Investing News Network
- Silver Hammer Mining: Unlocking Value from Historic High-Grade Silver Districts (2026-03-26)
Silver Hammer Mining (CSE:HAMR;OTCQB:HAMRF) is focused on advancing past-producing assets where existing infrastructure and extensive historical data provide a more efficient path to new discovery. Its flagship projects—Silver Strand and Fahey in Idaho, alongside Silverton and Eliza in Nevada—are situated in prolific silver districts with proven geological endowment. Beyond silver, the portfolio also offers meaningful exposure to gold and copper mineralization, enhancing its broader resource potential.
Recent exploration results reinforce this upside. At Silverton, drilling has returned highly variable but compelling silver grades ranging from 0.32 to 692 grams per tonne, highlighting the system’s scale and continuity. At Eliza, early-stage sampling delivered standout assays of 1,540 and 1,410 grams per tonne, underscoring the presence of high-grade mineralization and strong discovery potential.
Underpinning this progress is a team that blends technical expertise with development and capital markets experience. Silver Hammer Mining benefits from strong capabilities in target generation and deposit evaluation, complemented by practical knowledge of advancing projects through exploration and toward development in North America. This integrated approach supports disciplined drill targeting, effective use of historical data, and efficient project advancement.
Company Highlights
- Stable mining jurisdictions: Operations are focused on Nevada and Idaho, USA, which respectively ranked 1st and 7th in the 2025 Fraser Institute investment attractiveness rankings.
- Brownfield portfolio of past-producing silver mines: Assets include the Silver Strand Mine in Idaho and the Silverton silver-gold project in Nevada, where exploration has returned high-grade silver results ranging from 0.32 to 692 grams per ton.
- Industry-leading team: Senior Technical Board Advisor Ron Burk contributed to discoveries that helped define a world-class silver resource at the Pitarrilla project in Durango, Mexico, while Director Donald Birak is recognized for multiple deposit discoveries, including in Manitoba’s Flin Flon–Snow Lake region. Complementing this technical strength, CEO Peter Ball has raised over C$250 million in the resource sector, and Director Michael Willett played a key role in Battle North Gold’s C$343 million acquisition by Evolution Mining in 2021.
- Fully funded for 2026 exploration program: Completed a C$3.92 million placement in February 2026.
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- Top 5 Australian Mining Stocks This Week: Killi Resources Shines on Queensland Grant (2026-03-26)
Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.
This week’s list highlights companies across a range of commodities, with a strong presence from gold, copper and critical minerals.
Perth-based Killi Resources (ASX:KLI) emerged as the top gainer, following the addition of new team members and approval for an exploration grant under Round 10 of the Queensland government’s Collaborative Exploration Initiative.
Read on to discover this week's top gaining Australian mining stocks on the ASX and what drove their share prices.
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) opened at 8,262.4 on Monday (March 23) and closed at 8,525.7 on Thursday (March 26), reflecting a 3.19 percent increase over the period.
The gold price increased 0.43 percent, rising from US$4,491.16 per ounce on Monday to US$4,510.39 by Thursday in US dollars, and increasing 1.44 percent in Australian dollars, moving from AU$6,394.01 to AU$6,486.36.
Silver posted larger increases, rising 4.93 percent in US dollars. The metal went from US$67.95 per ounce on Monday to US$71.30 on Thursday. In Australian dollars, the metal saw a 5.99 percent rise from AU$96.74 to AU$102.53.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:10 p.m. AEDT on Thursday using TradingView's stock screener and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Killi Resources (ASX:KLI)
Weekly gain: 265.38 percent
Market cap: AU$19.64 million
Share price: AU$0.19Killi Resources is a Perth-based exploration company focused on gold and copper projects in Australia. The company was listed on the ASX in 2022.
Its primary focus is the Mount Rawdon West gold-copper project in Queensland, and it also holds the West Tanami project in Western Australia and Ravenswood North in Queensland.
Last Friday, Killi paused trading pending the release of an announcement. Come Monday, Killi announced the appointment of Nev Power, a former Fortescue Metals Group CEO, as non-executive chair. Resource executives Steve Parsons and Michael Naylor and geologist Hamish Halliday are also joining the company as consultants.
In the same announcement, the company said it has received firm commitments for AU$1.4 million in a share placement backed by Power, Parsons and Naylor.
