USA: world’s largest producer of oil AND its largest oil consumer

The Largest Oil Producers in 2021

According to an analysis by Elements Newsletter based on the BP Statistical Review of World Energy 2022, roughly 43% of the world’s oil production came from just three countries in 2021 — the US, Saudi Arabia, and the Russian Federation. Together, these three countries produced more oil than the rest of the top 10 combined.

The US surpassed Saudi Arabia as the largest oil producer in the world in 2015, according to US government data. However, as of 2021 the US continued to be a net importer of crude oil while exporting refined petroleum products.

A US oil refinery facility (Photo: Asia Times).

Saudi Arabia and Russia each produced roughly 11 million B/D in 2021 and were the two largest oil exporters globally. In both countries, state-owned oil firms (Saudi Aramco and Gazprom, respectively) were the most valuable oil and gas producing companies.

Top 10 oil producing countries

Source: Elements Newsletter

Oil Production: OPEC Countries vs. Rest of the World

It’s worth looking at the amount of oil the Organization of Petroleum Exporting Countries (OPEC) produces and comparing this to other organizations and regions.

The OPEC countries are the largest oil producers collectively, with Saudi Arabia alone making up one-third of OPEC production. It’s also important to note that OPEC production remains below pre-pandemic levels after the organization reduced its output by an unprecedented 10 million barrels per day (B/D) in 2020.

Following OPEC, North America (US, Canada, and Mexico) account for just over a quarter of global oil production in 2021. Nearly 70% of North American oil production came from the US, the world’s largest oil producer.

Similarly, within the Russian federation (CIS) Russia was by far the largest producer, accounting for 80% of total CIS production.

Oil production: OPEC vs others

Source: Elements Newsletter

Source: Extracts from Elements Newsletter,  July 28, 2022.
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