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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.
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.
| 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
| 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
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.
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.
