Material Insights · Understanding the Material World

Crude oil: Production

Who pumps a record 4.5 billion tonnes a year

What this tab covers Who produces it and how much: world output over recent years, the top producing countries with their shares, USGS world figures for 2024 and 2025, and the largest producing companies globally and in India.

World output reached a record 4,543 million tonnes in 2024 (Energy Institute), 44% more than in 1990. The United States leads with 19%, mostly thanks to shale, ahead of Russia (12%) and Saudi Arabia (11%). An HHI of 800 reads as unconcentrated, but that understates market power. OPEC+ coordinates quotas across many producers, and Saudi Arabia holds most of the world's spare capacity. Radetzki & Wårell argue OPEC rarely worked as an effective cartel, though OPEC+, formed in late 2016, has been more active. World Mining Data gives a slightly higher 4,603 million tonnes for 2024, on a different basis.

Oil Production - tonnes · Energy Institute

Chart: World production of Oil Production - tonnes

World production, million tonnes. Hover for values.

Top producers 2024

United States 18.9% Russia 11.6% Saudi Arabia 11.2% Canada 6.4% Iran 5.2% Iraq 4.8% China 4.7% Brazil 4.0% Concentration: HHI 800, unconcentrated.

Petroleum · WMD

2020 4.22 bn 2021 4.26 bn 2022 4.45 bn 2023 4.54 bn 2024 4.60 bn World production, tonnes (World Mining Data 2026).

Top producers 2024

United States 20.6% Russia 11.4% Saudi Arabia 11.1% Canada 6.2% Iran 5.1% Iraq 4.7% China 4.6% United Arab Emirates 3.9% Concentration: HHI 854, unconcentrated.

Largest producers by company, global

  • Saudi Aramco: 12.9 million boe/d total hydrocarbons (2025)
  • ExxonMobil: 4.736 million boe/d net production (2025)
  • Chevron: 3.723 million boe/d net production (2025)
  • Shell: 2.801 million boe/d oil and gas production (2025)
  • ConocoPhillips: 2.375 million boe/d production (2025)

Largest producers by company, India

  • ONGC: 20.5 Mt crude incl. JV share (domestic) (FY2026)
  • Oil India: 3.45 Mt crude (FY2026)
  • Reliance Industries: 80.5 Mt O2C throughput (FY2025)
  • Indian Oil Corporation: 75.45 Mt refinery throughput (standalone) (FY2026)
  • Bharat Petroleum (BPCL): 41.15 Mt refinery throughput (FY2026)