Oil production is a crucial industry that drives the global economy. As the demand for energy continues to grow, it’s essential to keep track of the latest trends and statistics in oil production.
In this article, we’ve compiled a list of oil production statistics that every industry professional should know.
Key Oil Production Statistics 2023 – MY Choice
- The United States is the world’s largest oil-producing country, producing approximately 12.9 million barrels per day (bpd) in 2021.
- Saudi Arabia is the world’s second-largest oil producer, with a daily production of approximately 9.1 million bpd in 2021.
- Russia is the world’s third-largest oil producer, with a daily production of approximately 10.3 million bpd in 2021.
- The top three oil-producing countries (the US, Saudi Arabia, and Russia) account for about 35% of global oil production.
- OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization made up of 13 oil-producing countries. OPEC’s total crude oil production was approximately 25.4 million bpd in 2021.
- The largest oil-producing state in the US is Texas, with a daily production of approximately 5.5 million bpd in 2021.
- The largest oil-producing company in the world is Saudi Aramco, with a daily production of approximately 12.4 million bpd in 2021.
- The world’s total oil production was approximately 96.6 million bpd in 2021.
- The oil industry is a major contributor to global greenhouse gas emissions, accounting for approximately 8% of the world’s total greenhouse gas emissions in 2019.
- The world’s oil reserves are estimated to be approximately 1.7 trillion barrels, with about 80% located in the Middle East, Venezuela, and Canada.
Oil Production Stats
Table 1: Oil Production Usage Statistics
Category | Statistics |
---|---|
LPG | 2.06% |
Table 2: Oil Production Market Statistics
Category | Statistics |
---|---|
Fuel oil | Used in navigation continued its long-term descent due to regulatory and market changes and, in 2020, also due to the pandemic-related reduction of maritime transport, decreased a further 16.1% compared to 2019. |
Natural gas | Consumption fell by 81 billion cubic metres, or 2.3%. |
Inter-regional gas trade | Reduced by 5.3%, completely accounted for by a 54 bcm (10.9%). |
LNG supply | Grew by 4 bcm or 0.6%, well below the 10 year average rate of 6.8% p.a. |
US LNG supply | Expanded by 14 bcm (29%). |
Coal consumption | Fell by 6.2 exajoules, or 4.2%, led by declines in the US (2.1) and India (1.1). |
Global coal production | Was down 8.3 EJ (5.2%). |
Renewable energy | Rose by 9.7%, slower than the 10-year average (13.4% p.a.). |
Solar electricity | Rose by a record 1.3 EJ (20%). |
Hydroelectricity | Grew by 1.0%, again led by China, while nuclear energy fell 4.1%, driven mainly by declines in France. |
Electricity generation | Fell by 0.9% – more than the decline in 2009 (0.5%). |
Renewables share in power generation | Increased from 10.3% to 11.7%, while coal’s share fell 1.3 percentage points to 35.1% – a new low in our data series. |
Lithium production | Fell 4.6% on a drop in Australian output. |
Cobalt output | Rose 2.9% as production in the Democratic Republic of Congo partially recovered from its dip in 2019. |
Rare earth metals production | Expanded by 23.2%, driven by strong growth in Australia and the US. |
Table 3: Oil Production Latest Statistics
Category | Statistics |
---|---|
Primary energy consumption | Fell by 4.5% in 2020 – the largest decline since 1945. |
China | Posted the largest increase (2.1%). |
Carbon emissions from energy use | Fell by 6.3%, to their lowest level since 2011. |
Oil consumption | Fell by a record 9.1 million barrels per day, or 9.3%, to its lowest level since 2011. |
Refinery utilization | Fell by a record 8.0 percentage points to 74.1%, the lowest level since 1985. |
Natural gas consumption | Fell by 81 billion cubic metres, or 2.3%. |
Gas in primary energy | Continued to rise, reaching a record high of 24.7%. |
Inter-regional gas trade | Reduced by 5.3%, completely accounted for by a 54 bcm |
Global Oil Production Statistics
- The world produced approximately 96.5 million barrels of oil per day in 2020. (Source: U.S. Energy Information Administration)
- The top three oil-producing countries are the United States, Saudi Arabia, and Russia. (Source: U.S. Energy Information Administration)
- In 2020, the United States produced an average of 11.3 million barrels of crude oil per day. (Source: U.S. Energy Information Administration)
- Saudi Arabia produced an average of 11.1 million barrels of crude oil per day in 2020. (Source: OPEC)
- Russia produced an average of 10.1 million barrels of crude oil per day in 2020. (Source: OPEC)
