Saudi Arabia’s 11.1 M Daily Barrels Underwrite a $74.8 B War Chest—That’s About $18 of Defense Muscle for Every Barrel It Pumps in a Year

It’s no secret that countries with outsized oil production maintain an advantage over other countries. This typically translates to more economic and military power. Nations like the United States or Saudi Arabia produce millions of barrels of crude oil every day, and they are also home to some of the strongest militaries on the planet. This oil production ultimately fuels the war machine and acts as an indicator for strength on the international stage. Here, 24/7 Wall St. is taking a closer look at the military powers producing the most crude oil.

To determine the military powers that produce the most oil in the world, 24/7 Wall St. reviewed the 2025 Military Strength Ranking from Global Firepower, an annually updated defense-related statistics website with information on 145 countries. Global Firepower ranked 145 countries based on their PowerIndex, a composite of over 60 measures in categories such as military might, financials, logistical capability, and geography. The smaller the PowerIndex value the more powerful a nation’s theoretical conventional fighting capability is. We ranked these countries based on total oil production (crude oil barrels produced per day). We also included supplemental information regarding purchasing power parity, foreign exchange/gold reserves, external debt, a composition of military assets, as well as the overall military strength score.

Here is a look at the military powers producing the most oil in the world:

Why Are We Covering This?

Understanding global military dynamics is incredibly important due to the interconnected nature of international relations and conflicts. As long as civilization has existed, the world has witnessed shifting power balances and alliances which have ultimately shaped the current geopolitical landscape. While key players like the United States, China, and Russia are considered the strongest military powers in the world, there are a number of other nations with their own spheres of influence and strengths that impact global relations from a military perspective.

31. Australia

• Total oil production: 386,000 bbl/day
• Total oil consumption: 1,123,000 bbl/day
• Foreign exchange and gold reserves: $61,703,000,000
• Purchasing power parity: $1,584,000,000,000
• External debt: $3,427,504,300,000
• Military defense budget: $55,700,000,000
• Military strength score and world rank: 0.3298 – #18 out of 145

This oil goes towards Australia’s military assets which include its 44 naval vessels, 327 aircraft, and 15,648 military vehicles. Australia also has 89,400 total military personnel, which is composed of 57,350 active personnel and 32,050 reserves.

30. Thailand

• Total oil production: 386,000 bbl/day
• Total oil consumption: 1,248,000 bbl/day
• Foreign exchange and gold reserves: $224,470,000,000
• Purchasing power parity: $1,516,000,000,000
• External debt: $102,694,000,000
• Military defense budget: $5,887,883,500
• Military strength score and world rank: 0.4536 – #26 out of 145

This oil goes towards Thailand’s military assets which include its 293 naval vessels, 493 aircraft, and 16,935 military vehicles. Thailand also has 585,850 total military personnel, which is composed of 360,850 active personnel, 200,000 reserves, and 25,000 paramilitary forces.

29. Ecuador

• Total oil production: 480,000 bbl/day
• Total oil consumption: 225,000 bbl/day
• Foreign exchange and gold reserves: $4,442,000,000
• Purchasing power parity: $260,213,000,000
• External debt: $44,898,000,000
• Military defense budget: $2,376,000,000
• Military strength score and world rank: 1.3021 – #65 out of 145

This oil goes towards Ecuador’s military assets which include its 30 naval vessels, 102 aircraft, and 5,204 military vehicles. Ecuador also has 160,750 total military personnel, which is composed of 41,250 active personnel, 118,000 reserves, and 1,500 paramilitary forces.

28. Malaysia

• Total oil production: 582,000 bbl/day
• Total oil consumption: 717,000 bbl/day
• Foreign exchange and gold reserves: $113,438,000,000
• Purchasing power parity: $1,152,000,000,000
• External debt: $247,500,000,000
• Military defense budget: $4,800,000,000
• Military strength score and world rank: 0.7429 – #42 out of 145

This oil goes towards Malaysia’s military assets which include its 100 naval vessels, 135 aircraft, and 13,506 military vehicles. Malaysia also has 264,600 total military personnel, which is composed of 113,000 active personnel, 51,600 reserves, and 100,000 paramilitary forces.

