“War is a racket” – Major General Smedley D. Butler, 1933.

Economic historians have long debated whether war is beneficial or detrimental to a nation’s economy.

During the 1930s, the German economy came out of a serious depression after Hitler came to power and started to prepare for war. World War II was an economic boom to the US as its economy shifted into a defense industry economy. This boom fueled what Tom Brokaw labelled “The Greatest Generation” increasing the living standard of an entire generation and lasting through the end of the Viet Nam War.

So what will economic historians say about Operation Epic Fury?

Let’s focus on oil and the countries that produce oil, and how the current conflict between the United States and Iran affects these economies.

Globally, crude oil production ranges from 86 to 109 million barrels a day. OPEC accounts for 40% of global output and when Russia is included as a member of OPEC+, the total accounts for 50% of global daily output.

OPEC consists of the following countries…Saudi Arabia, Iraq, Iran, Kuwait, UAE*, Venezuela, Nigeria, Algeria, Libya, Angola, Congo (*UAE announced exit effective May 2026).

NON-OPEC countries which produce the remaining 50% of daily output consists of the following countries…..United States, Canada, China, Brazil, Mexico, Norway, Kazakhstan and the United Kingdom.

Saudi Arabia is the largest OPEC producer at 11.5 million barrels per day and the US is the largest NON OPEC producer and the world’s largest oil producer at over 14 million barrels per day.

Here is a breakdown:

OPEC Countries (Revenue Overview)

Among OPEC producers, Saudi Arabia remains the dominant player. At roughly 10.5 million barrels per day, it generated about $735 million per day before the conflict, which has now risen to approximately $1.1 billion per day. On a yearly basis, that’s an increase from about $268 billion to over $400 billion, meaning Saudi Arabia alone gains more than $130 billion annually from higher prices.

Iraq, Iran, and United Arab Emirates each produce around 4.5–4.6 million barrels per day. Their revenues rise from roughly $315–322 million per day to about $470–483 million per day, translating into yearly increases of about $50–60 billion per country.

Mid-sized producers like Kuwait see revenues increase from around $71 billion to over $100 billion annually.

Smaller OPEC producers—including Nigeria, Libya, Algeria, Angola, and Venezuela—also benefit significantly. Even at lower production levels, each gains $10–20+ billion more per year due to higher prices.

Overall, OPEC countries experience a massive revenue surge, with gains measured in tens to hundreds of billions annually.

Non-OPEC Countries (Revenue Overview)

The largest beneficiary globally is the United States. Producing about 13.5 million barrels per day, its revenue increases from roughly $345 billion per year to over $500 billion, a gain of more than $170 billion annually.

Russia, producing about 10 million barrels per day, sees revenues rise from approximately $255 billion to $380+ billion per year, adding more than $120 billion annually.

Other major producers also see large gains:

Canada: from about $150 billion to over $230 billion annually

China: from about $135 billion to over $200 billion annually

Brazil: from about $110 billion to $165 billion annually

Medium-sized producers such as Mexico, Norway, Kazakhstan, and the United Kingdom each gain tens of billions in additional yearly revenue.