- China is the world’s largest oil importer, with 11.4 million barrels per day. (Source: U.S. Energy Information Administration)
- The Middle East is the world’s largest oil-producing region, accounting for 36% of global production in 2020. (Source: BP Statistical Review of World Energy)
U.S. Oil Production Statistics
- The United States is the world’s largest oil producer, accounting for 18% of global production in 2020. (Source: BP Statistical Review of World Energy)
- In 2020, Texas was the top oil-producing state in the United States, producing 43% of the country’s total oil production. (Source: U.S. Energy Information Administration)
- North Dakota was the second-largest oil-producing state in the United States, with a production of 1.17 million barrels per day in 2020. (Source: U.S. Energy Information Administration)
- The Permian Basin in West Texas and Southeast New Mexico is the largest oil-producing region in the United States, with a production of 4.3 million barrels per day in 2020. (Source: U.S. Energy Information Administration)
Oil Production Technology Statistics
- Hydraulic fracturing, or fracking, is a technology used to extract oil from shale rock. In 2020, the United States produced 7.9 million barrels of oil per day using fracking technology. (Source: U.S. Energy Information Administration)
- Enhanced oil recovery (EOR) is a technology used to increase the amount of oil that can be extracted from an oil reservoir. In 2020, approximately 2.4 million barrels of oil per day were produced using EOR technology. (Source: U.S. Energy Information Administration)
- Offshore oil production accounts for approximately 30% of global oil production. (Source: U.S. Energy Information Administration)
- In 2020, the United States produced approximately 2.2 million barrels of oil per day from offshore fields. (Source: U.S. Energy Information Administration)
Top Oil Producing Countries
One of the most important factors in the global oil production landscape is the countries that produce the most oil. Here are some statistics on the top oil producing countries:
- The United States is currently the world’s top oil producing country, with an average of 19.47 million barrels per day (b/d) in 2020.
- Saudi Arabia is the second largest oil producer, with an average of 11.13 million b/d in 2020.
- Russia is the third largest oil producer, with an average of 10.35 million b/d in 2020.
- Canada is the fourth largest oil producer, with an average of 5.50 million b/d in 2020.
- China is the fifth largest oil producer, with an average of 4.87 million b/d in 2020.
Oil Production by State in the United States
The United States is the largest oil producing country in the world, and much of that production comes from individual states within the country. Here are some statistics on oil production by state in the United States:
- Texas is the largest oil producing state in the United States, with an average of 5.26 million b/d in 2020.
- North Dakota is the second largest oil producing state, with an average of 1.22 million b/d in 2020.
- New Mexico is the third largest oil producing state, with an average of 1.13 million b/d in 2020.
- Oklahoma is the fourth largest oil producing state, with an average of 576,000 b/d in 2020.
- Colorado is the fifth largest oil producing state, with an average of 513,000 b/d in 2020.
Global Oil Consumption
Another important factor in the oil production landscape is global oil consumption. Here are some statistics on global oil consumption:
- The United States is the world’s largest oil consumer, with an average of 19.39 million b/d in 2020.
- China is the second largest oil consumer, with an average of 14.24 million b/d in 2020.
- India is the third largest oil consumer, with an average of 5.26 million b/d in 2020.
- Japan is the fourth largest oil consumer, with an average of 3.70 million b/d in 2020.
- South Korea is the fifth largest oil consumer, with an average of 2.67 million b/d in 2020.
Oil Reserves by Country
Oil reserves are an important factor in the global oil production landscape, as they indicate a country’s potential for future oil production. Here are some statistics on oil reserves by country:
- Venezuela has the largest oil reserves in the world, with an estimated 300 billion barrels.
- Saudi Arabia has the second largest oil reserves, with an estimated 266 billion barrels.
- Canada has the third largest oil reserves, with an estimated 169 billion barrels.
- Iran has the fourth largest oil reserves, with an estimated 158 billion barrels.
- Iraq has the fifth largest oil reserves, with an estimated 143 billion barrels.