27. Azerbaijan

• Total oil production: 618,000 bbl/day
• Total oil consumption: 105,000 bbl/day
• Foreign exchange and gold reserves: $13,749,000,000
• Purchasing power parity: $215,896,000,000
• External debt: $16,159,500,000
• Military defense budget: $5,000,000,000
• Military strength score and world rank: 1.2531 – #60 out of 145

This oil goes towards Azerbaijan’s military assets which include its 38 naval vessels, 154 aircraft, and 7,642 military vehicles. Azerbaijan also has 441,400 total military personnel, which is composed of 126,400 active personnel, 300,000 reserves, and 15,000 paramilitary forces.

26. Egypt

• Total oil production: 667,000 bbl/day
• Total oil consumption: 851,000 bbl/day
• Foreign exchange and gold reserves: $33,070,000,000
• Purchasing power parity: $1,912,000,000,000
• External debt: $103,750,000,000
• Military defense budget: $5,879,500,000
• Military strength score and world rank: 0.3427 – #19 out of 145

This oil goes towards Egypt’s military assets which include its 150 naval vessels, 1,093 aircraft, and 41,012 military vehicles. Egypt also has 1,220,000 total military personnel, which is composed of 440,000 active personnel, 480,000 reserves, and 300,000 paramilitary forces.

25. United Kingdom

• Total oil production: 753,000 bbl/day
• Total oil consumption: 1,397,000 bbl/day
• Foreign exchange and gold reserves: $177,915,000,000
• Purchasing power parity: $3,700,000,000,000
• External debt: $9,593,749,000,000
• Military defense budget: $71,500,540,000
• Military strength score and world rank: 0.1785 – #6 out of 145

This oil goes towards the United Kingdom’s military assets which include its 109 naval vessels, 631 aircraft, and 38,200 military vehicles. The United Kingdom also has 1,108,860 total military personnel, which is composed of 184,860 active personnel and 924,000 reserves.

24. Venezuela

• Total oil production: 761,000 bbl/day
• Total oil consumption: 367,000 bbl/day
• Foreign exchange and gold reserves: $10,095,500,000
• Purchasing power parity: $295,974,800,000
• External debt: $110,330,000,000
• Military defense budget: $4,093,120,000
• Military strength score and world rank: 0.8882 – #50 out of 145

This oil goes towards Venezuela’s military assets which include its 34 naval vessels, 229 aircraft, and 8,802 military vehicles. Venezuela also has 337,000 total military personnel, which is composed of 109,000 active personnel, 8,000 reserves, and 220,000 paramilitary forces.

23. India

• Total oil production: 795,000 bbl/day
• Total oil consumption: 5,049,000 bbl/day
• Foreign exchange and gold reserves: $627,793,000,000
• Purchasing power parity: $13,104,000,000,000
• External debt: $371,020,500,000
• Military defense budget: $75,000,000,000
• Military strength score and world rank: 0.1184 – #4 out of 145

This oil goes towards India’s military assets which include its 293 naval vessels, 2,229 aircraft, and 148,594 military vehicles. India also has 5,137,550 total military personnel, which is composed of 1,455,550 active personnel, 1,155,000 reserves, and 2,527,000 paramilitary forces.

22. Colombia

• Total oil production: 800,000 bbl/day
• Total oil consumption: 320,000 bbl/day
• Foreign exchange and gold reserves: $59,041,000,000
• Purchasing power parity: $978,024,000,000
• External debt: $116,779,500,000
• Military defense budget: $10,541,500,000
• Military strength score and world rank: 0.8353 – #46 out of 145

This oil goes towards Colombia’s military assets which include its 233 naval vessels, 436 aircraft, and 3,460 military vehicles. Colombia also has 478,200 total military personnel, which is composed of 293,200 active personnel, 35,000 reserves, and 150,000 paramilitary forces.

21. Argentina

• Total oil production: 807,000 bbl/day
• Total oil consumption: 706,000 bbl/day
• Foreign exchange and gold reserves: $23,081,000,000
• Purchasing power parity: $1,235,000,000,000
• External debt: $178,940,000,000
• Military defense budget: $928,897,000
• Military strength score and world rank: 0.6013 – #33 out of 145

This oil goes towards Argentina’s military assets which include its 44 naval vessels, 239 aircraft, and 21,724 military vehicles. Argentina also has 128,000 total military personnel, which is composed of 108,000 active personnel, 0 reserves, and 20,000 paramilitary forces.