Proceeds will be used in part for exploration activities at its Mount Rawdon West project.
Killi previously identified drill targets at the Mount Rawdon Fault prospect and applied to Round 10 of the Queensland Government’s Collaborative Exploration Initiative.
The company announced on Thursday that the grant application was approved, providing funding for drilling at Mount Rawdon’s Baloo prospect, which hosts a 1.4 kilometre anomaly. Due to the current “extreme wet conditions” it expects drilling to commence in the winter.
After closing at AU$0.052 last week, shares of Killi Resources reached AU$0.120 on Monday and climbed to a peak of AU$0.190 on Thursday.
2. EMC Gold (ASX:EM3)
Weekly gain: 66.67 percent
Market cap: AU$63.91 million
Share price: AU$0.25Headquartered in West Perth and Sydney, EMC Gold is an exploration company focused on its 100 percent owned Salave gold project in the Asturias principality in Northern Spain.
EMC was formerly known as Black Dragon Gold, with the name change effective in December 2025.
Salave is one of Europe’s largest undeveloped gold deposits, currently hosting a JORC-compliant total resource of 17.1 million tonnes at a grade of 2.85 grams per tonne (g/t) gold for a total of 1.56 million ounces contained gold.
It is planned to be an underground mine with a 14 year mine life and average annual production of 99,462 ounces of gold.
Salave’s environmental impact assessment process is currently suspended, a decision made by the principality’s Department of Environment after the municipal council chose not to rezone the area.
In February, a Spanish court ruled that the suspension was lawful.
While no announcements were shared this week, the company said in the February release that it is pursuing the administrative conditions necessary to advance the project. This includes continuing to increase its Asturian shareholder base and pursuing strategic project designation.
It also plans to research the possibility of using mining residue for other applications to reduce the mine’s footprint. It will be undertaking a core drilling campaign to provide samples for that research, enhance geological understanding and assess the potential of mineral extension of the project.
Shares of EMC Gold closed last Friday and this Monday at AU$0.15, then moved to this week’s peak of AU$0.25 on Thursday.
3. Athena Resources (ASX:AHN)
Weekly gain: 66.67 percent
Market cap: AU$11.33 million
Share price: AU$0.005Headquartered in West Perth, Athena Resources is an iron ore company aiming to produce end products that solve challenges in different industries from high-purity magnetite.
The company’s flagship project is the Byro magnetite project, located in Western Australia approximately 340 kilometres from the Port of Geraldton. The project’s FE1 deposit currently has a resource of 29.3 million tonnes at 24.7 percent iron.
On Wednesday, Athena announced a strategic joint venture with Terra Mining and Fenix Resources (ASX:FEX) to advance the Byro project’s Narryer prospect.
Under the joint venture, Athena will receive 40 percent of profits, while the two companies will hold 30 percent each. Athena will maintain 100 percent ownership of Narryer, but the partners will provide all capital, equipment and infrastructure.
“By combining our high-quality magnetite resource with Terra Mining's proven dry-processing capability and Fenix's established logistics network, we have assembled a partnership that can take Narryer from prospect to potential production with major mining, processing, and logistics capital provided by Athena's JV partners,” said Managing Director and CEO Peter Jones.
“We are building a platform to supply premium magnetite into some of the world's most important growth markets, from green steel to battery technology. This JV is the first step in making that vision a reality.”
The company also published a copy of its presentation at the Global Iron Ore and Steel Conference, which highlighted that metallurgical testwork at Byro confirms it can produce concentrate with over 70 percent iron and only 1.2 percent silica content.
Shares of Athena closed last week and Monday at AU$0.003, then rose to a close of AU$0.005 on Thursday following both updates.
4. Volt Resources (ASX:VRC)
Weekly gain: 40 percent
Market cap: AU$31.42 million
Share price: AU$0.007Also headquartered in Perth is Volt Resources, a company with operations at multiple stages of the graphite supply chain in Tanzania, Ukraine and the US.
The company’s flagship asset is the Bunyu graphite project, located in Southeast Tanzania. Bunyu is currently regarded as one of the largest graphite deposits in the world, with an estimated 461 million tonnes of mineral resource at approximately 4.9 percent total graphitic carbon.
