As of 2018, Saudi Aramco's daily production of oil and gas amounted to **** million barrels of oil equivalent. Saudi Aramco was evaluated as the world's most profitable company, whose initial public offering was planned to take place by the end of 2019.

View monthly updates and historical trends for World Crude Oil Production. Source: Energy Information Administration. Track economic data with YCharts ana…

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.

The countries in the Middle East are renowned for their vast oil reserves in the global market. While the largest importer of oil and petroleum is the United States, the leading producer of oil in the Middle East is Saudi Arabia with over 12 million barrels of oil produced per day as of 2018.

“Global oil reserves and trade”   Besides Saudi Arabia, the United States imports petroleum from various countries around the world among which Canada is the largest exporter of petroleum having exported around 4.3 billion barrels of petroleum to the United States in 2018. Back in 2015, Kuwait and the United Arab Emirates held the second and third largest oil reserves in the Gulf Cooperation Council.

Oil market of Saudi Arabia   As of 2018, over 10 million barrels of crude oil were produced in Saudi Arabia of which 3 million barrels were consumed, on a daily basis. This crude oil is further refined to produce products such as diesel, fuel oil, gasoline, LPG, kerosene etc. by refineries like Saudi Aramco. Of these, the highest production was of diesel equaling 319 thousand barrels in 2017.

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.

U.S. Energy Information Administration October 2018 Monthly Energy Review

Note: Information about data precision.

Release Date: October 26, 2018 Next Update: November 20, 2018

Table 11.1a World Crude Oil Production: OPEC Members

monthly Average

Key information about Germany Crude Oil: Production

• Germany Crude Oil: Production was reported at 37.836 Barrel/Day th in Dec 2019
• This records a decrease from the previous number of 40.652 Barrel/Day th for Dec 2018
• Germany Crude Oil: Production data is updated yearly, averaging 80.403 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 170.097 Barrel/Day th in 1968 and a record low of 37.836 Barrel/Day th in 2019
• Germany 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

Saudi Aramco reported a crude oil production volume of ***** million barrels per day in 2023. Saudi Aramco has one of the largest crude oil reserves worldwide, and the highest oil production per day among oil producing companies. Saudi Aramco’ profitablitý Saudi Aramco is a major player in the global oil industry. It was the most profitable energy company worldwide. Furthermore, Saudi Aramco had the highest net revenue of any company in the world in as of 2022, with profits of more than *** billion US dollars. Furthermore, Saudi Aramco was ranked second in the world's top hundred revenue-generating companies. Global oil market The oil and gas sector is on if the leading industries worldwide. This industry is involved in hydrocarbon-based commodity exploration, extraction, refining, transportation, and marketing. Due to Saudi Arabia's significant crude oil reserves and relatively low production cost, it is considered to be a swing producer. This means, Saudi Arabia can adjust its production volume to match global demand and price developments.

Key information about Trinidad and Tobago Crude Oil: Production

• Trinidad and Tobago Crude Oil: Production was reported at 58.904 Barrel/Day th in Dec 2019
• This records a decrease from the previous number of 63.542 Barrel/Day th for Dec 2018
• Trinidad and Tobago Crude Oil: Production data is updated yearly, averaging 140.511 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 234.110 Barrel/Day th in 1978 and a record low of 58.904 Barrel/Day th in 2019
• Trinidad and Tobago 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 is the largest crude oil producer in the world. In 2022, it held a global share of 14.73 percent. Although its production share initially declined in the early 2000s, previously inaccessible reserves were made available in the 2010s thanks to technological advances. From 2018 onward, the U.S. surpassed Saudi Arabia and Russia to become the world's largest oil producing country.