20. Indonesia

• Total oil production: 865,000 bbl/day
• Total oil consumption: 1,728,000 bbl/day
• Foreign exchange and gold reserves: $146,359,000,000
• Purchasing power parity: $3,906,000,000,000
• External debt: $440,000,000,000
• Military defense budget: $10,600,000,000
• Military strength score and world rank: 0.2557 – #13 out of 145

This oil goes towards Indonesia’s military assets which include its 331 naval vessels, 459 aircraft, and 20,440 military vehicles. Indonesia also has 1,050,000 total military personnel, which is composed of 400,000 active personnel, 400,000 reserves, and 250,000 paramilitary forces.

19. Oman

• Total oil production: 1,056,000 bbl/day
• Total oil consumption: 211,000 bbl/day
• Foreign exchange and gold reserves: $17,455,000,000
• Purchasing power parity: $185,960,000,000
• External debt: $50,897,000,000
• Military defense budget: $8,200,000,000
• Military strength score and world rank: 1.8047 – #82 out of 145

This oil goes towards Oman’s military assets which include its 22 naval vessels, 128 aircraft, and 4,084 military vehicles. Oman also has 152,600 total military personnel, which is composed of 42,600 active personnel, 100,000 reserves, and 10,000 paramilitary forces.

18. Angola

• Total oil production: 1,175,000 bbl/day
• Total oil consumption: 127,000 bbl/day
• Foreign exchange and gold reserves: $13,942,000,000
• Purchasing power parity: $265,868,000,000
• External debt: $45,774,500,000
• Military defense budget: $1,101,360,000
• Military strength score and world rank: 1.0961 – #56 out of 145

This oil goes towards Angola’s military assets which include its 31 naval vessels, 298 aircraft, and 5,500 military vehicles. Angola also has 117,000 total military personnel, which is composed of 107,000 active personnel and 10,000 paramilitary forces.

17. Libya

• Total oil production: 1,245,000 bbl/day
• Total oil consumption: 230,000 bbl/day
• Foreign exchange and gold reserves: $92,427,000,000
• Purchasing power parity: $121,951,000,000
• External debt: $3,322,000,000
• Military defense budget: $3,060,000,000
• Military strength score and world rank: 1.4449 – #73 out of 145

This oil goes towards Libya’s military assets which include its 5 naval vessels, 143 aircraft, and 1,816 military vehicles. Libya also has 132,000 total military personnel, which is composed of 32,000 active personnel and 100,000 paramilitary forces.

16. Algeria

• Total oil production: 1,443,000 bbl/day
• Total oil consumption: 428,000 bbl/day
• Foreign exchange and gold reserves: $81,217,000,000
• Purchasing power parity: $699,947,000,000
• External debt: $3,335,624,000
• Military defense budget: $25,000,000,000
• Military strength score and world rank: 0.3589 – #20 out of 145

This oil goes towards Algeria’s military assets which include its 110 naval vessels, 608 aircraft, and 26,000 military vehicles. Algeria also has 610,000 total military personnel, which is composed of 325,000 active personnel, 135,000 reserves, and 150,000 paramilitary forces.

15. Nigeria

• Total oil production: 1,541,000 bbl/day
• Total oil consumption: 515,000 bbl/day
• Foreign exchange and gold reserves: $41,349,000,000
• Purchasing power parity: $1,275,000,000,000
• External debt: $32,455,500,000
• Military defense budget: $3,160,000,000
• Military strength score and world rank: 0.5771 – #31 out of 145

This oil goes towards Nigeria’s military assets which include its 133 naval vessels, 163 aircraft, and 8,962 military vehicles. Nigeria also has 280,000 total military personnel, which is composed of 230,000 active personnel and 50,000 paramilitary forces.

14. Qatar

• Total oil production: 1,815,000 bbl/day
• Total oil consumption: 297,000 bbl/day
• Foreign exchange and gold reserves: $51,539,000,000
• Purchasing power parity: $304,973,000,000
• External debt: $187,000,000,000
• Military defense budget: $9,432,000,000
• Military strength score and world rank: 1.4307 – #72 out of 145

This oil goes towards Qatar’s military assets which include its 115 naval vessels, 251 aircraft, and 5,024 military vehicles. Qatar also has 87,050 total military personnel, which is composed of 66,550 active personnel, 15,000 reserves, and 5,500 paramilitary forces.