Volt was previously targeting Stage 1 production of 24,780 tonnes per annum (tpa) of graphite concentrate. However, following a significant investment from the Unbounded Opportunities Fund last year, a revised feasibility study targeting 40,000 tpa is being prepared by the UOF.
The investment resulted in the UOF gaining a 62 percent interest in Volt’s Tanzanian subsidiary.
In 2021, the company acquired a 70 percent interest in the Zavalievsky Graphite business in Ukraine, including a mine and processing facilities.
On March 17, the company completed its current graphite production campaign at the Zavalievsky graphite operation, producing 19.14 tonnes of high-purity graphite using third-party flake graphite feed from an operation in Africa.
No further project updates were shared by Volt Resources this week.
After closing at AU$0.005 last week, shares of the company reached AU$0.006 Monday, then climbed to AU$0.007 on Thursday.
5. SQX Resources (ASX:SQX)
Weekly gain: 37.04 percent
Market cap: AU$13.54 million
Share price: AU$0.185Subiaco-based SQX Resources is a gold explorer with targets across the US states of Arizona and Montana.
Central to the project’s precious metals focus are the Red Bird gold project in Arizona and the Williams gold-silver project in Montana. Also in its portfolio are Queensland, Australia, assets Scrub Paddock and Ollenburgs, both of which are prospective for gold-copper porphyry.
On Tuesday, SQX released sampling assays from the Red Bird project. These included underground chip samples grading 16 g/t gold at a depth of 16.7 metres, 18.3 g/t gold at 6.7 metres and 6.4 g/t at 16.1 metres.
"These results demonstrate excellent grade continuity and confirm the historical sampling methodology used across the project. With our maiden drilling program now concluded, we look forward to the assay results to further define the potential at Red Bird,” Executive Director Julian Stephens said in the Tuesday announcement.
After closing at AU$0.135 last week, shares of the company rose to AU$0.185 by Thursday.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
- Oil and Gas Price Update: Q1 2026 in Review (2026-03-26)
After holding below US$80 per barrel for most of 2025, Brent and West Texas Intermediate (WTI) surged in 2026 as the conflict in Iran blocked the Strait of Hormuz, a key passage for shipments from several OPEC countries.
January was characterized by steady demand in a well-supplied market, prompting Brent and WTI crude prices to start the year rangebound at US$60.90 and US$57.72, respectively.
Mounting tensions in the Middle East and a weak US dollar helped push prices higher in mid-February, with Brent trading for US$70.20 as of February 25, a 15.27 percent increase from January.
Similarly, WTI rose 12.87 percent over the same period to reach US$65.15.
Values for both benchmarks jumped significantly as war broke out in Iran on February 28.
Since then, the precarious state of the Strait of Hormuz and drone attacks on oil and gas infrastructure in the region have propelled the energy sector even higher. Prices peaked at a near four year high on March 9, when Brent topped US$117.27 and WTI hit US$115.68, representing a 92.56 percent jump and a 100.41 percent increase, respectively.
Ongoing resolution discussions and a proposal from the International Energy Agency to see oil-producing countries ramp up production and release strategic petroleum reserves helped quell fears and bring prices down in mid-March.
Strait of Hormuz disruptions expose oil market fragility
Richard Tullis, natural resource analyst at Water Tower Research, said during a podcast interview with the Investing News Network (INN) that the price volatility that took oil toward US$120 and back below US$100 in the same session was extraordinary. In his view, the movement reflects a market “moving on any latest news or rumors.”
In that type of environment, headlines, not fundamentals alone, are driving price action.
At the center of this fragility is the Strait of Hormuz. Tullis described it as “the crux of it all,” noting that what was once a passage for more than 100 vessels per day is now restricted to a handful of shipments, many tied to Iran.
The implications of this bottleneck are profound: roughly 20 million barrels per day of petroleum products are effectively stranded, pushing Middle Eastern storage toward capacity and forcing oil production curtailments across key producers, including Saudi Arabia, Iraq and the United Arab Emirates.
This bottleneck has reshaped the supply outlook almost overnight. Even as policymakers attempt to stabilize markets, most notably through the discussions of strategic reserve releases, Tullis believes the impact is limited.
While headline figures suggest a historic intervention, the reality is more modest — a potential 2 million barrel per day release pales against an estimated supply shortfall exceeding 6 million barrels per day. Add in rising transportation and insurance costs, and the net effect becomes, in his words, “on the minimal side.”