Key information about France Crude Oil: Production

• France Crude Oil: Production was reported at 14.490 Barrel/Day th in Dec 2019
• This records a decrease from the previous number of 15.586 Barrel/Day th for Dec 2018
• France Crude Oil: Production data is updated yearly, averaging 65.252 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 67.568 Barrel/Day th in 1988 and a record low of 14.490 Barrel/Day th in 2019
• France 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

Canada has abundant resources of crude oil, with an estimated remaining ultimate potential of 52.3 106m³ (329 billion barrels) as of December 2017. Of this, oil sands account for 92 per cent. There are two major producing areas in Canada, the Western Canada Sedimentary Basin, which includes Alberta, Saskatchewan and parts of British Columbia and Manitoba, and offshore eastern Canada. Oil is also produced in modest volumes in Ontario and the Northwest Territories. Although Canada was the 4th largest producer in the world in 2018, it produces only about five per cent of total daily production, so it does not have a major influence on the world oil prices. In 2018, 96 per cent of Canadian crude exports went to the U.S. The Canada Energy Regulator regulates the export of crude oil. Holders of export authorizations report monthly statistics on export activities. This dataset provides historical export volumes of crude oil (by year and month), and by either type of oil or by destination of export.

Canada has abundant resources of crude oil, with an estimated remaining ultimate potential of 52.3 106m³ (329 billion barrels) as of December 2017. Of this, oil sands account for 92 per cent. There are two major producing areas in Canada, the Western Canada Sedimentary Basin, which includes Alberta, Saskatchewan and parts of British Columbia and Manitoba, and offshore eastern Canada. Oil is also produced in modest volumes in Ontario and the Northwest Territories. Although Canada was the 4th largest producer in the world in 2018, it produces only about five per cent of total daily production, so it does not have a major influence on the world oil prices. In 2018, 96 per cent of Canadian crude exports went to the U.S. The Canada Energy Regulator regulates the export of crude oil. Holders of export authorizations report monthly statistics on export activities. This dataset provides historical export volumes of crude oil (by year and month), and by either type of oil or by destination of export.

The Republic of the Congo: Oil production, thousand barrels per day: The latest value from 2023 is 261.99 thousand Barrels Per Day, a decline from 274.56 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 the Republic of the Congo from 1973 to 2023 is 187.18 thousand Barrels Per Day. The minimum value, 33 thousand Barrels Per Day, was reached in 1977 while the maximum of 340.49 thousand Barrels Per Day was recorded in 2018.

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Brazil Oil and Gas Market Size and Trends

The Brazil oil and gas market size is forecast to increase by USD 46.79 billion at a CAGR of 3.68% between 2023 and 2028. The market is experiencing significant growth, driven by technological advancements in drilling techniques and the increasing adoption of natural gas vehicles (NGVs). These trends are contributing to the expansion of the market, particularly in the upstream sector. Furthermore, the increasing use of renewable fuel sources, such as offshore wind power and solar, is creating opportunities for the integration of renewable energy into the oil and gas industry. This integration is expected to reduce the carbon footprint of oil and gas companies and help them meet sustainability goals. However, challenges such as regulatory issues, high operational costs, and geopolitical risks continue to pose threats to market growth. Despite these challenges, the market is expected to grow at a steady pace, driven by the aforementioned trends and the vast potential for oil and gas exploration in Brazil.

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The market has been a significant hydrocarbon investment destination due to its vast reserves of crude oil and natural gas. The country is the tenth-largest producer of crude oil in the world and the eighth-largest consumer of petroleum products. The exploration and production sector, including refineries, is a capital-intensive industry that contributes significantly to the country's gross domestic product. Free cash flows from oil and gas operations have been a driving force for shareholders and investors in the market. However, the industry faces challenges such as emissions reduction targets and the shift towards low-carbon energies. Regulators play a crucial role in implementing policies to balance the economic benefits of hydrocarbon production with environmental concerns. Brazil's oil refining capacity stands at approximately 1.6 million barrels per day, making it the seventh-largest refining country in the world. The country's non-OECD petroleum consumption is expected to increase due to growing demand for petrol products. The International Energy Agency (IEA) forecasts that Brazil will remain a significant consumer of oil and natural gas as fuel sources for processes and systems in various industries. The market's future growth depends on continued investment in exploration and production and the development of new technologies to reduce emissions and improve efficiency.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion ' for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