13. Kazakhstan

• Total oil production: 1,955,000 bbl/day
• Total oil consumption: 288,000 bbl/day
• Foreign exchange and gold reserves: $35,965,000,000
• Purchasing power parity: $705,520,000,000
• External debt: $91,321,500,000
• Military defense budget: $2,048,700,000
• Military strength score and world rank: 1.1016 – #57 out of 145

This oil goes towards Kazakhstan’s military assets which include its 26 naval vessels, 198 aircraft, and 7,736 military vehicles. Kazakhstan also has 300,000 total military personnel, which is composed of 110,000 active personnel, 135,000 reserves, and 55,000 paramilitary forces.

12. Norway

• Total oil production: 2,020,000 bbl/day
• Total oil consumption: 229,000 bbl/day
• Foreign exchange and gold reserves: $80,459,000,000
• Purchasing power parity: $449,528,000,000
• External debt: $716,144,000,000
• Military defense budget: $9,710,000,000
• Military strength score and world rank: 0.6811 – #38 out of 145

This oil goes towards Norway’s military assets which include its 43 naval vessels, 97 aircraft, and 6,552 military vehicles. Norway also has 63,250 total military personnel, which is composed of 23,250 active personnel and 40,000 paramilitary forces.

11. Mexico

• Total oil production: 2,101,000 bbl/day
• Total oil consumption: 1,737,000 bbl/day
• Foreign exchange and gold reserves: $214,317,000,000
• Purchasing power parity: $2,873,000,000,000
• External debt: $371,359,000,000
• Military defense budget: $7,600,000,000
• Military strength score and world rank: 0.5965 – #32 out of 145

This oil goes towards Mexico’s military assets which include its 167 naval vessels, 433 aircraft, and 19,658 military vehicles. Mexico also has 630,655 total military personnel, which is composed of 412,000 active personnel, 98,655 reserves, and 120,000 paramilitary forces.

10. Kuwait

• Total oil production: 2,910,000 bbl/day
• Total oil consumption: 372,000 bbl/day
• Foreign exchange and gold reserves: $52,619,000,000
• Purchasing power parity: $219,060,000,000
• External debt: $55,000,000,000
• Military defense budget: $6,950,000,000
• Military strength score and world rank: 1.6982 – #79 out of 145

This oil goes towards Kuwait’s military assets which include its 123 naval vessels, 128 aircraft, and 5,636 military vehicles. Kuwait also has 103,500 total military personnel, which is composed of 72,000 active personnel, 24,000 reserves, and 7,500 paramilitary forces.

9. Iran

• Total oil production: 3,985,000 bbl/day
• Total oil consumption: 2,136,000 bbl/day
• Foreign exchange and gold reserves: $120,600,000,000
• Purchasing power parity: $1,440,000,000,000
• External debt: $4,134,926,000
• Military defense budget: $15,450,000,000
• Military strength score and world rank: 0.3048 – #16 out of 145

This oil goes towards Iran’s military assets which include its 107 naval vessels, 551 aircraft, and 65,825 military vehicles. Iran also has 1,180,000 total military personnel, which is composed of 610,000 active personnel, 350,000 reserves, and 220,000 paramilitary forces.

8. United Arab Emirates

• Total oil production: 4,146,000 bbl/day
• Total oil consumption: 939,000 bbl/day
• Foreign exchange and gold reserves: $189,491,000,000
• Purchasing power parity: $719,733,000,000
• External debt: $264,000,000,000
• Military defense budget: $2,212,360,382
• Military strength score and world rank: 1.0186 – #54 out of 145

This oil goes towards the United Arab Emirates’s military assets which include its 181 naval vessels, 551 aircraft, and 8,707 military vehicles. The United Arab Emirates also has 207,000 total military personnel, which is composed of 65,000 active personnel, 130,000 reserves, and 12,000 paramilitary forces.

7. Brazil

• Total oil production: 4,221,000 bbl/day
• Total oil consumption: 3,027,000 bbl/day
• Foreign exchange and gold reserves: $355,021,000,000
• Purchasing power parity: $4,016,000,000,000
• External debt: $432,224,000,000
• Military defense budget: $26,157,300,000
• Military strength score and world rank: 0.2415 – #11 out of 145

This oil goes towards Brazil’s military assets which include its 64 naval vessels, 513 aircraft, and 22,464 military vehicles. Brazil also has 900,000 total military personnel, which is composed of 360,000 active personnel, 340,000 reserves, and 200,000 paramilitary forces.

