The world is at the beginning of an urgent and necessary energy transition toward a low-carbon economy. The demand for oil, however, remains high, and the economy is highly sensitive to fluctuations in its price, as demonstrated by the price spike following Russia’s invasion of Ukraine, a major exporter of hydrocarbons.

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U.S. The world’s largest economy, with production of more than 16 million barrels per day in 2021, is also the world’s largest producer and consumer of crude oil, as we can see in this infographic from Visualcapitalist. Saudi Arabia, with 11.95 million barrels per day, ranks second; closely followed by Russia, which produced 11.94 million in 2021.