Oil and Gas
The Largest Producers of Crude Oil (1965-2017)
The global production of oil is driven by a host of complex factors, ranging from resource scarcity to a country’s access to the latest technological breakthroughs.
As these factors play out, the oil production landscape can dramatically change.
Countries can secure energy independence and global influence by rising up the rankings – or they can fall off the map completely, becoming a footnote on the global stage.
Animation: The Changing Oil Landscape
Today’s animation shows you how the oil landscape has changed, in terms of production by country, in less than a minute of time.
Data here comes from the BP Statistical Review of World Energy, 2018, which chronicles oil production by country all the way from 1965-2017.
The animation starts in 1965 during the height of the Cold War – a time when it was becoming incredibly evident that the ability to produce oil self-sufficiently would be a crucial advantage for any type of global superpower.
Rank | Country | Oil production (bpd) in 1965 |
---|---|---|
#1 | 🇺🇸 United States | 9.0 million |
#2 | ☭ USSR | 4.9 million |
#3 | 🇻🇪 Venezuela | 3.5 million |
#4 | 🇰🇼 Kuwait | 2.4 million |
#5 | 🇸🇦 Saudi Arabia | 2.2 million |
#6 | 🇮🇷 Iran | 1.9 million |
#7 | 🇮🇶 Iraq | 1.3 million |
#8 | 🇱🇾 Libya | 1.2 million |
#9 | 🇨🇦 Canada | 0.9 million |
#10 | 🇩🇿 Algeria | 0.6 million |
During this stretch of time, the United States was the undeniable leader in oil production, producing an average of 9.0 million barrels per day.
Put another way, U.S. oil production nearly double that of the entire USSR, or four times as much as the largest Arab producer (Kuwait), making this period a heyday of U.S. energy dominance.
Modern Production Figures
According to the BP Statistical Review of World Energy 2018, here is how oil production has shaped up based on more recent data.
Rank | Country | Oil production (bpd) in 2017 |
---|---|---|
#1 | 🇺🇸 United States | 13.1 million |
#2 | 🇸🇦 Saudi Arabia | 12.0 million |
#3 | 🇷🇺 Russian Federation | 11.3 million |
#4 | 🇮🇷 Iran | 5.0 million |
#5 | 🇨🇦 Canada | 4.8 million |
#6 | 🇮🇶 Iraq | 4.5 million |
#7 | 🇦🇪 United Arab Emirates | 3.9 million |
#8 | 🇨🇳 China | 3.8 million |
#9 | 🇰🇼 Kuwait | 3.0 million |
#10 | 🇧🇷 Brazil | 2.7 million |
As you can see, there are essentially three superpowers that produce over 10 million barrels of oil per day: United States (13.1 million), Saudi Arabia (12.0 million), and Russia (11.3 million).
Together, these three countries combine for 39.1% of global oil production, and about 24.9% of the world’s proven oil reserves.
After this group, there is a significant dropoff: Iran (5.0 million bpd), Canada (4.8 million bpd) and Iraq (4.5 million bpd) each have a 5% share of global production, while the U.A.E. and China are next on the list.
In total, the top 10 producers of crude oil combine for roughly 70% of the global total – meaning the world’s other 183 countries added together produce just 30% of the world’s total crude.
Environment
Big Oil Profits Reached Record High Levels in 2022
This visual highlights the five big oil companies that doubled their individual profits and earned a cumulative profit of over $200 billion in 2022.

Big Oil Profits Reached Record High Levels in 2022
Last year was a great year for oil companies.
Global crude oil prices had already escalated as global economies began recovering, and demand increased after the onset of the COVID-19 pandemic. Russia’s invasion of Ukraine shot these prices further up as fossil fuel trade fell under the microscope.
In this graphic, Vipul Sharma of Mastermind Investor uses accumulated earnings data from Energy Monitor to highlight the five companies that made a cumulative profit of over $200 billion in 2022.
The Five Big Oil Winners
Within the span of one year, the five Big Oil companies — ExxonMobil, Chevron, Shell, BP, and TotalEnergies — more than doubled their profits.
Company | Profit 2021 | Profit 2022 |
---|---|---|
ExxonMobil | $23B | $59.1B |
Shell | $19.3B | $39.9B |
Chevron | $15.6B | $36.5B |
TotalEnergies | $18.1B | $36.2B |
BP | $12.8B | $27.7B |
Securing a total profit of $59.2 billion, U.S. oil giant ExxonMobil recorded the highest total of the lot. In 2021, the company’s profits were $23 billion or less than half of 2022’s haul.
It was joined by Chevron, whose profits rose by over 134% to $36.5 billion, and Shell, whose profit of $39.9 billion was the highest in the company’s 115-year history.
Where Will This Money Go?
One of the main focuses of the COP27 conference in Egypt last year was the global attempt to phase down fossil fuels and move to clean energy.
So far, these massive profits have largely gone to stock buybacks and reinvesting in shareholders. With lower oil prices so far in 2023, how will Big Oil react and spend moving forward?
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