Top 10 largest oil-producing and consuming countries 2024-25: India’s global rank explained

Top 10 largest oil-producing and consuming countries 2024-25 list: Global oil production rose by 0.6 per cent in 2024 to reach 97 million barrels per day (bpd), driven largely by non-OPEC countries, according to the Energy Institute’s (EI) latest Statistical Review of World Energy.

The United States remained the world’s largest oil producer, pumping 20,135 thousand barrels daily and accounting for 20.8 per cent of global supply.

Its output was nearly equal to the combined production of Saudi Arabia and Russia, which rank second and third and together contribute almost a quarter of the world’s oil supply.

On the consumption side too, the US led, using 18,995 thousand barrels per day, or 18.7 per cent of global demand. China ranked second, followed by India.

Six countries — the US, China, Russia, Saudi Arabia, Canada and Brazil — appear on both lists, underlining their dominance as top producers as well as top consumers in the global oil market.

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Overall, the top 10 oil-consuming countries account for 61% of global demand, while the top 10 producers make up 73.8 per cent of supply.

Top 10 largest oil-producing countries in 2024-25:

Rank	Country	Production (thousand barrels daily)	Share of World (%)
1	United States	20,135	20.8%
2	Saudi Arabia	10,856	11.2%
3	Russian Federation	10,752	11.1%
4	Iran	5,062	5.2%
5	Canada	5,888	6.1%
6	Iraq	4,398	4.5%
7	China	4,264	4.4%
8	United Arab Emirates	4,006	4.1%
9	Brazil	3,466	3.6%
10	Kuwait	2,719	2.8%

Source: Energy Institute – 2025 – 74th edition of Statistical Review of World Energy

Top 10 largest oil-producing countries in 2024-25:

Rank	Country	Consumption (thousand barrels daily)	Share of World (%)
1	United States	18,995	18.7%
2	China	16,374	16.1%
3	India	5,621	5.5%
4	Japan	3,238	3.2%
5	Russian Federation	3,846	3.8%
6	Saudi Arabia	3,959	3.9%
7	South Korea	2,892	2.9%
8	Brazil	2,575	2.5%
9	Germany	2,052	2%
10	Canada	2,333	2.3%

Source: Energy Institute – 2025 – 74th edition of Statistical Review of World Energy

Where does India rank globally?

India is set to outpace China in oil growth demand, positioning it as one of the fastest-growing major oil markets globally, according to S&P Global Commodity Insights (SPGCI). (File Image)

India is the world’s third-largest oil consumer after the US and China, with demand of 5,621 thousand barrels per day in 2024, translating to 5.5 per cent of global consumption.

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However, India’s domestic oil production is far smaller than its demand. Its output has seen a 2.2 per cent decline over the past decade, and currently contributes just 0.7 per cent of global supply.

The widening gap between consumption and production leaves India heavily dependent on imports to meet its energy needs.

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