Top 10 Oil Producers in the World (2026 Rankings)

The global energy landscape is constantly shifting, but the dominance of a few key nations remains a cornerstone of the world economy. Understanding who the top 10 oil producers in the world are—and the percentage of global output they control—is essential for grasping international trade and energy security.

Who is the Largest Producer of Oil in the World?

As of late 2024 and early 2026, the United States remains the world’s largest oil producer. Thanks to advancements in shale technology, the U.S. produces approximately 22% of the world’s total oil supply.

Top 10 Oil Producing Countries & Market Share

Below is the ranking of the leading producers and their approximate share of global production:

Key Industry Players and Control

• Who is the largest oil producer company? Saudi Aramco is the undisputed leader, holding the largest daily production capacity and market capitalization globally.

• Who controls 80% of the world’s oil? While the U.S. leads in production, OPEC (Organization of the Petroleum Exporting Countries) members collectively control nearly 80% of the world’s proven oil reserves.

Is Iran a Large Oil Producer?

Yes, Iran consistently ranks in the top 10 globally. It holds roughly 4% of global production and possesses some of the largest proven reserves of crude oil and natural gas.

Why is Iran Not Rich from Oil?

Despite its status as an “energy superpower,” Iran faces economic challenges due to:

1. International Sanctions: Heavily restricting the export of gasoline, diesel, and crude.

2. Infrastructure Aging: Lack of investment in refineries to produce high-value Oil derivatives.

3. Domestic Subsidies: Massive spending on cheap kerosene and fuel for domestic use.

The Value of Oil Products

The industry is not just about crude. Refineries process oil into essential products like sulfur, base oil for lubricants, bitumen for roads, and LPG (Liquefied Petroleum Gas) for heating and cooking.