While world leaders debated energy futures, the global fuel industry quietly scaled staggering production heights, with crude oil output nearing a staggering 100 million barrels per day in 2022, setting the stage for an economy and an environment profoundly shaped by these massive flows of fossil energy.
Key Takeaways
- In 2022, global crude oil production reached 99.1 million barrels per day (bpd).
- US oil production hit a record 13.3 million bpd in 2023.
- Saudi Arabia produced 10.6 million bpd of oil in 2022.
- Proven global oil reserves stood at 1,731.9 billion barrels at end-2022.
- Venezuela holds the largest oil reserves at 303.3 billion barrels.
- Saudi Arabia's proven oil reserves are 267.0 billion barrels.
- Global oil consumption reached 99.7 million bpd in 2022.
- US oil consumption was 20.0 million bpd in 2022.
- China's oil demand hit 15.1 million bpd in 2022.
- Brent crude oil average price was $100.93 per barrel in 2022.
- WTI crude average price reached $94.58 per barrel in 2022.
- Dubai crude averaged $99.15 per barrel in 2022.
- Fossil fuel industry emitted 37.4 GtCO2 in 2022.
- Oil contributed 44% of energy-related CO2 emissions in 2022.
- Coal accounted for 40% of global CO2 from fuels in 2022.
The global fuel industry grew in 2022 despite high energy prices and environmental costs.
Consumption
1Global oil consumption reached 99.7 million bpd in 2022.
Verified2US oil consumption was 20.0 million bpd in 2022.
Verified3China's oil demand hit 15.1 million bpd in 2022.
Verified4India's oil consumption grew to 5.4 million bpd in 2022.
Directional5EU oil consumption was 12.7 million bpd in 2022.
Single source6Japan's oil use stood at 3.2 million bpd in 2022.
Verified7Saudi Arabia consumed 4.0 million bpd domestically in 2022.
Verified8Global gasoline demand was 25.5 million bpd in 2022.
Verified9Diesel demand globally reached 32.2 million bpd in 2022.
Directional10Jet fuel consumption recovered to 6.8 million bpd in 2022.
Single source11Global natural gas consumption rose 2.7% to 3,942 bcm in 2022.
Verified12Europe's gas consumption fell 11% to 346 bcm in 2022.
Verified13US natural gas use was 892 bcm in 2022.
Verified14China's gas demand grew 8.7% to 364 bcm in 2022.
Directional15Global coal consumption increased 1.1% to 8,500 Mt in 2022.
Single source16China's coal use was 4,376 Mt in 2022.
Verified17India's coal consumption reached 1,192 Mt in 2022.
Verified18US gasoline consumption averaged 8.8 million bpd in 2022.
Verified19Global heating oil demand was 3.5 million bpd in 2022.
Directional20Petrochemical feedstock demand grew 2.5% in 2022.
Single source21Commercial aviation fuel use up 50% in 2022 post-COVID.
Verified22Global LPG consumption was 305 Mt in 2022.
Verified23Road transport oil demand 46 million bpd globally in 2022.
VerifiedConsumption Interpretation
The planet guzzled nearly 100 million barrels of oil per day in 2022, proving that while we may be experimenting with cleaner fuels, the global economy still runs on the unwavering logic of "if it moves, it probably needs petrochemicals."
Environmental
1Fossil fuel industry emitted 37.4 GtCO2 in 2022.
Verified2Oil contributed 44% of energy-related CO2 emissions in 2022.
Verified3Coal accounted for 40% of global CO2 from fuels in 2022.
Verified4Natural gas CO2 emissions rose 3% to 8 GtCO2 in 2022.
Directional5Global methane emissions from oil/gas up 5% in 2022.
Single source6US oil/gas methane emissions 30% above EPA estimates.
Verified7Flare gas volumes globally 148 bcm in 2022.
Verified8Oil spills from tankers totaled 100,000 tonnes in 2022.
Verified9NOx emissions from fossil fuels 25 Mt globally in 2022.
Directional10SOx emissions from shipping fuels down 70% post-IMO 2020.
Single source11Water use in oil production averaged 1-5 barrels per barrel oil.
Verified12Coal mining land disturbance 8,000 sq km annually.
Verified13Fracking uses 20 trillion liters water globally since 2011.
Verified14Acid mine drainage affects 20,000 km rivers from coal.
Directional15Oil palm biodiesel drives 100 Mha deforestation since 2000.
Single source16Global fuel-related PM2.5 causes 4.2 million premature deaths yearly.
