In 50+ years of oil production, the top spot has rotated among only 4 countries

  • Only 4 countries have ever topped global oil production since 1973: the US, USSR, Saudi Arabia, and Russia.
  • The USSR and Saudi Arabia each led for 17 years, while Russia held 9 and the U.S. reclaimed the top with 8 years, mostly after the shale boom.
  • Top producers have peaked at 9–12 million barrels/day, but the US once dropped as low as 5 million in the 2000s.
  • Nigeria peaked at 2.5 million barrels/day in 2005 and 2011, but never reached the top five.
  • Global crude oil production grew by over 26 million barrels per day between 1973 and 2023—an increase of nearly 47% over 50 years.

Since 1973, global oil production has had just four leaders reach the number one spot: the US, the USSR, Saudi Arabia, and later, Russia. In that period, the USSR led for 17 years, Saudi Arabia matched that with another 17, Russia held it for 9, and the US for 8, mostly during the shale boom.

These countries have peaked between 9 to 12 million barrels per day, but not without dips. The U.S., for instance, dropped to around 5 million barrels/day in the mid-2000s before bouncing back.

Countries like Iran, China, and Canada have occasionally climbed into the top five, producing between 3 to 5 million barrels/day.

Nigeria, despite being Africa’s largest producer and a key OPEC member, has never broken into the top five. Its highest output, around 2.5 million barrels/day in the mid-2000s, was still far behind the leaders, and years of oil theft, underinvestment, and pipeline issues kept its output unstable.

Source:

Energy Institute Statistical Review of World Energy 2024

Period:

1973-2023
HTML code to embed chart
Want a bespoke report?
Reach out
Tags
Related Insights

Africa's crude oil producers: Only 4 countries ever made it past 1 million barrels a day since 1965
Only 4 African countries ever crossed 1 million b/d:   Libya, Nigeria, Algeria, and Angola.
Libya was Africa’s top producer in the...

After the drop in 2020 due to COVID-19, Oando Plc's profit before tax has surpassed pre-COVID-19 levels
Key Takeaways:
Despite recent gains, Oando Plc's earnings before tax have declined by 222% over the past decade.
Major losses occurred in...

Oando Plc achieved a revenue increase of 412% between 2021 and 2024, while profits declined by 181% from 2022 to 2024, despite a positive profit after tax in 2024
Key takeaways:
Despite a profit after tax record of ₦65.5 billion in 2024, Oando Plc recorded a negative growth rate from...

Seplat Energy's revenue surged by 137%, with profits increasing by 163% in 2024 compared to 2023
Key takeaways:
Seplat’s revenue steadily increased from ₦112.97 billion in 2015 to ₦1.65 trillion in 2024.
The difference between revenue and profit...

Nigeria’s largest refinery took over a decade and $20 billion to begin operations
Dangote first announced the refinery in 2013 with a $9 billion plan, securing $3.3 billion in funding.
The estimated cost grew...

The average price of kerosene rose by almost 71% between May 2023 and December 2024
Key takeaways:
The average kerosene price increased by approximately 70.5%, rising from ₦1,206.1 in May 2023 to ₦2,056.4 in December 2024.
Prices...

POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form

©2025
A product of Techpoint Africa. All rights reserved