The 25 Countries with the Cheapest Gas Prices in the World

Who remembers the day when gas prices were under a dollar per gallon? It seems like it was just yesterday but in reality, it was decades ago. If you live in the United States, gas prices have gone up and down throughout the years. compared to other first-world countries, the United States has lower gas prices. As of February 19, 2024, the average per-gallon gas price is $4.90. Wealthy countries that don’t have or don’t produce oil tend to have higher gas prices. On the other hand, most of the countries that have lower gas prices tend to be those that produce oil, but also poorer countries. Let’s take a look at the 25 countries with the cheapest gas prices in the world. these prices come from Global Petrol Prices and are as of February 19, 2024.

25. Lebanon

Even though Lebanon has absolutely no oil reserves and does not produce oil, gas prices are still more affordable than in other countries. The country consumes about 150,000 barrels of oil per day.

24. Kyrgyzstan

Kyrgyzstan has around 40 million barrels of oil reserves. The country is also a leading producer of oil.

23. United Arab Emirates

The United Arab Emirates is one of the top-producing countries of oil. The country produces 3.2 million barrels of oil every single day and has about 100 billion barrels of oil reserves.

22. Belarus

One of the reasons why Belarus has lower gas prices is that it has small amounts of crude oil. Also, Russia and Belarus are friendly neighbors and the country relies on Russia for much of its gas.

21. Sudan

Sudan produces around 107,000 barrels of oil every single day. This makes the country number 48 in oil production in the world.

20. Ecuador

The South American country has 0.5% of oil reserves in the world with around 8.27 billion barrels. Ecuador has the fourth-highest amount of oil reserves in Latin America.

19. Saudi Arabia

Saudi Arabia is the second largest oil producer in the entire world, making up around 13.2% of the crude oil production globally.

18. Oman

Oman may not be a member of OPEC, but it still produces massive amounts of oil and natural gas — approximately one million barrels of crude oil daily.

17. Russia

Russia is the third largest oil-producing country in the world. With recent sanctions from the Russia-Ukraine war, oil may get more expensive in the country.

16. Azerbaijan

Azerbaijan is one of the top oil-producing countries in the world. Most of the oil reserves come from the Caspian Sea.

15. Qatar

Qatar produces about 1.3 million barrels of crude oil every single day, making it one of the top oil-producing countries in the world.

14. Iraq

Iraq has the fifth largest oil reserves in the world and produces a whopping 4 million barrels of oil per day.

13. Bolivia

Oil expiration began in the early 20th century and now the country has 240 million barrels of crude oil and reserves.

12. Kazakhstan

Because Kazakhstan is located in the Caspian Sea, they have a large share of the sea’s oil Reserves. The country produces nearly 2 million barrels of oil per day.

11. Bahrain

Bahrain has only two oil refineries, but they produce a good amount of oil. It comes out to around 125 million barrels per day.

10. Turkmenistan

Turkmenistan borders the Caspian Sea and because it is rich in natural resources, the country produces over 1 million barrels of oil every day.

9. Malaysia

One of the top oil-producing countries in Asia, Malaysia produces around 560 thousand barrels of oil every day.

8. Nigeria

Nigeria is one of the leading oil producers in Africa. Furthermore, the country produces nearly 2 million barrels of oil per day.

7. Egypt

Egypt has over 3 billion barrels of oil in reserves. Furthermore, the country is rich in natural resources like fossil fuels.

6. Angola

Angola is one of the leading producers of oil in Africa. Furthermore, the country produces 1.5 million barrels of oil per day.

5. Algeria

Algeria produces a whopping 1.7 million barrels of oil every single day, making it one of the top oil-producing countries in Africa.

4. Kuwait

Kuwait is a powerhouse when it comes to oil production. It produces more than 3.1 million barrels of oil per day. The country also has 7% of the world’s oil reserves.

3. Venezuela

Venezuela has the world’s most oil reserves with 303 million barrels. However, it only produces around 735,000 barrels of oil per day.

2. Libya

Libya produces around 1.2 million barrels per day. The country also has around 48 billion barrels of oil in reserves.

1. Iran

Iran is producing around 3.4 million barrels of oil per day. The country also has about 10% of the world’s oil reserves.

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