The result is a market that remains acutely sensitive to geopolitical developments. Military strikes, infrastructure damage and even rumors of de-escalation talks are enough to trigger sharp price swings. Until flows through Hormuz resume in a meaningful way, volatility is likely to remain elevated.
From crude to equities: The case for a catch-up trade
The surge in oil prices has reverberated far beyond the energy complex, triggering broad selloffs in global equities.
Despite oil’s declining share of global GDP over the past several decades, its influence remains deeply embedded in economic activity. Transportation, agriculture, manufacturing and petrochemicals all depend heavily on energy inputs, meaning price shocks cascade quickly through the system.
Tullis noted that even a US$10 increase in oil can shave one to two tenths of a percentage point off GDP.
The magnitude of recent moves, at times US$40 to US$50, raises the stakes considerably. If sustained, such increases could materially weigh on global growth expectations, explaining the sharp reaction in equities.
Yet within the energy sector itself, a divergence has emerged.
While crude prices have surged as much as 40 to 50 percent since late February, energy equities have lagged. The disconnect, Tullis explained, stems from the futures curve.
Longer-dated prices — those that more directly influence equity valuations — have not risen nearly as sharply as front-month contracts. However, that dynamic may be shifting. As the conflict drags on and confidence in a near-term resolution fades, longer-dated futures are likely to move higher. This raises the prospect of a “catch-up trade” in energy equities, particularly if investors begin to price in a more prolonged disruption.
“There’s a very big gap there,” Tullis observed, pointing to the growing mismatch.
Looking ahead, two indicators stand out: the status of the Strait of Hormuz and the extent of damage to regional energy infrastructure. Even a partial reopening of the strait could ease pressures, while sustained or escalating infrastructure damage would tighten supply further and extend the current rally.
Why time, not just disruption, is driving oil’s next move
If the first quarter has revealed anything about oil markets, it is that not all disruptions are created equal.
According to Ajay Parmar, director of energy and refining news at ICIS, the duration of the Strait of Hormuz outage, not just its severity, will ultimately determine how deeply the market tightens. In a short-lived conflict lasting roughly four to five weeks, he expects crude to hold above US$100, supported by an already significant supply shock.
As much as 8 million to 9 million barrels per day has been shut in across the Middle East, with storage capacity effectively maxed out in key producing nations.
Even with pipeline bypasses in Saudi Arabia and the United Arab Emirates operating at full capacity, up to 10 million barrels per day could remain offline, an extraordinary figure by any historical standard.
And yet prices have not surged as dramatically as such losses might suggest.
The reason lies in the market’s starting point. Entering 2026, oil was widely expected to be in surplus, a cushion that has so far absorbed part of the shock. As Parmar noted, this “particularly long and well-supplied market” has tempered the upside, keeping prices anchored closer to the US$100 mark in the near term.
That balance will shift quickly, however, if disruptions persist.
In a one to three month blockage scenario, the cumulative impact becomes more pronounced.
“It’s duration that matters more than severity,” Parmar told INN.
He also pointed to the compounding nature of supply deficits over time. Under a prolonged outage, prices could grind steadily higher, potentially pushing Brent into the US$150 range as inventories draw down and spare capacity erodes.
Crucially, bringing supply back online is not always immediate. While OPEC+ producers are accustomed to managing output, the current situation falls outside normal operational controls. Wells that have merely been curtailed can return within days or weeks, but full shut-ins, or worse, infrastructure damage, could take months to resolve. This introduces a lag effect that could keep markets tighter for longer, even after a ceasefire.
Strategic reserve releases offer only partial relief.
Parmar estimates that coordinated releases could add roughly 3.5 million barrels per day, a meaningful figure, but still well short of offsetting Middle Eastern losses. Combined with potential flows from previously restricted sources, these measures may cap extreme price spikes, but are unlikely to fully rebalance the market.
The longer the disruption drags on, the more structural risks begin to emerge. Governments may prioritize domestic supply, raising the specter of resource nationalism in an otherwise globalized oil market.
Early signs are already visible, with some import-dependent nations moving to restrict exports of refined products. In a prolonged crisis, such policies could further fragment global trade flows and amplify volatility.
Gas in the crosshairs: LNG exposure, infrastructure risk and the next energy shock
Natural gas prices rallied in late January from US$3.36 per million British thermal units to US$5.03, buoyed by Winter Storm Fern, which sent heating demand soaring and triggered production freeze-offs across key US basins.
