Industry scope and market sizes
According to the United States Energy Information Administration, global proven oil reserves for the top 10 oil suppliers total about 1.5 trillion barrels. Venezuela (303 billion barrels), Saudi Arabia (267 billion) and Iran (208 billion) are at the top of this list. Understandably, the Middle East accounts for 54% of the proven reserves. North America, led by Canada and the United States, accounts for about 15% of the reserves. These two regions, therefore account for nearly 70% of the world’s oil deposits.
Global crude production averaged 96.9 million barrels per day (bpd) in 2024, according to the Energy Institute’s 2024 statistics. The United States led with 20.1 million bpd, followed by Saudi Arabia (10.9 million bpd), Russia (10.8 million bpd), Canada (5.9 million bpd), and Iran (5.0 million bpd). Africa produced about 7 million bpd, equivalent to 7.5% of global supply, underscoring the continent’s modest yet strategic role in the
