Global oil production amounted to ************ barrels per day in 2024. The level of oil production reached an all-time high in 2024. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in 2020. Rising production and consumption Apart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry. Production by region and country While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Even though as a region the Middle East still produces the largest share of oil worldwide, the United States is currently the worl'ds largest producer of oil, followed by Saudi Arabia and Russia.

Global oil and gas production companies have gone through significant turbulence for most of the period. Revenue started off in a downturn amid the pandemic and its accompanying lockdowns, primarily the industry's largest market, the transportation sector, was limited. This was quickly reversed as the economy opened and supply outpaced demand, causing prices to skyrocket. High prices, accompanied by swelling production, led to surging revenue. This was further amplified by Russia's invasion of Ukraine, which forced many countries to put sanctions on Russia. With countries scrambling to find new suppliers, prices continued to shoot up in 2022. Nonetheless, prices eventually cooled back down later in the period, but still remained well above pre-pandemic levels. Overall revenue has pushed up at a CAGR of 11.7% to $4.0 trillion through the end of 2025, including a slight 7.3% dip in 2025 alone. Profit also surged as purchase costs came down. Emerging markets in BRIC nations, Southeast Asia and Africa continue to drive growth because of rapid industrialization and population increases, heightening the need for crude oil, natural gas and related downstream products. Even so, the gradual shift toward renewable energy poses challenges for producers, as many countries have implemented regulations and incentives to promote clean energy use. Geopolitical tensions and the uncertainties stemming from the global pandemic underscore the importance of diversifying supply sources to ensure energy security. Overall, industry revenue is set to push down at a CAGR of 2.5% to $3.6 trillion through the end of 2030. The bulk of this period will be highlighted by more efforts in oil and gas exploration and production in emerging markets, potentially transforming these regions into major global producers. Established countries will take this time to upgrade their technology and infrastructure to make production more efficient to keep profitability steady. Even so, the excess supply of oil and gas, combined with the push for sustainability, will drive prices down, leading to revenue contractions.

View monthly updates and historical trends for World Crude Oil Production. Source: Energy Information Administration. Track economic data with YCharts ana…

The average annual net income from the oil and gas industry worldwide is projected to decrease in the coming years. For instance, Saudi Arabia's oil and gas industry generated a net income of *** billion U.S. dollars in 2022, but this figure is expected to decline by some ** percent under a stated policies (STEP) scenario, and up to ** percent under a net-zero (NZE) scenario. The STEP scenario is based on current policies both already in place and under development while the NZE scenario assumes that the global energy sector will achieve net zero CO₂ emissions by 2050. Saudi Arabia is currently the second-largest crude oil producer worldwide, only behind the United States.

This dataset contains information about world oil production for OPEC, OECD and the major non-OPEC producers. for 1983-2021. Data from Saudi Central Bank (SAMA). Follow datasource.kapsarc.org and it’s APIs to stay in sync and advance energy economics research.Note:* Including Condensates and Natural gas liquids

The global oil & gas analytics market size surpassed $21.00 bn in 2024 is to reach $103.68 bn in 2034, increasing at a CAGR of 17.4% between 2024 and 2034.

Sinopec (China Petroleum & Chemical Corporation) is the leading global oil and gas company by revenues generated. In the 12-month period leading up to August 2025, the Chinese state-owned enterprise generated ************** U.S. dollars in revenues. State-owned enterprises are largest producers State-owned businesses are among the largest within the oil and gas industry. Saudi Arabia's Saudi Aramco is the leading oil company worldwide based on daily oil production, at over ********** barrels per day. This is significantly more than the daily output of ExxonMobil. At ************* barrels of crude oil per day, it is the largest producer among public companies not majority owned by any state. The United States-based oil and gas giant ExxonMobil generated *********** U.S. dollars in revenues in the 12 months leading up to August 2025, coming in third in this list. Diversification of oil & gas portfolios Due to growing investor pressure and judicial court rulings, some oil and gas companies have been incentivized to increase the share of non-fossil fuel assets in their portfolio. Their efforts have been supported by an increasing number of investment funds and asset managers, with more diverse companies also often ranking higher in terms of brand value. Many European oil majors have already begun looking for clean energy ventures where their expertise may help them gain footing fast, such as offshore wind and blue hydrogen. This is also reflected in a growing share of low-carbon investments in overall capex.

In 2024, global crude oil production amounted to approximately ************ metric tons. This was the largest amount that had ever been produced, and nearly *********** metric tons more than oil produced in 1998. Which countries extract the most oil? The United States is the largest oil producing country in the world. Profiting off advances in horizontal drilling and shale extraction, the U.S. has succeeded OPEC-affiliated countries, such as Saudi Arabia, in becoming the world's greatest supplier of crude oil. Oil production in the United States The U.S. has been producing oil since 1850s. U.S. oil production initially decreased until 2008 but has been steadily increasing since. Texas is by far the U.S. state that produces the most crude oil. It is home to the Permian Basin and Eagle Ford shale play, two of the most important petroleum-rich locations in the country. The U.S. also operates numerous rigs located offshore in the Gulf of Mexico, which contribute significantly to overall oil and gas production.

