In 2024, crude oil production from OPEC countries amounted to roughly ** million barrels per day. Figures slightly increased that year. Between 1998 and 2024, figures increased by nearly **** million barrels of oil per day, peaking at **** million barrels per day in 2016.

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.

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

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 the United States increased to 13468 BBL/D/1K in April from 13450 BBL/D/1K in March 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.

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.

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.

In 2024, oil production in the United States reached **** million barrels per day, the highest value within the period of consideration. The United States currently produces more oil than any other country in the world. Why has U.S. oil production increased? As U.S. oil production has more than doubled since the 2008 recession, imports of crude oil to the United States have decreased. An upsurge in foreign oil prices during the financial crisis, particularly from OPEC countries located mainly in the Middle East, motivated the U.S. energy industry to find ways to increase production domestically. Developments in extraction technology During the recession, investors took advantage of low-interest rates to develop costly oil extraction processes such as hydraulic fracturing. Also known as “fracking,” this extraction method made it possible to access shale oil deep underground that was once out of reach. Texas and New Mexico are major sites of shale reserves and have thus become the two largest oil-producing states in the country.

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

Key information about Argentina Crude Oil: Production

• Argentina Crude Oil: Production was reported at 635.205 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 582.230 Barrel/Day th for Dec 2022
• Argentina Crude Oil: Production data is updated yearly, averaging 491.356 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 846.934 Barrel/Day th in 1998 and a record low of 168.239 Barrel/Day th in 1960
• Argentina 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 Libya Crude Oil: Production

• Libya Crude Oil: Production was reported at 1,277.000 Barrel/Day th in Jan 2025
• This records an increase from the previous number of 1,260.000 Barrel/Day th for Dec 2024
• Libya Crude Oil: Production data is updated monthly, averaging 1,177.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 1,752.000 Barrel/Day th in Mar 2008 and a record low of 7.000 Barrel/Day th in Aug 2011
• Libya 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

[COVID-19-IMPACT]

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

Weekly Crude Oil Production in the United States decreased to 13273 Thousand Barrels Per Day in July 18 from 13375 Thousand Barrels Per Day in the previous week. This dataset includes a chart with historical data for the United States Weekly Crude Oil Production.

Waterflooding of Gulf Coast reservoirs is commonly unsuccessful, leaving oil trapped in the rock. These reservoirs could face abandonment within the next decade or two, leaving abundant un produced oil reserves. With DOE Oil Program support, Texaco is testing the ability of combined CO2 flooding and horizontal well technologies to recover more oil from depleted Gulf Coast reservoirs similar to those in the Port Neches field. Initial efforts look successful, but some production problems are being addressed. Successful demonstration of the ability of these combined technologies to increase production will provide operators with a new technique that can be applied to other Gulf Coast reservoirs, a potential target for as much as 500 million barrels of oil.

Key information about Peru Crude Oil: Production

• Peru Crude Oil: Production was reported at 53.008 Barrel/Day th in Dec 2019
• This records an increase from the previous number of 48.915 Barrel/Day th for Dec 2018
• Peru Crude Oil: Production data is updated yearly, averaging 77.314 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 196.378 Barrel/Day th in 1982 and a record low of 40.251 Barrel/Day th in 2016
• Peru 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 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.

Crude Oil Production: Shandong data was reported at 22.200 Ton mn in 2024. This records an increase from the previous number of 22.141 Ton mn for 2023. Crude Oil Production: Shandong data is updated yearly, averaging 27.039 Ton mn from Dec 1991 (Median) to 2024, with 34 observations. The data reached an all-time high of 33.552 Ton mn in 1991 and a record low of 22.003 Ton mn in 2022. Crude Oil Production: Shandong data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.RBA: Energy Production: Crude Oil.

OPEC+ boosts oil production amid Middle East tensions. Rosneft CEO Sechin praises the strategic move, aligning with consumer interests despite market volatility.

Snapshot img

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

Refined Crude Oil Production: Year to Date: Shaanxi data was reported at 5,178.000 Ton th in Mar 2025. This records an increase from the previous number of 3,408.000 Ton th for Feb 2025. Refined Crude Oil Production: Year to Date: Shaanxi data is updated monthly, averaging 8,740.000 Ton th from Apr 2002 (Median) to Mar 2025, with 261 observations. The data reached an all-time high of 21,241.000 Ton th in Dec 2012 and a record low of 700.000 Ton th in Jan 2005. Refined Crude Oil Production: Year to Date: Shaanxi 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: Refined Crude Oil.