The United States is expected to account for the largest share of oil production growth of non-OPEC countries in 2025. That year, the U.S. is forecast to add 0.8 million barrels per day in oil supply. Guyana, a relatively new oil producer, is expected to see an increase of 0.1 million barrels per day in oil production.

In 2023, crude oil production from OPEC countries amounted to roughly 34 million barrels of oil daily, slightly down from some 34.2 million barrels per day in the previous year. Between 1998 and 2023, figures increased by nearly 4.1 million barrels of oil per day, peaking at 37.5 million barrels per day in 2016.

1. Global oil demand, supply, oil market balance and required amounts of OPEC crude.

2. World oil Demand World oil demand growth in 2016 is expected to average 1.22 mb/d. For 2017, world oil demand is forecast to grow by 1.15 mb/d. While the OECD will contribute positively to oil demand growth adding some 0.10 mb/d, the bulk of the growth in 2017 will originate from the non-OECD with 1.05 mb/d. World Oil Supply World Oil Supply Non-OPEC oil supply is expected to contract by 0.79 mb/d in 2016 driven by higher-than-expected output in 2Q16 in the US and UK. In 2017, non-OPEC supply is expected to decline by 0.15 mb/d, following a downward revision of 40 tb/d. OPEC NGL production is forecast to grow by 0.16 mb/d and 0.15 mb/d in 2016 and 2017, respectively. In July, OPEC production increased by 46 tb/d to average 33.11 mb/d, according to secondary sources.

Discover how OPEC+ plans to increase oil production starting April, aiming to counter previous cuts and shift market dynamics in the face of competitive pressures.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

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

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 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

Goldman Sachs adjusts oil price forecasts downward as trade tariffs rise and OPEC production increases, impacting global market expectations.

Kazakhstan emerges as a key player in the OPEC+ production increase, exceeding its output limits even as the group maintains its commitment to cuts. The country's production boost, particularly from the Tengiz oilfield, stands in contrast to slight decreases from other members like Russia.

Crude Oil Production in Iraq decreased to 3677 BBL/D/1K in February from 3687 BBL/D/1K in January 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.

The IEA is the energy institute expecting the highest oil surplus for 2025. As demand outlooks remain modest, robust production output throughout 2024 is expected to result in some form of oil surplus, which would also impact oil prices. Woodmac was the only energy institute surveyed that did not see a surplus for the year. Production growth amid lower demand expectations The expected surplus in 2025 is largely attributed to non-OPEC production growth from major producers such as the United States and newcomers like Guyana. Overall, worldwide liquid fuels production could see a steep increase in the first half of 2025, if producers like OPEC stick to their output plans. This would come in spite of modest consumption expectations. Again, the IEA is the institute predicting the lowest growth in global oil demand when compared to other industry bodies such as the EIA and OPEC. Forecasting centers diverge in opinion on oil future Not only near-term, also long-term oil demand projections have become increasingly divergent among major energy institutions. OPEC's 2024 outlook expects global oil demand to surpass 113 million barrels per day by 2030, while the IEA's stated policies scenario anticipates demand reaching only 101.7 million barrels per day in the same year. Diesel and gasoil currently account for the largest share of oil product demand at 28.38 percent, though this is expected to decrease slightly by 2050. Jet fuel and kerosene are projected to see the greatest increase in demand shares over the coming decades.

NN: OPEC: Crude Oil Production: Secondary Sources: Congo data was reported at 324.000 Barrel/Day th in Oct 2018. This records an increase from the previous number of 318.000 Barrel/Day th for Sep 2018. NN: OPEC: Crude Oil Production: Secondary Sources: Congo data is updated monthly, averaging 318.000 Barrel/Day th from Apr 2018 (Median) to Oct 2018, with 7 observations. The data reached an all-time high of 329.000 Barrel/Day th in Apr 2018 and a record low of 316.000 Barrel/Day th in Jul 2018. NN: OPEC: Crude Oil Production: Secondary Sources: Congo 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: Oil and Gas Sector – Table RO.OPEC.CO: Crude Oil Production: OPEC Members: Monthly.

Crude Oil Production in the United States increased to 13491 BBL/D/1K in December from 13396 BBL/D/1K in November of 2024. 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 Ivory Coast Natural Gas Production: OPEC: Marketed Production

• Ivory Coast Natural Gas Production: OPEC: Marketed Production was reported at 1,650.000 Cub m mn in Dec 2012
• This records an increase from the previous number of 1,500.000 Cub m mn for Dec 2011
• Ivory Coast Natural Gas Production: OPEC: Marketed Production data is updated yearly, averaging 1,300.000 Cub m mn from Dec 2005 to 2012, with 8 observations
• The data reached an all-time high of 1,650.000 Cub m mn in 2012 and a record low of 1,300.000 Cub m mn in 2009
• Ivory Coast Natural Gas Production: OPEC: Marketed 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.NG: Natural Gas Production: Marketed 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 Angola Natural Gas Production: OPEC: Marketed Production

• Angola Natural Gas Production: OPEC: Marketed Production was reported at 5,591.497 Cub m mn in Dec 2023
• This records an increase from the previous number of 5,505.236 Cub m mn for Dec 2022
• Angola Natural Gas Production: OPEC: Marketed Production data is updated yearly, averaging 550.000 Cub m mn from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 11,313.429 Cub m mn in 2020 and a record low of 0.000 Cub m mn in 1969
• Angola Natural Gas Production: OPEC: Marketed 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.NG: Natural Gas Production: Marketed Production

Key information about China Natural Gas Production: OPEC: Marketed Production

• China Natural Gas Production: OPEC: Marketed Production was reported at 226,803.000 Cub m mn in Dec 2023
• This records an increase from the previous number of 213,770.000 Cub m mn for Dec 2022
• China Natural Gas Production: OPEC: Marketed Production data is updated yearly, averaging 15,045.000 Cub m mn from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 226,803.000 Cub m mn in 2023 and a record low of 790.000 Cub m mn in 1960
• China Natural Gas Production: OPEC: Marketed 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.NG: Natural Gas Production: Marketed Production

Crude Oil Production in Iran increased to 3308 BBL/D/1K in February from 3273 BBL/D/1K in January 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.

Key information about Mozambique Natural Gas Production: OPEC: Marketed Production

• Mozambique Natural Gas Production: OPEC: Marketed Production was reported at 4,890.000 Cub m mn in Dec 2012
• This records an increase from the previous number of 3,820.000 Cub m mn for Dec 2011
• Mozambique Natural Gas Production: OPEC: Marketed Production data is updated yearly, averaging 3,450.000 Cub m mn from Dec 2005 to 2012, with 8 observations
• The data reached an all-time high of 4,890.000 Cub m mn in 2012 and a record low of 2,400.000 Cub m mn in 2005
• Mozambique Natural Gas Production: OPEC: Marketed 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.NG: Natural Gas Production: Marketed Production