Global oil production amounted to 96.4 million barrels per day in 2023. The level of oil production reached an all-time high in 2023. 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.

In 2023, global crude oil production amounted to approximately 4.5 billion metric tons. This was the largest amount that had ever been produced and nearly one billion 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 the 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.

The global demand for crude oil (including biofuels) in 2024 amounted to 103.75 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 105 million barrels per day. Motor fuels make up majority of oil demand Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 120 million barrels per day by 2050, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 32.5 million barrels per day in 2050, up from 29 million barrels in 2023. Gasoline demand is forecast at 27 million barrels by 2050. Differences in forecast oil demand widen between major energy institutions Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, other forecast centers have been more moderate in their demand outlooks. For example, between the EIA, IEA, and OPEC, the latter was the only one to expect significant growth for oil demand until 2030.

The article provides an overview of the world crude oil production by year, highlighting significant events and factors that have influenced global oil production. It explores the impact of geopolitical events, economic conditions, and technological advancements on the fluctuations in oil production over the years.

Crude Oil Production in Russia decreased to 9795 BBL/D/1K in February from 9805 BBL/D/1K in January 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.

Crude Oil Production in Iran decreased to 3305 BBL/D/1K in April from 3336 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - Iran Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Middle East produces more oil than any other region in the world, accounting for slightly less than a third of global oil production in 2023, at 31.5 percent. Overall, the Middle Eastern oil production makes up a slightly larger share of global production than it did ten years ago, but the contribution to worldwide oil production has risen most consistently in North America, while declining in all other regions. Shifts in North American oil production Over the past decade, higher oil production in North America has largely been driven by the United States. In the last ten years, oil production in the United States has more than doubled, with its annual output only mildly affected by the coronavirus pandemic. Meanwhile, Canada's crude oil production has also increased in the period, although in a less consistent manner. The U.S. moves towards less dependency Oil prices from OPEC countries, many of which are in the Middle East, had been rising in the years leading up to the global recession, reaching a peak in 2012. As a result, the United States decreased oil imports, and investors capitalized on lower interest rates to develop technologies such as hydraulic fracturing (fracking) that would allow domestic oil extraction from wells deep underground that were once too hard to reach. In 2019, before oil demand was affected by the pandemic, the North American country's imports dipped below 2.5 million barrels, a 26 percent drop in comparison to a decade earlier.

Key information about Russia Crude Oil: Production

• Russia Crude Oil: Production was reported at 9,592.386 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 9,756.049 Barrel/Day th for Dec 2022
• Russia Crude Oil: Production data is updated yearly, averaging 9,261.952 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 11,152.736 Barrel/Day th in 1987 and a record low of 2,683.100 Barrel/Day th in 1960
• Russia Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

In 2023, the majority of oil worldwide was produced in the Middle East, which accounted for around 31.5 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 2022, global oil production stood at almost 94 million barrels per day. Amongst the various crude oil producing countries in the world, the United States came in first, accounting for nearly 19 percent of global oil production in 2022. In comparison, Algeria was in the last position accounting for only 1.6 percent of the global oil production. Global oil companies In 2022, Saudi Aramco, a state-owned petroleum and natural gas company in Saudi Arabia was one of the top oil companies in terms of daily crude oil production, with a daily production volume of nearly 13.6 million barrels per day. In contrast, Sinopec, a Chinese oil company, which largely focuses on refining, reported a daily production of 769,000 barrels. Due in part to its position as refining leader, Sinopec claimed the highest revenue among global oil and gas companies, reaching nearly 373 billion U.S. dollars in 2023.

Crude Oil Production in Saudi Arabia increased to 9005 BBL/D/1K in April from 8958 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - Saudi Arabia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

OPEC accounts for over 37 percent of the world’s total crude oil production. In 2023, OPEC's production showed a decrease of 1.5 percentage points compared to the previous year. That same year, the annual average OPEC reference basket price was 83 U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960. Regional distribution OPEC includes 13 member countries located mostly in the Middle East and Africa, though also in South America. Over the past decade, roughly a third of the world’s total oil production has come from the Middle East, while the share produced by Africa and South America have been declining. Overall, global oil production has increased in almost every year except during times of economic crisis. OPEC has the highest global reserves share Although combined production has fluctuated at almost the 40 percent mark, the OPEC's share in global crude oil reserves was significantly higher. In 2023, it was double the worldwide production share. Similar to production, this figure has also remained relatively unchanging in the last decade.

Key information about Saudi Arabia Crude Oil: Production

• Saudi Arabia Crude Oil: Production was reported at 8,937.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 8,950.000 Barrel/Day th for Dec 2024
• Saudi Arabia Crude Oil: Production data is updated monthly, averaging 9,424.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 11,642.000 Barrel/Day th in Apr 2020 and a record low of 7,121.000 Barrel/Day th in Feb 2002
• Saudi Arabia Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

Global oil supply has experienced significant fluctuations over the years due to various factors such as geopolitical tensions, production decisions by major oil-producing countries, economic growth rates, and changes in energy consumption patterns. This article explores the historical trends in global oil supply, including the reasons behind the fluctuations and the impact of key events such as the OPEC production cuts and the COVID-19 pandemic. It also highlights the uncertainties and challenges ahead for

Crude Oil Production in Brazil increased to 3488.10 BBL/D/1K in February from 3445.79 BBL/D/1K in January of 2025. This dataset provides the latest reported value for - Brazil Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Crude Oil Production in Republic of the Congo increased to 270 BBL/D/1K in April from 263 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - Republic Of The Congo Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Since the 1960s, the Middle East has been the global region that has produced the largest quantity of crude oil in most years, followed by North America, and then the Commonwealth of Independent States (most of the former-USSR). In the figures for annual output, there are notable fluctuations in output that coincide with major regional events, such as the Iranian Revolution in 1979, Soviet dissolution in 1991, or the boom in onshore shale oil drilling in the U.S. since 2010.

Crude Oil Production: Year to Date: Guangdong data was reported at 5.339 Ton mn in Mar 2025. This records an increase from the previous number of 3.403 Ton mn for Feb 2025. Crude Oil Production: Year to Date: Guangdong data is updated monthly, averaging 8.143 Ton mn from Apr 2002 (Median) to Mar 2025, with 260 observations. The data reached an all-time high of 20.681 Ton mn in Dec 2024 and a record low of 0.971 Ton mn in Jan 2012. Crude Oil Production: Year to Date: Guangdong data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBA: Energy Production: Crude Oil.

Key information about Iran Crude Oil: Production

• Iran Crude Oil: Production was reported at 3,280.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 3,293.000 Barrel/Day th for Dec 2024
• Iran Crude Oil: Production data is updated monthly, averaging 3,521.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 3,987.000 Barrel/Day th in Jul 2005 and a record low of 1,930.000 Barrel/Day th in Jul 2020
• Iran Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

Crude Oil Production: Year to Date: Sichuan data was reported at 0.042 Ton mn in Feb 2025. This records a decrease from the previous number of 0.237 Ton mn for Dec 2024. Crude Oil Production: Year to Date: Sichuan data is updated monthly, averaging 0.079 Ton mn from Apr 2002 (Median) to Feb 2025, with 259 observations. The data reached an all-time high of 0.237 Ton mn in Dec 2024 and a record low of 0.013 Ton mn in Feb 2020. Crude Oil Production: Year to Date: Sichuan data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Energy Sector – Table CN.RBA: Energy Production: Crude Oil.

Crude Oil Production in Norway decreased to 1733 BBL/D/1K in February from 1773 BBL/D/1K in January of 2025. This dataset provides the latest reported value for - Norway Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.