The rally proved fleeting.
By February, unseasonably mild temperatures across the Eastern US erased the weather premium.
While oil has dominated headlines, the gas market, particularly LNG, is facing its own reckoning.
Andreas Schröder, head of gas at ICIS, pointed out that today’s crisis differs from past shocks in one key respect: its geographic center of gravity. Where Europe was at the epicenter of the 2022 energy crisis following Russia's invasion of Ukraine, the current disruption is more acutely felt in Asia, which is heavily reliant on Middle Eastern energy flows.
Europe, meanwhile, has undergone a structural transformation.
Roughly one-third of its gas demand is now met through LNG imports, with the majority sourced from the US. Direct exposure to Middle Eastern LNG has declined sharply over the past decade, reducing immediate vulnerability to disruptions in the Gulf. However, that insulation is far from complete.
Recent attacks on Qatar’s Ras Laffan industrial complex, considered a cornerstone of global LNG supply, underscore the market’s fragility. With damage affecting multiple liquefaction trains, Schröder warned of a potential “permanent reduction of output” lasting three to five years. Such a loss would reverberate across global gas markets, tightening supply and elevating price risks well beyond the current crisis window.
At the same time, the Strait of Hormuz remains a critical chokepoint for LNG shipments, as well as crude.
A sustained closure would constrain flows across both markets, compounding the impact of infrastructure damage and reinforcing upward pressure on prices.
Policy decisions are adding another layer of uncertainty. Europe’s recent move to relax gas storage targets may ease short-term pressure on utilities, but it carries significant downside risk.
As Schröder cautioned, looser mandates could leave the region dangerously exposed heading into the next winter heating season, effectively shifting today’s risks into tomorrow’s volatility.
Oil and gas forecast for 2026
Longer term, structural demand trends are beginning to reshape both oil and gas markets.
On the oil side, petrochemicals and jet fuel will drive incremental demand, even as electrification erodes gasoline and diesel consumption, particularly in China, which has led the majority of global demand growth over the past decade.
For gas, the power sector remains the key pillar, with natural gas serving as a backup to intermittent renewables.
Taken together, these dynamics point to a market in transition, one where geopolitical shocks intersect with structural change. Unsurprisingly, in the near term, the trajectory of the Strait of Hormuz will dictate price direction.
Looking farther out to the medium and long term, it is the interplay between energy security, policy shifts and demand evolution that will define the next phase of the oil and gas cycle.
For now, the oil and gas market remains on edge, caught between geopolitical uncertainty and structural supply constraints, with little room for error.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
- David Nicholas: Gold, Silver — Use This Entry Point as Prices Slide (2026-03-26)
David Nicholas, co-founder of XFUNDS, shares his thoughts on gold and silver, saying he remains bullish on the precious metals despite current price pullbacks.
In his view, the underlying fundamentals for both markets remain in place.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
- 10 Top Oil-producing Countries (2026-03-26)
Oil markets and oil producing countries have been thrust into the spotlight in 2026 after escalating conflict between the US, Israel and Iran led Iran to disrupt shipments through the Strait of Hormuz, a critical corridor that typically carries about 20 percent of global oil supply.
The shock sent benchmark Brent crude prices surging toward US$120 per barrel in mid-March — a near four-year high — and raised concerns that the market could shift from an anticipated surplus into a supply deficit.
Analysts say the market is now less focused on short-term disruptions and more on how long supply constraints could persist, particularly as reduced tanker traffic and production curtailments continue across key exporting nations.
On March 12, the International Energy Agency reported that global crude oil production was being curtailed by at least 8 million barrels per day, with significant drops from Iraq, Qatar, Kuwait, the UAE and Saudi Arabia.
In terms of demand, the OPEC Monthly Oil Report for March 2026 projects a “healthy” level of demand through 2026.
“The global oil demand growth forecast for 2026 remains at a healthy 1.4 mb/d, y-o-y, unchanged from last month’s assessment,” the report read. “The OECD is forecast to grow by 0.15 million barrels per day (bpd), while the non-OECD is forecast to grow by about 1.2 million bpd.”
With futures markets signaling the potential for sustained higher prices and geopolitical risks unresolved, attention is increasingly turning to the world’s largest oil-producing countries — and their ability to stabilize supply in an increasingly uncertain energy landscape.
