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.

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.

Key information about United States Crude Oil: Production

• United States Crude Oil: Production was reported at 12,927.088 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 11,910.573 Barrel/Day th for Dec 2022
• US Crude Oil: Production data is updated yearly, averaging 8,135.663 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 12,927.088 Barrel/Day th in 2023 and a record low of 4,999.727 Barrel/Day th in 2008
• US 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

The average for 2023 based on 190 countries was 429.63 thousand Barrels Per Day. The highest value was in the USA: 12927.22 thousand Barrels Per Day and the lowest value was in Afghanistan: 0 thousand Barrels Per Day. The indicator is available from 1973 to 2023. Below is a chart for all countries where data are available.

The United States is the world's largest crude oil producer. In 2023, it had an output of 19.4 million barrels worth of oil per day. This was nearly 12 million barrels more than in 2010 and largely a result of advances in unconventional tight oil production. Saudi Arabia and Russia ranked second and third, at around 11.4 and 11.1 million barrels daily respectively. Oil production includes crude oil, shale oil, oil sands, and natural gas liquids. Distribution of U.S. oil production The U.S. is divided into five regional divisions for oil production, known as Petroleum Administration for Defense District’s (PADD), which were created during World War II. The main goal was to organize the allocation of fuels from petroleum products and for data collection purposes these regions are still currently used. Out of all PADD's, PADD 3, including the Gulf Coast states, has recorded by far the largest daily crude oil production, at some 7.9 million barrels in 2021. By comparison, PADD 1 (East Coast) production volumes were 74 thousand barrels per day. The importance of PADD 3 to the country’s overall oil output is hardly surprising as Texas is by far the state with the largest crude oil production. U.S. natural gas production Besides being the world's largest oil producer, the U.S. is also the world’s largest natural gas producer. It produced over 934 billion cubic meters in 2021, despite ranking fifth in terms of proved natural gas reserves .

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.

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

The United States produced the most oil in the world in 2024, at around ************ barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank amongst the top countries with highest oil exports. OPEC production share Many of the top oil-producing countries belong to the Organization of the Petroleum Exporting Countries, also known as OPEC. The group was founded in 1960 by five original members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. As of 2023, 15 nations belong to OPEC, and the organization holds powerful influence on the prices of oil, with some ** percent of the total global share of crude oil production coming from OPEC. Increased production in the United States The United States was not always the largest producer of oil, but imported oil at higher rates before the 2008 financial crisis. As foreign oil prices peaked during the Recession, investors sought to develop technology to extract more oil domestically, notably through hydraulic fracturing. Since then, oil production in the United States has nearly doubled, reducing the need for imports.

Key information about United States Oil Consumption

• United States Oil Consumption was reported at 18,983.557 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 18,862.210 Barrel/Day th for Dec 2022
• US Oil Consumption data is updated yearly, averaging 17,634.400 Barrel/Day th from Dec 1965 to 2023, with 59 observations
• The data reached an all-time high of 20,531.482 Barrel/Day th in 2005 and a record low of 11,512.436 Barrel/Day th in 1965
• US Oil Consumption data remains active status in CEIC and is reported by BP PLC
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.BP.OIL: Oil: Consumption

Cameroon: Oil production, thousand barrels per day: The latest value from 2023 is 54 thousand Barrels Per Day, a decline from 60.88 thousand Barrels Per Day in 2022. In comparison, the world average is 429.63 thousand Barrels Per Day, based on data from 190 countries. Historically, the average for Cameroon from 1984 to 2023 is 105.04 thousand Barrels Per Day. The minimum value, 54 thousand Barrels Per Day, was reached in 2023 while the maximum of 181 thousand Barrels Per Day was recorded in 1985.

