The recent surge in oil production is putting the U.S. firmly in the lead among the five biggest oil-producing countries in the world, Bloomberg reported.

The list also includes OPEC+ producers Saudi Arabia, Russia, and Iraq, and another North American producer—Canada.

– The U.S. is now producing more than 13 million barrels per day (bpd) of crude oil—more than any country ever—and is headed to a continued increase in the short and medium term.

– Saudi Arabia, the leader of OPEC and the OPEC+ group, has been the second-largest oil producer in the world this year. Saudi crude oil production averaged around 10.2 million bpd in the first half of 2023, but since July, the Kingdom has been implementing an extra voluntary production cut of 1 million bpd, and its production has averaged 9 million bpd in the second half of the year.

– Russia, the key Saudi partner in the OPEC+ alliance, is believed to be producing around 9 million bpd of crude oil.

– Canadian oil production last year hit a record 4.86 million bpd, per data from the Canada Energy Regulator. Analysts now expect output to grow in 2023, 2024, and 2025 as companies are ramping up production at new and tie-back sites in Alberta’s oil sands.

– Iraq has been the fifth-biggest oil-producing country in the world this year, with output averaging around 4.3 million bpd, per OPEC’s secondary sources in its monthly reports./ Iranoilgas