Given these and other recent market events, many investors are curious to know the top oil producing countries.
Top oil production by country
Read on for a look at the 10 top oil producing countries, including the US, Saudi Arabia, Russia and Canada. The top 10 countries combined for 76.28 million bpd out of the total global output of 103.32 bpd in 2024.
Statistics are from the Energy Information Administration (EIA) and include total production of petroleum and other liquids. This is the most current EIA annual data at the time of publication.
1. United States
Production: 22.84 million barrels per day (includes crude oil and liquids)
The US is the largest oil-producing country in the world, with output of 22.84 million barrels per day in 2024, taking the spot for the seventh year in a row. The US has been described as a swing producer because its production fluctuates alongside market prices. Texas leads the way as the biggest oil-producing state in the nation, with output more than three times as high as the second biggest oil-producing state, New Mexico.
In addition to being the largest oil producer in the world, the US is a big consumer of oil. EIA data from late 2025 showed that US demand for petroleum products was likely to average 20.59 million bpd in 2025, which would be an 18 year high according to sector spectators.
2. Saudi Arabia
Production: 10.88 million barrels per day (includes crude oil and liquids)
Saudi Arabia’s oil output came in at 10.88 million bpd in 2024, making it the top producer in OPEC by far. The country possesses 17 percent of the world’s proven petroleum reserves and is the largest petroleum exporter. Its oil and gas sector accounts for around 40 percent of its gross domestic product and over 70 percent of its export earnings.
Saudi Arabia has played a key role in OPEC’s decisions to curb oil output in recent years. In 2022, the country's US relations soured to the point that the country was unwilling to increase production in an effort to bring down rising gasoline prices.
The conflict in Iran has severely impacted Saudi Arabia’s oil production in 2026. In March, the country cut its daily output from a record setting 10 million bpd to 8 million bpd, a 20 percent drop, because of its inability to export through the Strait of Hormuz.
3. Russia
Production: 10.53 million barrels per day (includes crude oil and liquids)
Russia's oil production totaled 10.53 million bpd in 2024. Most of Russia’s reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, as well as in the Urals-Volga region, extending into the Caspian Sea.
As part of sanctions in response to Russia’s war in Ukraine, the EU, the G7 countries and Australia embargoed imports of Russian oil. This has reshaped Russia's export strategy, with greater reliance on a “shadow fleet” and increased shipments to Asian countries.
In 2021, European countries accounted for over 50 percent of Russia's crude petroleum exports; as of 2024, this had fallen to under 6 percent, while China and India combined for more than 92 percent.
At the same time, logistical bottlenecks and limited storage capacity have added pressure to production.
Looking ahead, Moscow is prioritizing the development of harder-to-recover reserves, particularly in the Arctic, to support longer-term supply.
4. Canada
Production: 5.997 million barrels of oil (includes crude oil and other liquids)
Next on this list of the top 10 oil-producing nations is Canada. Canada’s annual oil production rose to 5.997 million barrels per day in 2024, up 237,000 bpd from 2023. Nearly all of Canada’s proven oil reserves are located in Alberta in the form of oil sands.
The vast majority of Canada’s total energy exports are to the US. In fact, in 2023, 60 percent of US crude imports originated from Canada compared to 33 percent in 2013.
However, because of economic and political considerations, Canada is developing ways to diversify its trading partners, especially by expanding ties with emerging markets in Asia. In 2024, operations started at the Trans Mountain pipeline expansion in Western Canada.
Canadian oil production is set to increase by 140,000 bpd starting in April 2026, as part of Ottawa’s pledge to contribute 23.6 million barrels to a coordinated IEA oil release to help increase oil supply impacted by the war.
According to Global News, officials emphasized the volumes will come from planned production increases from the oil sands rather than emergency measures.
As a net exporter, Canada is the only G7 country without strategic oil reserves, a status permitted under IEA rules.
5. China
Production: 5.33 million barrels per day (includes crude oil and other liquids)
China’s annual oil output was 5.33 million barrels per day in 2024. The nation is the world’s second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014.
China is the world’s most populous country and has a rapidly growing economy, factors that have driven its high overall energy demand. The Asian country is the top consumer of oil, bringing in more than 11 million barrels per day, over 70 percent of its consumption, with the majority of its imports coming from OPEC member countries Russia, Saudi Arabia and Iraq.
