Oil Production Statistics, Trends And Facts 2023

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.

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

1. The world produced approximately 96.5 million barrels of oil per day in 2020. (Source: U.S. Energy Information Administration)
2. The top three oil-producing countries are the United States, Saudi Arabia, and Russia. (Source: U.S. Energy Information Administration)
3. In 2020, the United States produced an average of 11.3 million barrels of crude oil per day. (Source: U.S. Energy Information Administration)
4. Saudi Arabia produced an average of 11.1 million barrels of crude oil per day in 2020. (Source: OPEC)
5. Russia produced an average of 10.1 million barrels of crude oil per day in 2020. (Source: OPEC)
6. China is the world’s largest oil importer, with 11.4 million barrels per day. (Source: U.S. Energy Information Administration)
7. 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

1. 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)
2. 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)
3. 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)
4. 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

1. 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)
2. 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)
3. Offshore oil production accounts for approximately 30% of global oil production. (Source: U.S. Energy Information Administration)
4. 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:

1. 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.
2. Saudi Arabia is the second largest oil producer, with an average of 11.13 million b/d in 2020.
3. Russia is the third largest oil producer, with an average of 10.35 million b/d in 2020.
4. Canada is the fourth largest oil producer, with an average of 5.50 million b/d in 2020.
5. 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:

1. Texas is the largest oil producing state in the United States, with an average of 5.26 million b/d in 2020.
2. North Dakota is the second largest oil producing state, with an average of 1.22 million b/d in 2020.
3. New Mexico is the third largest oil producing state, with an average of 1.13 million b/d in 2020.
4. Oklahoma is the fourth largest oil producing state, with an average of 576,000 b/d in 2020.
5. 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:

1. The United States is the world’s largest oil consumer, with an average of 19.39 million b/d in 2020.
2. China is the second largest oil consumer, with an average of 14.24 million b/d in 2020.
3. India is the third largest oil consumer, with an average of 5.26 million b/d in 2020.
4. Japan is the fourth largest oil consumer, with an average of 3.70 million b/d in 2020.
5. 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:

1. Venezuela has the largest oil reserves in the world, with an estimated 300 billion barrels.
2. Saudi Arabia has the second largest oil reserves, with an estimated 266 billion barrels.
3. Canada has the third largest oil reserves, with an estimated 169 billion barrels.
4. Iran has the fourth largest oil reserves, with an estimated 158 billion barrels.
5. Iraq has the fifth largest oil reserves, with an estimated 143 billion barrels.