Crude oil: Across the Earth
Reserves sit in the Gulf, but America pumps most
What this tab covers How the resource varies with latitude, climate, terrain and geology: the richest and poorest regions and the leading countries.Reserves are concentrated in OPEC countries, mostly in the Middle East and Venezuela. Production is more spread out, led by the US, Saudi Arabia and Russia.
Oil occurs in sedimentary basins that had organic-rich source rocks, adequate burial heat and good seals. The great Middle East basins combine all three. Bitumen and extra-heavy oil accumulate where oil has migrated close to the surface and been degraded, as in Alberta and Venezuela.
Rich and poor regions
| Region | Resource | Level |
|---|---|---|
| OPEC member countries (reserves) | 1,241 billion barrels, about 79% of world proven crude reserves (end-2024)4 | high |
| Alberta oil sands, Canada (reserves) | about 158.9 billion barrels, fourth largest in the world10 | high |
| Alberta oil sands (area) | 142,200 square km underlain by oil sands; about 4,800 square km (3.4%) shallow enough to mine10 | medium |
| US shale basins (output) | tight oil 8.32 million b/d, 64% of US crude (2023)9 | high |
| Rest of the world outside OPEC (reserves) | about 326 billion barrels, 21% (calculated)4 | low |
Top countries by petroleum and other liquids production 2023 11
| Country | million barrels per day (share of world) |
|---|---|
| United States | 21.91 (22%) |
| Saudi Arabia | 11.13 (11%) |
| Russia | 10.75 (11%) |
| Canada | 5.76 (6%) |
| China | 5.26 (5%) |
| Iraq | 4.42 (4%) |
| Brazil | 4.28 (4%) |
The US total includes crude, natural gas liquids, biofuels and refinery gains, so it overstates US crude alone; the world total on this basis was 101.81 million b/d. The geography of reserves and of production has diverged. US tight oil and Canadian oil sands added large output from rocks once considered uneconomic, while many OPEC countries produce below their capacity under agreed quotas.
Sources
- Milestone 60th edition of OPEC's Annual Statistical Bulletin (ASB 2025) launched OPEC, 2025
- How much shale (tight) oil is produced in the United States? US EIA, 2024
- Oil sands facts and statistics Government of Alberta, 2024
- What countries are the top producers and consumers of oil? US EIA, 2024