In response to Russia’s war in Ukraine, Canada, the US, the UK and Australia have banned imports of Russian oil, representing about 13 percent of Russia’s exports. Most of Russia’s reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, as well as in the Urals-Volga region, extending into the Caspian Sea.Īs the third largest oil producer, Russia accounts for 10 percent of global output. Prior to production cuts in 2020, Russian oil output had spent a number of years rising it came in at 10,938,000 bpd in 2022. Statistics are from the Energy Information Administration (EIA) and include total production of petroleum and other liquids. Read on for a look at the top 10 oil-producing countries in 2022, the most current data at time of publication. Given these and other recent market events, many investors are curious to know which countries produce the most oil. These supply concerns have been tempered by slowing demand forecasts for China, and the potential for Venezuelan oil production to move back into the market. In June, OPEC members agreed to significantly cut output in July and to extend a broader deal to limit supply into 2024.Īside from that, the outbreak of the Israel-Hamas war has oil market watchers looking for indications that the conflict may spread into oil-producing nations in the Middle East. However, slowing economic activity brought on by rising interest rates and recession fears have weighed on oil prices in 2023. And once Russia’s aggressive war against Ukraine set in the following year, oil skyrocketed. Oil demand returned in 2021 as COVID-19 lockdowns eased worldwide, pushing prices higher.
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