Global oil production amounted to 96.4 million barrels per day in 2023. The level of oil production reached an all-time high in 2023. 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.

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.

In 2023, the majority of oil worldwide was produced in the Middle East, which accounted for around 31.5 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 2022, global oil production stood at almost 94 million barrels per day. Amongst the various crude oil producing countries in the world, the United States came in first, accounting for nearly 19 percent of global oil production in 2022. In comparison, Algeria was in the last position accounting for only 1.6 percent of the global oil production. Global oil companies In 2022, Saudi Aramco, a state-owned petroleum and natural gas company in Saudi Arabia was one of the top oil companies in terms of daily crude oil production, with a daily production volume of nearly 13.6 million barrels per day. In contrast, Sinopec, a Chinese oil company, which largely focuses on refining, reported a daily production of 769,000 barrels. Due in part to its position as refining leader, Sinopec claimed the highest revenue among global oil and gas companies, reaching nearly 373 billion U.S. dollars in 2023.

This dataset contains OAPEC: Organization of Arab Petroleum Exporting Countries crude oil production by country, 1970-2020. Follow datasource.kapsarc.org for timely data to advance energy economics research.

Crude Oil rose to 64.67 USD/Bbl on June 9, 2025, up 0.13% from the previous day. Over the past month, Crude Oil's price has risen 4.39%, but it is still 16.82% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on June of 2025.

Georgia: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Georgia from 1992 to 2023 is 0.002 percent. The minimum value, 0 percent, was reached in 2016 while the maximum of 0.005 percent was recorded in 1992.

Taiwan: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Taiwan from 1984 to 2023 is 0.002 percent. The minimum value, 0 percent, was reached in 2007 while the maximum of 0.005 percent was recorded in 1984.

Key information about Norway Crude Oil: Production

• Norway Crude Oil: Production was reported at 1,794.195 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,685.121 Barrel/Day th for Dec 2022
• Norway Crude Oil: Production data is updated yearly, averaging 1,494.157 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 3,182.792 Barrel/Day th in 2000 and a record low of 0.000 Barrel/Day th in 1970
• Norway 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 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 74.114 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

The United States produced the most oil in the world in 2023, at around 19.4 million barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank amongst the top countries with highest oil exports. OPEC production share Many of the top oil-producing countries belong to the Organization of the Petroleum Exporting Countries, also known as OPEC. The group was founded in 1960 by five original members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. As of 2021, 15 nations belong to OPEC, and the organization holds powerful influence on the prices of oil, with some 37 percent of the total global share of crude oil production coming from OPEC. Increased production in the United States The United States was not always the largest producer of oil, but imported oil at higher rates before the 2008 financial crisis. As foreign oil prices peaked during the Recession, investors sought to develop technology to extract more oil domestically, notably through hydraulic fracturing. Since then, oil production in the United States has nearly doubled, reducing the need for imports.

Laos: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Laos from 2004 to 2023 is 0 percent. The minimum value, 0 percent, was reached in 2004 while the maximum of 0 percent was recorded in 2004.

Key information about Oman Crude Oil: Production

• Oman Crude Oil: Production was reported at 814.526 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 848.016 Barrel/Day th for Dec 2022
• Oman Crude Oil: Production data is updated yearly, averaging 677.279 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 908.721 Barrel/Day th in 2016 and a record low of 0.000 Barrel/Day th in 1966
• Oman 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

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

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 2023, at 31.5 percent. Overall, the 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.

In 2023, global crude oil production amounted to approximately 4.5 billion metric tons. This was the largest amount that had ever been produced and nearly one billion metric tons more than oil produced in 1998. Which countries extract the most oil? The United States is the largest oil producing country in the world. Profiting off advances in horizontal drilling and shale extraction, the U.S. has succeeded OPEC-affiliated countries, such as Saudi Arabia, in becoming the world's greatest supplier of crude oil. Oil production in the United States The U.S. has been producing oil since the 1850s. U.S. oil production initially decreased until 2008, but has been steadily increasing since. Texas is by far the U.S. state that produces the most crude oil. It is home to the Permian Basin and Eagle Ford shale play, two of the most important petroleum-rich locations in the country. The U.S. also operates numerous rigs located offshore in the Gulf of Mexico, which contribute significantly to overall oil and gas production.

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 Sudan Crude Oil: Production

• Sudan Crude Oil: Production was reported at 200.471 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 206.052 Barrel/Day th for Dec 2022
• Sudan Crude Oil: Production data is updated yearly, averaging 0.000 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 483.132 Barrel/Day th in 2007 and a record low of 0.000 Barrel/Day th in 1995
• Sudan 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

Panama: Oil production percent of world total: The latest value from 2023 is 0 percent, unchanged from 0 percent in 2022. In comparison, the world average is 0.526 percent, based on data from 190 countries. Historically, the average for Panama from 2004 to 2023 is 0 percent. The minimum value, 0 percent, was reached in 2004 while the maximum of 0 percent was recorded in 2004.

Key information about Brazil Crude Oil: Production

• Brazil Crude Oil: Production was reported at 3,401.532 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 3,021.636 Barrel/Day th for Dec 2022
• Brazil Crude Oil: Production data is updated yearly, averaging 629.653 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 3,401.532 Barrel/Day th in 2023 and a record low of 85.114 Barrel/Day th in 1960
• Brazil 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 Iraq Crude Oil: Exports

• Iraq Crude Oil: Exports was reported at 3,466.750 Barrel/Day th in Dec 2023
• This records a decrease from the previous number of 3,712.420 Barrel/Day th for Dec 2022
• Iraq Crude Oil: Exports data is updated yearly, averaging 1,713.600 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 3,968.245 Barrel/Day th in 2019 and a record low of 39.000 Barrel/Day th in 1991
• Iraq Crude Oil: Exports 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 Exports