Unsurprisingly, Chinese demand can strongly influence the oil market.
Imports surged in early 2026, underscoring strong demand even as domestic output from mature fields like Daqing continues to decline. To help mitigate supply risks and buffer against price volatility, Beijing has built up substantial reserves of oil estimated at 1.2 billion barrels by Kpler.
6. Iran
Production: 4.62 million barrels per day (includes crude oil and other liquids)
Iran ranks sixth in the world for oil production, and its total oil output grew to 4.62 million bpd in 2024, a significant jump from 3.66 million bpd in 2023. The increase made it OPEC's second-largest oil producer for the year.
According to the EIA, Iran holds the world’s third largest proven oil reserves, as well as the world’s second largest natural gas reserves. The majority of its 1.4 million bpd in oil exports in 2023 went to China.
US sanctions and regional disputes have all weighed on Iran’s energy production sector. Despite its abundant reserves, Iran’s total oil production is still below the 4.95 million bpd the country produced back in 2017, before renewed sanctions were introduced.
In response to the US and Israel launching a war against the nation in February 2026, Iran closed passage through the Strait of Hormuz, a major global oil transport corridor, for all other countries.
In mid-March 2026, the US Trump administration issued a temporary 30 day waiver allowing limited purchases of Iranian crude already at sea in an attempt to reduce oil prices.
7. United Arab Emirates
Production: 4.51 million barrels per day (includes crude oil and other liquids)
The United Arab Emirates (UAE), another OPEC member, has ranked among the world's top 10 oil-producing countries for decades. The UAE's oil production in 2024 averaged 4.51 million bpd, a significant increase over 4.16 million the previous year.
The country has proven oil reserves of 111 billion barrels, with most of those reserves located in Abu Dhabi.
The Abu Dhabi National Oil Company upped its crude oil output capacity to 4.85 million bpd in early May 2024 and has a planned target of 5 million bpd by 2027. However, its production was limited to 2.91 bpd of crude oil in the first half of 2024.
Drone attacks on oil infrastructure and the Strait of Hormuz blockage have reduced the UAE’s daily output by half, according to media reports from March 2026.
8. Iraq
Production: 4.5 million barrels per day (includes crude oil and other liquids)
Iraq's oil production totaled 4.50 million bpd in 2024, a small increase from 4.44 million the prior year. However, Iraq lost its position as the second-largest oil producer in OPEC after being overtaken by Iran in 2024.
Iraq holds 145.02 billion barrels of proven oil reserves based on 2023 OPEC data, representing 11.7 percent of global reserves.
Iraq has seen a sharp drop in oil production amid escalating regional tensions, with output from its main Southern oilfields falling from typical levels to as low as 800,000 bpd by late March 2026.
Disruptions to exports through the Strait of Hormuz and a growing storage bottleneck have forced operators to curb production at major fields, including Rumaila and Zubair. With oil revenues central to Iraq’s economy, prolonged shipping constraints could trigger further cuts and deepen fiscal pressure.
9. Brazil
Production: 4.28 million barrels per day (includes crude oil and other liquids)
Brazil's oil production in 2024 averaged 4.28 million bpd, largely flat year-over-year.
According to the IEA, total primary energy consumption in Brazil has nearly doubled in the past decade due to sustained economic growth. The largest share of Brazil’s total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas.
Brazil is reportedly on track to become the world's fourth largest oil producer in the coming years. In 2024, the country's oil output is expected to contribute significantly to global oil supply growth.
The country's top oil producer, Petrobras, is making efforts to extract as much oil as it can from its existing fields while searching for new deposits, BNN Bloomberg reported. Additionally, Brazil has one of the world’s lowest-carbon offshore oil industries.
10. Kuwait
Production: 2.78 million barrels per day (includes crude oil and other liquids)
Last on this list of the top 10 oil-producing countries is Kuwait, which produced 2.78 million barrels per day in 2024. The country has struggled in recent years to bring its oil output back up to 3.5 million bpd, with reports that key infrastructure projects have been delayed by internal political strife.
Kuwait’s oil and gas sector accounts for about 50 percent of the country’s GDP, and an even larger share of its export revenues at around 90 percent. New oil discoveries have given the country hope of increasing its oil output in the coming years. In February 2026, Kuwait Oil Company awarded SLB a US$1.5 billion contract to develop the Mutriba oil field.
