The Top 5 Oil Producers of 2023

1 The United States
The U.S. is now producing more than 13 million barrels per day (bpd) of crude oil—more than any country ever—and is headed to a continued increase in the short and medium term.
U.S. crude oil production hit a new monthly record of 13.236 million bpd in September, according to the latest data from the U.S. Energy Information Administration (EIA).
This year, U.S. crude oil production is set to average 12.93 million bpd, and rise further to average 13.11 million bpd next year, the EIA said in its Short-Term Energy Outlook (STEO) in December.
2 Saudi Arabia
Saudi Arabia, the leader of OPEC and the OPEC+ group, has been the second-largest oil producer in the world this year. Saudi crude oil production averaged around 10.2 million bpd in the first half of 2023, but since July, the Kingdom has been implementing an extra voluntary production cut of 1 million bpd, and its production has averaged 9 million bpd in the second half of the year. The Saudi cut, aimed at "market stability", has been partly offset by soaring production from non-OPEC+ producers, most notably the United States, but also Brazil, Canada, Guyana, and Norway.
3 Russia
Russia, the key Saudi partner in the OPEC+ alliance, is believed to be producing around 9 million bpd of crude oil. Russia classified its oil production and export data after it invaded Ukraine, saying it would not provide detailed information about its oil sector, which could be used by the West to track down and clamp down on Russia's oil exports or oil revenues.
Earlier this month, reports emerged that Russia had promised oil-flow tracking companies and price reporting agencies to provide data about its production, inventories, and fuel output after OPEC+ asked Moscow for more transparency in tracking its compliance with the cuts.
At the latest OPEC+ meeting, Russia said it would deepen the export cut to 500,000 bpd in the first quarter of 2024, with May and June of 2023 being the reference export levels for the cut, which will consist of 300,000 bpd of crude and 200,000 bpd of refined products.
4 Canada
While Russia and Saudi Arabia have been cutting supply to the market, North America has been growing its production—not only from the United States, but also from Canada.
Last year, Canadian oil production hit a record 4.86 million bpd, per data from the Canada Energy Regulator.
Analysts now expect output to grow in 2023, 2024, and 2025 as companies are ramping up production at new and tie-back sites in Alberta's oil sands. Canada's crude oil production is set to grow by 8% by 2025, analysts say.
5 Iraq
OPEC's second-largest producer, Iraq, has been the fifth-biggest oil-producing country in the world this year, with output averaging around 4.3 million bpd, per OPEC's secondary sources in its monthly reports.
In the latest report for December, OPEC acknowledged that while the cartel's crude oil production fell in November for the first time in months, U.S. oil output continued to reach new highs.
OPEC noted in its report that "US crude and condensate production as well as NGL output continue to reach new highs. Total US liquids output reached a record 21.6 mb/d in September due to persistent outperformance of onshore and offshore production."
OPEC expects U.S. liquids supply to grow by 1.3 million bpd in 2023. $Chevron (CVX.US)$ $Exxon Mobil (XOM.US)$ $Occidental Petroleum (OXY.US)$