In the world of energy production, oil remains king. For decades it has been one of the most important sources of energy, and continues to be so today. According to data from BP, the top 10 oil producing countries account for over 70% of global production. The list is updated every year, and in this article, we take a look at the figures for 2023.
Leading the list of top producers is the United States. In 2023, the US accounted for an estimated production of 19 million barrels per day. This was an increase of about 2 million barrels from the previous year and made the US the largest producer of petroleum in the world. This was followed by Saudi Arabia at 13.6 million barrels per day and Russia at 11.2 million barrels per day.
Other countries that made it into the list of top 10 producers include Canada, Iraq, and China. Together, these countries made up just over 56% of total world production in 2023. In total, the combined output of these ten countries was 81.6 million barrels per day.
It is also worth noting that the overall global production of oil has been declining in recent years. The decrease is primarily due to the introduction of alternative energy sources such as wind and solar. Despite this, oil remains a vital source of energy and is still in demand. This demand is expected to increase in future years, particularly in emerging markets.
Overall, the figures for 2023 show that the United States continues to dominate the global oil market. The other countries in the list are also making large contributions to the global oil supply. These figures show just how important oil is, and how much of an influence it has on the global economy.
To conclude, the figures for 2023 highlight the importance of oil in the global energy market. With advances in technology and the surge of alternative energy sources, it is likely that this situation will continue into the future.
“2023: Who Rules the Oil Market? The Top 10 Power Players!