Market Size statistics on the Global Oil & Gas Exploration & Production industry in Global

In 2024, the majority of oil worldwide was produced in the Middle East, which accounted for around **** percent of the global output that year. Home to large hydrocarbon reserves, many of the world’s largest petrostates are located here. North America was the second largest oil producer, followed by the Commonwealth of Independent States. Global crude oil production In 2024, global oil production stood at almost ** million barrels per day. Amongst the various crude oil producing countries in the world, the United States came in first, accounting for nearly ** percent of global oil production in 2022. In comparison, Algeria was in the last position, accounting for only *** percent of the global oil production. Global oil companies Saudi Aramco, the state-owned petroleum and natural gas company in Saudi Arabia, is one of the top oil companies in terms of daily crude oil production, with a daily production volume of nearly **** million barrels per day. In contrast, Sinopec, a Chinese oil company, which largely focuses on refining, reported a daily production of ******* barrels. Due in part to its position as refining leader, Sinopec claimed the highest revenue among global oil and gas companies, reaching nearly *** billion U.S. dollars in 2023.

The Oil and Gas CAPEX Market Report is Segmented by Sector (Upstream, Midstream, and Downstream), Location (Onshore and Offshore), Service (Construction, Maintenance and Turn-Around, and Decommissioning), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

Employment statistics on the Global Oil & Gas Exploration & Production industry in Global

Global Oil and Gas market size 2021 was recorded $6247.95 Billion whereas by the end of 2025 it will reach $7554 Billion. According to the author, by 2033 Oil and Gas market size will become $11042.2. Oil and Gas market will be growing at a CAGR of 4.86% during 2025 to 2033.

Version: GOGI_V10_2This data was downloaded as a File Geodatabse from EDX at https://edx.netl.doe.gov/dataset/global-oil-gas-features-database. This data was developed using a combination of big data computing, custom search and data integration algorithms, and expert driven search to collect open oil and gas data resources worldwide. This approach identified over 380 data sets and integrated more than 4.8 million features into the GOGI database.Access the technical report describing how this database was produced using the following link: https://edx.netl.doe.gov/dataset/development-of-an-open-global-oil-and-gas-infrastructure-inventory-and-geodatabase” Acknowledgements: This work was funded under the Climate and Clean Air Coalition (CCAC) Oil and Gas Methane Science Studies. The studies are managed by United Nations Environment in collaboration with the Office of the Chief Scientist, Steven Hamburg of the Environmental Defense Fund. Funding was provided by the Environmental Defense Fund, OGCI Companies (Shell, BP, ENI, Petrobras, Repsol, Total, Equinor, CNPC, Saudi Aramco, Exxon, Oxy, Chevron, Pemex) and CCAC.Link to SourcePoint of Contact: Jennifer Bauer email:jennifer.bauer@netl.doe.govMichael D Sabbatino email:michael.sabbatino@netl.doe.gov

The oil industry is expected to significantly increase spending on cloud computing solutions and advanced analytics. By 2030, companies within the sector are forecast to spend over ** billion U.S. dollars on the IT service alone. This would be nearly **** times as much as spending on advanced analytics in that year.

Top Countries' Share of Global Oil Production, 2016 Discover more data with ReportLinker!

Crude Oil Production in Russia increased to 9813 BBL/D/1K in July from 9783 BBL/D/1K in June of 2025. This dataset provides the latest reported value for - Russia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Global oil production by month varies depending on several factors, including demand, geopolitical events, and changes in oil prices. This article highlights the importance of monitoring global oil production and provides insights into recent trends and fluctuations. It emphasizes the role of the International Energy Agency (IEA) in tracking and reporting production levels. The article also mentions specific data for January, February, March, April, and May 2021, showcasing the increase and decrease in glob

The Oil and Gas Downstream Market Report is Segmented by Type (Refineries and Petrochemical Plants), Product Type (Refined Petroleum Products, Petrochemicals, and Lubricants), Distribution Channel (Direct Sales/Wholesale, Distributors/Commercial, and Retail), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

This submission contains a technical report describing the development process and visual graphics for the Global Oil and Gas Infrastructure database. Access the GOGI database using the following link: https://edx.netl.doe.gov/dataset/global-oil-gas-features-database There is a web-mapping tool that allows you to visualize and interact with this data also available here: https://edxspatial.arcgis.netl.doe.gov/maps/edxspatial-gogi-index.html Acknowledgement: This work was performed under a CRADA between NETL and EDF, and was funded under the Climate and Clean Air Coalition (CCAC) Oil and Gas Methane Science Studies. The studies are managed by United Nations Environment in collaboration with the Office of the Chief Scientist, Steven Hamburg of the Environmental Defense Fund. Funding was provided by the Environmental Defense Fund, OGCI Companies (Shell, BP, ENI, Petrobras, Repsol, Total, Equinor, CNPC, Saudi Aramco, Exxon, Oxy, Chevron, Pemex) and CCAC.