Application Outlook

  Industrial
  Commercial
  Residential


Deployment Outlook

  Offshore
  Onshore


Region Outlook

  North America

    The U.S.
    Canada





  Europe

    U.K.
    Germany
    France
    Rest of Europe





  APAC

    China
    India





  Middle East & Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East & Africa

By Application Insights

The industrial segment is estimated to witness significant growth during the forecast period. The market is characterized by processing concentration and the presence of critical mineral resources, including nickel, graphite, lithium, cobalt, and rare earth elements. Occidental Petroleum and TerraLithium are among the companies exploring these resources in the country.

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The industrial segment was the largest segment and valued at USD 102.15 billion in 2018. Control of critical mineral rights and regulatory knowledge are crucial for companies in the clean energy manufacturing sector, given the increasing demand for lithium for EV battery production. Brine deposits are a significant source of lithium in Brazil, and companies are focusing on optimizing water resources and reducing lead times to gain a competitive edge. Hence, such factors are fuelling the growth of this segment during the forecast period.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Brazil Oil and Gas Market Driver

Technological advancements in drilling techniques is notably driving market growth. The market has witnessed significant advancements in exploration and production techniques, particularly in the areas of shale formations. Horizontal drilling technology, which enables drillers to access a wider section of shale rock from a single wellbore, has become a game-changer. This is achieved by drilling vertically to the target depth and then turning the drill bit horizontally within the shale formation. This technique has s

Key information about Netherlands Crude Oil: Production

• Netherlands Crude Oil: Production was reported at 14.595 Barrel/Day th in Dec 2019
• This records a decrease from the previous number of 17.468 Barrel/Day th for Dec 2018
• Netherlands Crude Oil: Production data is updated yearly, averaging 67.307 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 90.896 Barrel/Day th in 1987 and a record low of 14.595 Barrel/Day th in 2019
• Netherlands 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 New Zealand Crude Oil: Production

• New Zealand Crude Oil: Production was reported at 23.682 Barrel/Day th in Dec 2019
• This records a decrease from the previous number of 23.910 Barrel/Day th for Dec 2018
• New Zealand Crude Oil: Production data is updated yearly, averaging 37.395 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 60.139 Barrel/Day th in 2008 and a record low of 0.000 Barrel/Day th in 1969
• New Zealand 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 Qatar Crude Oil: Production

• Qatar Crude Oil: Production was reported at 595.000 Barrel/Day th in Sep 2018
• This records a decrease from the previous number of 616.000 Barrel/Day th for Aug 2018
• Qatar Crude Oil: Production data is updated monthly, averaging 811.000 Barrel/Day th from Jan 2002 to Sep 2018, with 201 observations
• The data reached an all-time high of 865.000 Barrel/Day th in Jul 2008 and a record low of 573.000 Barrel/Day th in Feb 2018
• Qatar 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

Key information about Turkmenistan Crude Oil: Production

• Turkmenistan Crude Oil: Production was reported at 162.575 Barrel/Day th in Dec 2019
• This records a decrease from the previous number of 166.953 Barrel/Day th for Dec 2018
• Turkmenistan Crude Oil: Production data is updated yearly, averaging 101.592 Barrel/Day th from Dec 1960 to 2019, with 60 observations
• The data reached an all-time high of 206.227 Barrel/Day th in 2015 and a record low of 26.300 Barrel/Day th in 1960
• Turkmenistan 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 Iran Crude Oil: Production

• Iran Crude Oil: Production was reported at 3,209.000 Barrel/Day th in Oct 2025
• This records a decrease from the previous number of 3,275.000 Barrel/Day th for Sep 2025
• Iran Crude Oil: Production data is updated monthly, averaging 2,700.000 Barrel/Day th from Jan 2002 to Oct 2025, with 286 observations
• The data reached an all-time high of 3,987.000 Barrel/Day th in Jul 2005 and a record low of 1,930.000 Barrel/Day th in Jul 2020
• Iran 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