6. Iraq

• Total oil production: 4,437,000 bbl/day
• Total oil consumption: 918,000 bbl/day
• Foreign exchange and gold reserves: $112,233,000,000
• Purchasing power parity: $572,939,000,000
• External debt: $45,032,500,000
• Military defense budget: $7,923,000,000
• Military strength score and world rank: 0.7738 – #43 out of 145

This oil goes towards Iraq’s military assets which include its 68 naval vessels, 391 aircraft, and 37,288 military vehicles. Iraq also has 293,000 total military personnel, which is composed of 193,000 active personnel and 100,000 paramilitary forces.

5. China

• Total oil production: 4,984,000 bbl/day
• Total oil consumption: 15,148,000 bbl/day
• Foreign exchange and gold reserves: $3,450,000,000,000
• Purchasing power parity: $31,227,000,000,000
• External debt: $1,218,458,500,000
• Military defense budget: $266,850,000,000
• Military strength score and world rank: 0.0788 – #3 out of 145

This oil goes towards China’s military assets which include its 754 naval vessels, 3,309 aircraft, and 144,017 military vehicles. China also has 3,170,000 total military personnel, which is composed of 2,035,000 active personnel, 510,000 reserves, and 625,000 paramilitary forces.

4. Canada

• Total oil production: 5,692,000 bbl/day
• Total oil consumption: 2,454,000 bbl/day
• Foreign exchange and gold reserves: $117,551,000,000
• Purchasing power parity: $2,238,000,000,000
• External debt: $2,337,375,700,000
• Military defense budget: $41,000,000,000
• Military strength score and world rank: 0.5179 – #28 out of 145

This oil goes towards Canada’s military assets which include its 73 naval vessels, 351 aircraft, and 21,704 military vehicles. Canada also has 100,500 total military personnel, which is composed of 68,000 active personnel, 27,000 reserves, and 5,500 paramilitary forces.

3. Russia

• Total oil production: 10,727,000 bbl/day
• Total oil consumption: 3,684,000 bbl/day
• Foreign exchange and gold reserves: $597,217,000,000
• Purchasing power parity: $5,816,000,000,000
• External debt: $317,650,500,000
• Military defense budget: $126,000,000,000
• Military strength score and world rank: 0.0788 – #2 out of 145

This oil goes towards Russia’s military assets which include its 419 naval vessels, 4,292 aircraft, and 131,527 military vehicles. Russia also has 3,570,000 total military personnel, which is composed of 1,320,000 active personnel, 2,000,000 reserves, and 250,000 paramilitary forces.

2. Saudi Arabia

• Total oil production: 11,113,000 bbl/day
• Total oil consumption: 3,649,000 bbl/day
• Foreign exchange and gold reserves: $457,949,000,000
• Purchasing power parity: $1,831,000,000,000
• External debt: $225,610,000,000
• Military defense budget: $74,760,000,000
• Military strength score and world rank: 0.4201 – #25 out of 145

This oil goes towards Saudi Arabia’s military assets which include its 32 naval vessels, 917 aircraft, and 19,040 military vehicles. Saudi Arabia also has 407,000 total military personnel, which is composed of 257,000 active personnel and 150,000 paramilitary forces.

1. United States

• Total oil production: 20,879,000 bbl/day
• Total oil consumption: 20,245,000 bbl/day
• Foreign exchange and gold reserves: $773,426,000,000
• Purchasing power parity: $24,662,000,000,000
• External debt: $22,303,546,100,000
• Military defense budget: $895,000,000,000
• Military strength score and world rank: 0.0744 – #1 out of 145

This oil goes towards the United States’s military assets which include its 440 naval vessels, 13,043 aircraft, and 391,963 military vehicles. The United States also has 2,127,500 total military personnel, which is composed of 1,328,000 active personnel, 799,500 reserves, and 0 paramilitary forces.

The post Saudi Arabia’s 11.1 M Daily Barrels Underwrite a $74.8 B War Chest—That’s About $18 of Defense Muscle for Every Barrel It Pumps in a Year appeared first on 24/7 Wall St..