This is a list of countries by oil extraction (i.e., petroleum extraction or "production"), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
Compared with shorter-term data, the full-year figures are less prone to distortion from periodic maintenance shutdowns and other seasonal cycles.
26°19′15.95″N 50°7′39.94″E / 26.3210972°N 50.1277611°E
Dammam No. 7, also known as "Prosperity Well", is an oil well located in Dammam, Saudi Arabia, notable for being the site where commercial quantities of oil were first discovered in the country on March 4, 1938. This discovery marked the beginning of Saudi Arabia's transformation into one of the world's leading oil producers. The well, which operated continuously until its closure in 1982, is now a historic landmark and part of an Aramco museum.
The economy of Russia is a high-income, industrialized, mixed and market-oriented emerging economy. It has the ninth-largest economy in the world by nominal GDP and the fourth-largest economy by GDP (PPP). Due to a volatile currency exchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.
Russia has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports. The country has been widely described as an energy superpower; with it having the largest natural gas reserves in the world, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. Russia is the third-largest exporter of natural gas, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third-largest coal exporter. As of 2020, its foreign exchange reserves were the fifth-largest in the world. Russia has a labour force of about 73 million people, which is the eighth-largest in the world. It is the third-largest exporter of arms in the world. The large oil and gas sector accounted up to 30% of Russia's federal budget revenues in 2024, down from 50% in the mid-2010s, suggesting economic diversification.
The Organization of the Petroleum Exporting Countries (OPEC /ˈoʊpɛk/ OH-pek) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production, according to a 2022 report. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.
In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms (the "Seven Sisters"). In the 1970s, restrictions in oil production led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member commitments reflect what they would do even in the absence of OPEC.
A petrostate, oil state or petrocracy is a polity whose economy is heavily dependent on the extraction and export of oil or natural gas. Petrostates are conventionally independent nations; however writers like Samuel Weston and Andrew Nikiforuk describes major oil-producing subnational entities like Wyoming, Alberta and Louisiana as also petrostates. A petromonarchy or oil monarchy is a petrostate run by a dynastic absolute monarch; one run by another type of autocrat is a petro-dictatorship.
The presence alone of large oil and gas industries does not define a petrostate: major oil producers that also have diversified economies are not classified as petrostates due to their ability to generate income from various industries and sectors beyond the oil industry. Petrostates typically have highly concentrated political and economic power, resting in the hands of an elite, as well as unaccountable political institutions that are susceptible to corruption.
Petroleum production in Canada is a major industry which is important to the overall economy of North America. Canada has the third largest oil reserves in the world and is the world's fourth largest oil producer and fourth largest oil exporter. In 2019 it produced an average of 750,000 cubic metres per day (4.7 Mbbl/d) of crude oil and equivalent. Of that amount, 64% was upgraded from unconventional oil sands, and the remainder light crude oil, heavy crude oil and natural-gas condensate. Most of the Canadian petroleum production is exported, approximately 600,000 cubic metres per day (3.8 Mbbl/d) in 2019, with 98% of the exports going to the United States. Canada is by far the largest single source of oil imports to the United States, providing 43% of US crude oil imports in 2015.
The petroleum industry in Canada is also referred to as the "Canadian Oil Patch"; the term refers especially to upstream operations (exploration and production of oil and gas), and to a lesser degree to downstream operations (refining, distribution, and selling of oil and gas products). In 2005, almost 25,000 new oil wells were spudded (drilled) in Canada. Daily, over 100 new wells are spudded in the province of Alberta alone. Although Canada is one of the largest oil producers and exporters in the world, it also imports significant amounts of oil into its eastern provinces since its oil pipelines do not extend all the way across the country and many of its oil refineries cannot handle the types of oil its oil fields produce. In 2017 Canada imported 405,700 bbl/day (barrels per day) and exported 1,115,000 bbl/day of refined petroleum products.