Global oil production hit 100M barrels/day pre-2020, but here's the thing: just 5 countries supply over half the world's oil.

US leads the pack (18.87M b/d in 2021), followed by Saudi Arabia (12M b/d), Russia (11.3M b/d), Canada (5.56M b/d), and China (4.99M b/d). These five control the global energy lifeline.

The wild part? US consumes MORE than it produces (19.78M b/d consumption vs 18.87M b/d production), so it relies on imports from Canada, Mexico, Russia, and others. Meanwhile, China's stuck in an energy paradox—producing 4.99M b/d but burning through 15.27M b/d. That's why they're aggressively courting Russian oil deals.

Russia's geopolitical leverage is massive: 60% of exports go to Europe, 20% to China (1.6M b/d). When the US banned Russian crude post-Ukraine crisis, it lost 700K barrels daily of supply—a move that reshaped global energy markets instantly.

Bottom line: Oil production is hyper-concentrated. Five players control the game. Any supply shock in one country ripples across the entire world economy.