The United States is the world's largest producer of fuel, leading significantly in both crude oil and natural gas production, a position it has held for several years due to advances in extraction technologies like fracking, though Russia and Saudi Arabia remain major oil producers. The US produces over 20% of the world's total oil and a quarter of its natural gas, making it the top overall fossil fuel producer as well, according to recent data.
Australia is a minor oil producer, ranking 31st in the world and accounting for 0.4% of total oil production in 2023 (Energy Institute, 2024). In 2022-23 Australia produced 771 PJ (131 MMbbl) of crude oil, condensate and LPG, of which over 94% was exported (DCCEEW, 2024).
6 Countries with the Largest Crude Oil Reserves in the World
Top 10 Countries with the Largest Oil Reserves 2025
Venezuela owns approximately 18% (or one-fifth) of the world's proven oil reserves, making it the country with the largest reserves globally, holding around 303 billion barrels as of recent data, though its production levels don't always match this vast resource.
At a glance where and how much is the cheapest Petrol in the World?
The United States tops global oil production, pumping more than 20 million barrels per day.
Oil: Estimates vary, but many sources put known oil reserves at lasting roughly 47-56 years, assuming consumption stays more or less as it is now. Natural Gas: Similar figures for gas, largely in the 50-year range.
Australia offers none of the capital or operating cost benefits available in many developing countries. Compared to refineries across Asia, Australian refineries suffer from substantial disadvantages in operating and capital costs that preclude Australia from consideration for major new refinery projects.
Australia has taken this action alongside our international partners, including the European Union, the United Kingdom, Canada, New Zealand and Japan. Australia maintains its total ban on imports from Russia of oil and refined petroleum.
The seven sisters were the Standard Oil Company of New Jersey (later Exxon), the Standard Oil Company of New York (Socony, later Mobil, which eventually merged with Exxon), the Standard Oil Company of California (Socal, later renamed Chevron), the Texas Oil Company (later renamed Texaco), Gulf Oil (which later merged ...
What country refines the most oil? The United States has the most oil refineries. It currently has around 130 operational facilities across the country, producing 18 million barrels daily. Close behind the United States is China, with a capacity of 17 million barrels per day recorded in 2021.
Venezuela says it has the world's largest reserves of crude oil. Making it viable is a whole other problem. Despite exporting less than 1% of the world's supply of oil, Venezuela has been a key focal point in the energy market for decades.
Top Companies. As of March 2025, Saudi Aramco stands as the world's largest oil and gas company, with a market capitalization of $1.648 trillion. Aramco is the biggest oil and gas corporation in the world.
China's land-based oil resources are mostly concentrated in the country's north. Large oil fields include Daqing, Shengli, Liaohe, Karamay, and Dagang. China's proven oil reserves per capita are low.
In 2021-22 Australia produced 891 petajoules (PJ; 152 million barrels, MMbbl) of crude oil, condensate, and LPG, of which over 85% was exported. Australia's domestic crude oil production continues to decline rapidly, and without new commercial discoveries, production is projected to cease within the next 6 years.
Iran's long-term sustainable oil production rate is estimated at 3.8 Mbbl/d (600,000 m3/d).
Official statistics from the Bureau of Resource & Energy Economics (Australian Petroleum Statistics) and the International Energy Agency (IEA) show that Australia has among the lowest petrol and diesel prices of all OECD countries.
Hong Kong had the highest prices for premium gasoline (95-RON) on August 4, 2025. That day, prices averaged 3.58 U.S. dollars per liter, which was notably more than in any other country.
Gasoline Price Per Liter in Saudi Arabia
Currently, Gasoline 91 stands out as an economical fuel option, priced at 2.18 SAR per liter.