The United States is the largest oil producer in the world in 2023, according to the latest data from the Energy Information Administration. The United States imports a lot of crude oil mainly because many of its refineries are not equipped to distill oil coming from the American Gulf Coast.
Russia, an important member of the OPEC Plus group, is the second largest oilProducer after surpassing Saudi Arabia due to the Kingdom’s decision to implement a voluntary production cut of one million barrels per day in mid-2023 until first quarter of 2024.