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.

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.

Graph and download economic data for Crude Petroleum Production, Appalachian Region for United States (M0124DUSM537NNBR) from Sep 1867 to Dec 1895 about Appalachian Region, petroleum, crude, production, and USA.

The Middle East produces more oil than any other region in the world, accounting for slightly less than ******* of global oil production in 2024, at **** percent. Overall, 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 *** million barrels, a ** percent drop in comparison to a decade earlier.

This data set contains links to the Gulf of America Region Oil Production by Operator - Ranked by Volume (1947-Present).

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.

Oil Production Change: Existing: Appalachia data was reported at -13.000 Barrel/Day th in Mar 2025. This stayed constant from the previous number of -13.000 Barrel/Day th for Feb 2025. Oil Production Change: Existing: Appalachia data is updated monthly, averaging -6.000 Barrel/Day th from Jan 2007 (Median) to Mar 2025, with 219 observations. The data reached an all-time high of 182.000 Barrel/Day th in Sep 2014 and a record low of -15.000 Barrel/Day th in Aug 2024. Oil Production Change: Existing: Appalachia data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB040: Oil Production: by Region.

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.

Oil Production Change: Existing: Rest of Lower 48 States excl GOM data was reported at -86.000 Barrel/Day th in Mar 2025. This records an increase from the previous number of -87.000 Barrel/Day th for Feb 2025. Oil Production Change: Existing: Rest of Lower 48 States excl GOM data is updated monthly, averaging -72.000 Barrel/Day th from Jan 2007 (Median) to Mar 2025, with 219 observations. The data reached an all-time high of -1.000 Barrel/Day th in Jan 2007 and a record low of -154.000 Barrel/Day th in Feb 2020. Oil Production Change: Existing: Rest of Lower 48 States excl GOM data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB040: Oil Production: by Region.

United States Oil Production: New-Well: Bakken data was reported at 60.000 Barrel/Day th in Mar 2025. This records a decrease from the previous number of 62.000 Barrel/Day th for Feb 2025. United States Oil Production: New-Well: Bakken data is updated monthly, averaging 49.000 Barrel/Day th from Jan 2007 (Median) to Mar 2025, with 219 observations. The data reached an all-time high of 90.000 Barrel/Day th in Sep 2019 and a record low of 3.000 Barrel/Day th in Jan 2007. United States Oil Production: New-Well: Bakken data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB040: Oil Production: by Region.

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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 production operations

View monthly updates and historical trends for Niobrara Region Total Oil Production. Source: Energy Information Administration. Track economic data with Y…

Legacy Oil Production Change: Eagle Ford data was reported at -119.919 Barrel/Day mn in Apr 2020. This records a decrease from the previous number of -119.589 Barrel/Day mn for Mar 2020. Legacy Oil Production Change: Eagle Ford data is updated monthly, averaging -87.435 Barrel/Day mn from Jan 2007 (Median) to Apr 2020, with 160 observations. The data reached an all-time high of -1.706 Barrel/Day mn in Jan 2007 and a record low of -140.081 Barrel/Day mn in Mar 2015. Legacy Oil Production Change: Eagle Ford data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB019: Oil Production: by Region .

View monthly updates and historical trends for Permian Region Total Oil Production. Source: Energy Information Administration. Track economic data with YC…

Statistics illustrates consumption, production, prices, and trade of Crude Oil and Processed Petroleum in Free Zones from 2007 to 2024.

The Permian basin is by far the most productive oil basin in the United States. Monthly production in the Permian peaked at nearly six million barrels per day in July 2023. This basin is also known as West Texas Basin, located in western Texas and southeastern New Mexico. Total daily production output in the U.S. climbed to over eight million barrels by late 2021.

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 2024, at 31.1 percent. Overall, 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.

Petroleum Lubricating Oil Production: OKPD2: VR: Nizhny Novgorod Region data was reported at 2.357 Ton th in Aug 2022. This records a decrease from the previous number of 8.820 Ton th for Jul 2022. Petroleum Lubricating Oil Production: OKPD2: VR: Nizhny Novgorod Region data is updated monthly, averaging 13.350 Ton th from Feb 2016 (Median) to Aug 2022, with 78 observations. The data reached an all-time high of 18.900 Ton th in May 2016 and a record low of 2.357 Ton th in Aug 2022. Petroleum Lubricating Oil Production: OKPD2: VR: Nizhny Novgorod Region data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Russia Premium Database’s Chemical and Petrochemical Sector – Table RU.RHA002: Petrochemical Production: Lubricating Oil: by Region.

The United States is the world's largest crude oil producer. In 2024, it had an output of 20.1 million barrels worth of oil per day. This was nearly 13 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 10.9 and 10.8 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 one trillion cubic meters in 2024, despite ranking fifth in terms of proved natural gas reserves .

United States Oil Production: New-Well: Haynesville data was reported at 0.000 Barrel/Day th in Mar 2025. This stayed constant from the previous number of 0.000 Barrel/Day th for Feb 2025. United States Oil Production: New-Well: Haynesville data is updated monthly, averaging 1.000 Barrel/Day th from Jan 2007 (Median) to Mar 2025, with 219 observations. The data reached an all-time high of 2.000 Barrel/Day th in Nov 2012 and a record low of 0.000 Barrel/Day th in Mar 2025. United States Oil Production: New-Well: Haynesville data remains active status in CEIC and is reported by U.S. Energy Information Administration. The data is categorized under Global Database’s United States – Table US.RB040: Oil Production: by Region.