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.

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

Crude Oil Flow Improvers Market size was valued at USD 2.07 Billion in 2023 and is projected to reach USD 3.53 Billion by 2030, growing at a CAGR of 7.4% during the forecast period 2024-2030.

Global Crude Oil Flow Improvers Market Drivers

The market drivers for the Crude Oil Flow Improvers Market can be influenced by various factors. These may include:

Growing Crude Oil Production: As the world’s crude oil output rises, particularly from unconventional sources, there will be a greater need for flow improvers to maximise transportation efficiency.

Expansion of Pipeline Infrastructure: Constant investments in building and expanding pipeline infrastructure are what drive the requirement for flow improvers to increase pipeline efficiency.

Demand for Energy: As the world’s population grows, so does the need for more effective pipeline transportation of crude oil, especially in developing nations.

The total global crude oil production grew by nearly two million barrels per day in 2023 compared to 2022. The region of South and Central America saw the largest year-over-year change in crude oil production, with a production increase of 8.3 percent from the previous year. The second-largest year-over-year change in crude oil production at that time was in North America, which had a production increase of 6.7 percent.

Crude Oil Production in the United States increased to 13488 BBL/D/1K in May from 13464 BBL/D/1K in April of 2025. This dataset provides the latest reported value for - United States 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 Iraq increased to 3627 BBL/D/1K in June from 3605 BBL/D/1K in May of 2025. This dataset provides the latest reported value for - Iraq Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

OPEC+ announces a significant increase in oil production, raising output by 411,000 bpd starting in May, affecting global oil prices and market strategies.

This statistic depicts the largest crude oil production increases in a single year worldwide between 1973 and 2018, broken down by country. During that period of time, the largest increase in oil production in a single year took place in the United States in 2018, with a crude oil production increase of *** million barrels per day compared to the previous year.

Crude Oil Production in Russia remained unchanged at 9795 BBL/D/1K in March. 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.

Weekly Crude Oil Production in the United States increased to 13314 Thousand Barrels Per Day in July 25 from 13273 Thousand Barrels Per Day in the previous week. This dataset includes a chart with historical data for the United States Weekly Crude Oil Production.

OPEC+ will raise oil output by 138,000 bpd in April 2024, aiming to adjust market stability amidst current supply projections and demand forecasts.

Key information about Egypt Crude Oil: Production

• Egypt Crude Oil: Production was reported at 10.899 % in Jan 2025
• This records an increase from the previous number of 6.755 % for Dec 2024
• Egypt Crude Oil: Production data is updated monthly, averaging 3.025 % from Aug 2004 to Jan 2025, with 246 observations
• The data reached an all-time high of 23.270 % in May 2021 and a record low of -23.873 % in May 2020
• Egypt Crude Oil: Production data remains active status in CEIC and is reported by CEIC Data
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Industrial Production Index: Y-o-Y Growth: Monthly

CEIC calculates monthly Industrial Production Index Growth from monthly Industrial Production Index. The Ministry of Planning, Economic Development and International Cooperation provides Industrial Production Index with base 2012-2013=100. Industrial Production Index Growth prior to July 2013 is calculated from Industrial Production Index with base 2006-2007=100. Industrial Production Index Growth prior to July 2007 is calculated from Industrial Production Index with base 2002=100.

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

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and pr

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

Oil production in the United States amounted to around 857.9 million metric tons in 2024, an increase when compared to the previous year and the highest figure recorded within the period of consideration. Between 1998 and 2024, figures increased by 490 million metric tons.

Crude Oil Production in Nigeria increased to 1505 BBL/D/1K in June from 1453 BBL/D/1K in May of 2025. This dataset provides the latest reported value for - Nigeria Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

OPEC+ is considering a larger oil output increase for July, beyond the scheduled increments, to regain market share and address production challenges.

Iran: Oil production percent of world total: The latest value from 2023 is 4.441 percent, an increase from 4.083 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Iran from 1973 to 2023 is 6.212 percent. The minimum value, 3.491 percent, was reached in 2020 while the maximum of 14.32 percent was recorded in 1974.

OPEC+ is considering another oil output hike for June, following a significant increase in May, as the global oil market faces volatility and price slumps.