Key information about Australia Crude Oil: Production

• Australia Crude Oil: Production was reported at 85.482 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 110.438 Barrel/Day th for Dec 2022
• Australia Crude Oil: Production data is updated yearly, averaging 341.312 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 593.757 Barrel/Day th in 2000 and a record low of 0.000 Barrel/Day th in 1963
• Australia 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

Key information about Equatorial Guinea Crude Oil: Production

• Equatorial Guinea Crude Oil: Production was reported at 54.881 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 81.295 Barrel/Day th for Dec 2022
• Equatorial Guinea Crude Oil: Production data is updated yearly, averaging 0.000 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 328.690 Barrel/Day th in 2004 and a record low of 0.000 Barrel/Day th in 1993
• Equatorial Guinea 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

Key information about United Kingdom Crude Oil: Production

• United Kingdom Crude Oil: Production was reported at 645.370 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 723.586 Barrel/Day th for Dec 2022
• UK Crude Oil: Production data is updated yearly, averaging 1,139.569 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 2,649.389 Barrel/Day th in 1999 and a record low of 1.583 Barrel/Day th in 1972
• UK 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

Key information about Colombia Crude Oil: Production

• Colombia Crude Oil: Production was reported at 776.644 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 754.247 Barrel/Day th for Dec 2022
• Colombia Crude Oil: Production data is updated yearly, averaging 438.949 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 1,008.178 Barrel/Day th in 2013 and a record low of 123.307 Barrel/Day th in 1979
• Colombia 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

Key information about Norway Crude Oil: Production

• Norway Crude Oil: Production was reported at 1,794.195 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,685.121 Barrel/Day th for Dec 2022
• Norway Crude Oil: Production data is updated yearly, averaging 1,494.157 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 3,182.792 Barrel/Day th in 2000 and a record low of 0.000 Barrel/Day th in 1970
• Norway 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

Key information about Kazakhstan Crude Oil: Production

• Kazakhstan Crude Oil: Production was reported at 1,567.156 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,464.022 Barrel/Day th for Dec 2022
• Kazakhstan Crude Oil: Production data is updated yearly, averaging 437.836 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 1,587.252 Barrel/Day th in 2019 and a record low of 107.100 Barrel/Day th in 1960
• Kazakhstan 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

Key information about Azerbaijan Crude Oil: Production

• Azerbaijan Crude Oil: Production was reported at 504.244 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 558.356 Barrel/Day th for Dec 2022
• Azerbaijan Crude Oil: Production data is updated yearly, averaging 247.052 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 1,014.088 Barrel/Day th in 2009 and a record low of 60.600 Barrel/Day th in 1960
• Azerbaijan 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

Guinea: Oil production, thousand barrels per day: The latest value from 2023 is 0 thousand Barrels Per Day, unchanged from 0 thousand Barrels Per Day in 2022. In comparison, the world average is 429.63 thousand Barrels Per Day, based on data from 190 countries. Historically, the average for Guinea from 2004 to 2023 is 0 thousand Barrels Per Day. The minimum value, 0 thousand Barrels Per Day, was reached in 2004 while the maximum of 0 thousand Barrels Per Day was recorded in 2004.

Key information about Syria Crude Oil: Production

• Syria Crude Oil: Production was reported at 32.112 Barrel/Day th in Dec 2022
• This records an increase from the previous number of 22.838 Barrel/Day th for Dec 2021
• Syria Crude Oil: Production data is updated yearly, averaging 166.671 Barrel/Day th from Dec 1960 to 2022, with 63 observations
• The data reached an all-time high of 622.810 Barrel/Day th in 1995 and a record low of 20.581 Barrel/Day th in 2018
• Syria 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

Bangladesh: Oil production, thousand barrels per day: The latest value from 2023 is 3 thousand Barrels Per Day, unchanged from 3 thousand Barrels Per Day in 2022. In comparison, the world average is 429.63 thousand Barrels Per Day, based on data from 190 countries. Historically, the average for Bangladesh from 1985 to 2023 is 3.83 thousand Barrels Per Day. The minimum value, 2 thousand Barrels Per Day, was reached in 1985 while the maximum of 6 thousand Barrels Per Day was recorded in 2002.