Energy Shift
The World’s Biggest Oil Producers in 2023
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The World’s Biggest Oil Producers in 2023
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Despite efforts to decarbonize the global economy, oil still remains one of the world’s most important resources. It’s also produced by a fairly limited group of countries, which can be a source of economic and political leverage.
This graphic illustrates global crude oil production in 2023, measured in million barrels per day, sourced from the U.S. Energy Information Administration (EIA).
Three Countries Account for 40% of Global Oil Production
In 2023, the United States, Russia, and Saudi Arabia collectively contributed 32.7 million barrels per day to global oil production.
| Oil Production 2023 | Million barrels per day |
|---|---|
| 🇺🇸 U.S. | 12.9 |
| 🇷🇺 Russia | 10.1 |
| 🇸🇦 Saudi Arabia | 9.7 |
| 🇨🇦 Canada | 4.6 |
| 🇮🇶 Iraq | 4.3 |
| 🇨🇳 China | 4.2 |
| 🇮🇷 Iran | 3.6 |
| 🇧🇷 Brazil | 3.4 |
| 🇦🇪 UAE | 3.4 |
| 🇰🇼 Kuwait | 2.7 |
| 🌍 Other | 22.8 |
These three nations have consistently dominated oil production since 1971. The leading position, however, has alternated among them over the past five decades.
In contrast, the combined production of the next three largest producers—Canada, Iraq, and China—reached 13.1 million barrels per day in 2023, just surpassing the production of the United States alone.
In the near term, no country is likely to surpass the record production achieved by the U.S. in 2023, as no other producer has ever reached a daily capacity of 13.0 million barrels. Recently, Saudi Arabia’s state-owned Saudi Aramco scrapped plans to increase production capacity to 13.0 million barrels per day by 2027.
In 2024, analysts forecast that the U.S. will maintain its position as the top oil producer. In fact, according to Macquarie Group, U.S. oil production is expected to achieve a record pace of about 14 million barrels per day by the end of the year.
Energy Shift
Visualized: The Growth of Clean Energy Stocks
Visual Capitalist partnered with EnergyX to analyze five major clean energy stocks and explore the factors driving this growth.
The Growth of Clean Energy Stocks
Over the last few years, energy investment trends have shifted from fossil fuels to renewable and sustainable energy sources. Long-term energy investors now see significant returns from clean energy stocks, especially compared to those invested in fossil fuels alone.
For this graphic, Visual Capitalist has collaborated with EnergyX to examine the rise of clean energy stocks and gain a deeper understanding of the factors driving this growth.
Sustainable Energy Stock Performance
In 2023, the IEA reported that 62% of all energy investment went toward sustainable sources. As the world embraces sustainable energy and technologies like EVs, it’s no surprise that clean energy companies provide solid returns for their investors over long periods.
Taking the top-five clean energy stocks by market cap (as of April 2024) and charting their five-year cumulative returns, it is clear that investments in clean energy are growing:
| Company | Price: 01/04/2019 | Price: 12/29/2024 | 5-Year-Return % |
|---|---|---|---|
| First Solar, Inc. | $46.32 | $172.28 | 272% |
| Enphase Energy, Inc. | $5.08 | $132.14 | 2,501% |
| Consolidated Edison, Inc. | $76.55 | $90.97 | 19% |
| NextEra Energy, Inc. | $43.13 | $60.74 | 41% |
| Brookfield Renewable Partners | $14.78 | $26.28 | 78% |
But how does this compare to the performance of fossil fuel stocks?
When comparing the performance of the S&P Global Oil Index and the S&P Clean Energy Index between 2019 and 2023, we see that the former returned 15%, whereas the latter returned an impressive 41%. This trend demonstrates the potential for clean energy stocks to yield significant returns on an industry level, sparking optimism and excitement for potential investors.
A Shift In Returns
With global investment trends moving away from traditional, non-sustainable sources, the companies that could shape the energy transition provide investors with alternative opportunities and avenues for growth.
One such company is EnergyX. The lithium technology company has patented a groundbreaking technology that can improve lithium extraction rates by an incredible 300%, and its stock price has grown tenfold since its first offering in 2021.
Energy Shift
Visualized: A Decade of Clean Energy Investment
In this graphic, Visual Capitalist has partnered with EnergyX to explore the growth of global clean energy investment.
Visualized: A Decade of Clean Energy Investment
Global energy investment is growing every year. But recently, investments in clean energy have been significantly outpacing investments in fossil fuels.
For this graphic, we partnered with EnergyX to explore how global energy investment has changed and learn how investments in clean energy are starting to pay off for their investors.
The Rise of Sustainable Energy Investment
Propelled by various climate initiatives such as the Paris Agreement and the widespread adoption of EVs, global investment in sustainable energy surged to over $1.7 trillion in 2023, the highest ever, and the IEA projects that this growth could continue:
| Energy Product | 2020 | 2021 | 2022 | 2023 | 2030F |
|---|---|---|---|---|---|
| Clean Electrification | $0.97T | $1.05 | $1.21T | $1.34T | $1.65T |
| Low-Emission Fuels | $0.01T | $0.01 | $0.01T | $0.02T | $0.05T |
| Energy Efficiency | $0.28T | $0.35 | $0.39T | $0.38T | $0.49T |
| Clean Energy Total | $1.26T | $1.41T | $1.61T | $1.74T | $2.19T |
| Natural Gas | $0.26T | $0.27T | $0.31T | $0.32T | $0.35T |
| Oil | $0.42T | $0.48T | $0.52T | $0.55T | $0.60T |
| Coal | $0.16T | $0.16T | $0.18T | $0.18T | $0.11T |
| Fossil Fuel Total | $0.84T | $0.91T | $1.01T | $1.05T | $1.06T |
| Total Energy Investment | $2.10T | $2.32T | $2.62T | $2.79T | $3.25T |
Between 2020 and 2030, global investment in sustainable energy could increase by 74% to nearly $2.2 trillion, compared to just 26% additional investment in fossil fuels, with a forecast total of $1.06 trillion. This shows that sustainability is the future of energy investment.
Sustainable Investor Success Stories
While the growing investments in clean energy show that the world embraces sustainability, energy investors will still look for decent returns. Now, in 2024, clean energy investments are beginning to bear fruit. Here are just a few examples:
- Between 2019 and 2023, Tesla had a cumulative return of 1,073%
- NextEra Energy’s quarterly dividend increased by over 10% as of February 2024
- Investors in EnergyX have 10x’ed their investments since the company’s first offering in 2021
Lithium plays a critical role in powering electric vehicles (EVs) and facilitating the transition to sustainable energy. EnergyX has patented technology that enhances lithium extraction rates by up to 300%, contributing to meeting the growing demand for lithium and fueling the EVs of the future.
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