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

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.