Few analysts anticipated the start of this year's oil market. Despite significant production cuts by OPEC and Russia, Brent crude oil prices remain below $80. Oil producing countries outside of OPEC+(OPEC plus Russia and its allies) have largely successfully offset the production cuts of OPEC+.

Although crude oil prices may not meet OPEC's expectations, they are already high enough to stimulate countries with typically higher production costs to increase oil extraction. Unless crude oil prices plummet, this situation will continue in 2024. Therefore, the International Energy Agency (IEA) report believes that the United States will once again become the world's largest oil producer, with crude oil and liquefied natural gas production of approximately 19.63 million barrels per day in the first quarter of this year.

Ranked second is Russia, which produces 13.65 million barrels of crude oil and derivatives per day. Despite sanctions, Moscow still knows how to find ways to put its oil, diesel, and other derivatives on the market.

Saudi Arabia, historically ranked first, currently ranks third with 9.02 million barrels per day.

Ranked fourth is Canada, with an expected production of approximately 5.84 million barrels per day in the first half of 2024. Ranked fifth is China, with a production of 4.34 million barrels per day.

Iraq ranks sixth and is also a "victim" of OPEC's production cuts, but its daily output is expected to reach around 4.29 million barrels in 2024.

Ranked seventh is another American country: Brazil, which has taken advantage of OPEC's production cuts to increase oil production and seize market share. The IEA believes that Brazil's production in the first half of 2024 will reach approximately 3.77 million barrels per day.

Ranked eighth is the United Arab Emirates, with a daily production of 3.2 million barrels.

Ranked ninth is Iran. Tehran's oil production has increased (despite being a member of OPEC), reaching its highest level in nearly five years. It is estimated that Iran's production has increased by 50% from 2.1 million barrels per day to the current 3.1 million barrels per day within a few months, partially offsetting the production cuts of other OPEC member countries.

Ranked tenth is another frequent guest on the list, Kuwait. Despite its smaller territory, the country has often ranked higher than Iran in recent years. Kuwait's production is 2.57 million barrels per day.