•World oil production was 66.2 million barrels per day in 1998, a 19.8% increase from 1973. •The World produced 68.4 million barrels per day in 2003, a 3.4% increase from 1998. •The most important oil-producing countries in 2003 were Saudi Arabia (8.6 million BOPD), Russia (8.2 million BOPD) and the United States (5.7 million BOPD). •The most important oil-producing countries in 1973 were the United States (9.2 million BOPD), the USSR (8.4 million BOPD) and Saudi Arabia (7.6 million BOPD). •The three most important producers accounted for 33% of World oil production in 2003, down from 46% in 1973.