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.
The United States dominates global natural gas production in 2024, contributing 1.03 trillion cubic metres (Tcm), nearly one-quarter of the world’s total.
Russia (0.63Tcm) and Iran (0.26Tcm) follow as the second and third largest producers.
China (0.25Tcm) and Canada (0.19Tcm) also feature strongly, rounding out the top five producers.
Collectively, these top five countries account for more than 50% of global production.
Emerging producers like Nigeria, Egypt, and Azerbaijan contribute significantly to the supply but remain far behind the leading nations.