However, Kuwait's output has plummeted to roughly 500,000 bpd amid escalating threats from Iran. Drone strikes have targeted its refineries, and with exports through the Strait of Hormuz largely halted, state-owned Kuwait Petroleum Corporation has declared force majeure.
Officials estimate a three-to-four-month recovery window once security is restored.
FAQs for oil investing
What is crude oil?
Crude oil is a naturally occurring mixture of hydrocarbon deposits and other organic materials that exists in liquid form in underground reservoirs. This raw natural resource is a globally important commodity that can be traded both on the spot market and via derivatives contracts.
What is crude oil used for?
Once extracted from the Earth, crude oil is refined to make several products, including gasoline, jet fuel and other petroleum products such as kerosene, paraffin, petrochemical feedstocks, solvents and lubricants.
What country uses the most oil?
The US is by far the world’s largest oil consumer, using about the same amount of the fossil fuel as the next three largest oil consumers (China, India and Japan) combined.
How many years of oil are left?
The question of peak oil is a prominent one. However, it is difficult to correctly determine the exact amount of oil left to be extracted in the world, or to accurately predict the level of demand for the energy fuel over the coming years. New technologies may yet unlock future resources, or economic events may lead to serious shocks in demand.
That being said, based on current known reserve estimates and best-case demand scenarios, roughly 47 years of oil are currently thought to be left. However, that has been the prediction for decades now as it is calculated by dividing the current known reserves by the annual global demand. As new oil discoveries and development are consistently replacing consumed reserves, that approximate 50-year time frame has remained the same.
What is OPEC?
Founded in 1960, OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 12 countries headquartered in Vienna, Austria. Led by Saudi Arabia, it controls production, supply and pricing in the global petroleum market.
OPEC was created at the Baghdad Conference in 1960, with the five founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its mission statement is as follows:
“To co-ordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.”
Currently OPEC has 12 member nations: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.
Where does Canada get its oil?
While Canada ranks fourth in annual production, the country still imports a large amount of oil annually from countries such as the US, Saudi Arabia, Russia, the UK, Azerbaijan, Nigeria and Côte d'Ivoire. It is estimated that half of the oil used in Québec and Atlantic Canada is purchased offshore. Canada spent roughly C$19.5 billion on oil imports in 2023.
Where does the US get its oil?
The US is the top producer of oil, according to the IEA, but the nation sources oil from as many as 80 countries around the globe. The top five sources of foreign oil for the US are Canada, Mexico, Saudi Arabia, Iraq and Brazil.
Why does the US import oil?
Although the US is the world’s largest oil producer, its domestic oil consumption far outpaces its homegrown output. To meet its own oil demand, the US must rely on oil imports from countries. In March 2022, the US government announced a ban on imports of oil, liquefied natural gas and coal from Russia in response to the invasion of Ukraine.
Why was US oil production down in 2022?
In September 2022, Bloomberg reported that US oil production was down because the country’s shale producers were prioritizing dividend payouts to shareholders rather than investing record profits from surging oil prices into growing their production capacity. This trend began to abate in 2023, and the EIA reported a new annual output record for the year.
How much oil does the US have in reserve?
According to the most recent data from the EIA, US crude oil and lease condensate proved reserves stood at 46.4 billion barrels at year-end 2023.
Who is the largest supplier of oil to Europe?
In 2022, the US replaced Russia as the largest supplier of oil to Europe, and it remains the largest supplier of oil to the EU. Since Russia’s invasion of Ukraine, European Union countries have dramatically cut their imports of Russian oil in favor of US oil imports. Norway and Kazakhstan are also major oil suppliers for the region.
Why can't Venezuela produce oil?
Venezuela’s oil industry has been suffering under the weight of political instability, government corruption and US sanctions. “The national oil company PDVSA is incapable of mustering the immense amounts of capital required to rebuild Venezuela’s heavily corroded energy infrastructure,” as per Matthew Smith, OilPrice.com's Latin America correspondent.
Venezuela's oil production saw a rebound in 2023's fourth quarter as the Biden administration eased US sanctions on the promise of fair elections in 2024. However, the US reimposed those sanctions in April 2024 following Maduro's failure to honor election promises.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
