Global oil production share 2023, by country

The United States accounts for 20.1 percent of global crude oil production, making it the largest oil producing country in the world. Crude oil production includes crude oil, shale oil, oil sand and NGLs (natural gas liquids: liquid content of natural gas in which the condensate is recovered separately). It excludes liquid fuels from other sources such as biomass and coal derivatives.

Global crude oil supply

Apart from the United States, Saudi Arabia and Russia are among the world’s largest producers of crude oil, each accounting for a share around 12 percent. Saudi Arabia's oil production has amounted to roughly 11 million barrels of oil per day for the past few years. Unsurprisingly, these countries are also some of the world’s largest oil consumers. Saudi Arabia consumes around 3.5 million barrels per day, while the U.S. uses about 17 million barrels.

U.S. oil trade

In the past, the U.S. relied heavily on oil imports from OPEC member countries like Saudi Arabia. However, due to an increase in domestic production output following technological advances, U.S. crude oil imports decreased by over one third since 2005. Conversely, U.S. petroleum exports skyrocketed, reaching 10.15 million barrels per day in 2023.