas, which makes it possible to compare countries and periods correctly.
According to Energy Institute estimates, global production in 2024 amounted to about 96.9 million bbl/day. The largest producers (million bbl/day) were as follows: the United States — 20.14, Saudi Arabia — 10.86, Russia — 10.75, Canada — 5.89, Iran — 5.06, Iraq — 4.40, China — 4.26, the UAE — 4.01, Brazil — 3.47, Kuwait — 2.72.
Experts Club notes that in 2024 the top three (the United States, Saudi Arabia, Russia) accounted for about 43% of global production, and the top 10 for around 74%, underscoring the high concentration of supply and the market’s sensitivity to decisions by a limited number of countries and to geopolitical risks.
More details: see the video on the Experts Club YouTube channel —