Verified17LNG lifecycle emissions 20-50% lower than coal per kWh.
Verified18Carbon capture utilization storage (CCUS) capacity 40 MtCO2/year.
Verified19Oil sands tailings ponds cover 220 sq km in Canada.
Directional20Global fuel subsidies reached $1.3 trillion in 2022.
Single source21Biofuel production emitted 13 gCO2/MJ vs 94 for gasoline.
Verified22Arctic oil exploration threatens 25% polar bear habitat.
Verified23Coal ash toxic waste 1.2 billion tonnes annually.
Verified24Offshore oil rigs contribute to ocean acidification via CO2.
Directional25Fuel industry responsible for 75% industrial water pollution.
Single source26Global refining SO2 emissions 10 Mt in 2022.
Verified27Fuel poverty affects 759 million without clean cooking fuels.
VerifiedEnvironmental Interpretation
Despite painting itself as the lifeblood of civilization, the fossil fuel industry is more accurately its clogged artery, emitting 37.4 gigatons of CO2 while simultaneously poisoning our air and water, destabilizing our climate, subsidizing its own destruction with trillions, and leaving behind a toxic legacy that harms everything from polar bears to human lungs.
Prices
1Brent crude oil average price was $100.93 per barrel in 2022.
Verified2WTI crude average price reached $94.58 per barrel in 2022.
Verified3Dubai crude averaged $99.15 per barrel in 2022.
Verified4European gas prices peaked at €300/MWh in August 2022.
Directional5Henry Hub natural gas average $6.45/MMBtu in 2022.
Single source6TTF gas price averaged €90/MWh in 2022.
Verified7Newcastle coal price surged to $400/tonne in 2022 peak.
Verified8API2 coal averaged $250/tonne in 2022.
Verified9US gasoline retail price averaged $3.95/gallon in 2022.
Directional10Diesel retail price in US $5.15/gallon average 2022.
Single source11Global LNG spot price JKM averaged $30/MMBtu in 2022.
Verified12Brent forward curve showed $80/bbl for 2023 average.
Verified13OPEC basket price averaged $100.04/bbl in 2022.
Verified14Russian Urals crude discount to Brent widened to $30/bbl in 2022.
Directional15Global coal price index up 60% in 2022.
Single source16Asian LNG prices hit $70/MMBtu peak in 2022.
Verified17US ethane price averaged $0.40/gallon in 2022.
Verified18Heating oil futures averaged $3.60/gallon in NYMEX 2022.
Verified19Global biofuels price premium over fossil fuels narrowed in 2022.
Directional20WTI-Brent spread averaged $6.35/bbl in 2022.
Single source21Carbon emission allowance prices in EU ETS reached €90/tonne in 2022.
Verified22Global oil inventories fell by 1.4 million bpd in 2022.
Verified23RBOB gasoline futures averaged $3.25/gallon in 2022.
Verified24Thermal coal CFR China averaged $220/tonne in 2022.
Directional25Fuel oil 380 cst averaged $750/tonne in 2022.
Single source26Global oil demand growth slowed to 1.1 million bpd in 2023 forecast.
VerifiedPrices Interpretation
The world’s energy bill in 2022 came in at ‘staggering,’ with every fuel from crude to coal shouting a costly reminder that geopolitics and economics had a very expensive, and very serious, lovers’ quarrel.
Production
1In 2022, global crude oil production reached 99.1 million barrels per day (bpd).
Verified2US oil production hit a record 13.3 million bpd in 2023.
Verified3Saudi Arabia produced 10.6 million bpd of oil in 2022.
Verified4Russia's oil production averaged 10.1 million bpd in 2022.
Directional5Canada’s oil sands production was 3.3 million bpd in 2022.
Single source6Norway's oil production stood at 2.0 million bpd in 2022.
Verified7Brazil produced 3.1 million bpd of oil in 2022.
Verified8UAE oil output was 4.2 million bpd in 2022.
Verified9Iraq produced 4.4 million bpd in 2022.
Directional10China’s oil production was 4.1 million bpd in 2022.
Single source11Global natural gas production increased by 3.2% to 4,048 bcm in 2022.
Verified12US natural gas production reached 1,035 bcm in 2022.
Verified13Qatar's LNG production capacity is 77 million tonnes per annum (mtpa).
Verified14Australia produced 147 bcm of natural gas in 2022.
Directional15Global coal production hit 8,771 million tonnes (Mt) in 2022.
Single source16China's coal production was 4,627 Mt in 2022.
Verified17India produced 893 Mt of coal in FY2022-23.
Verified18US coal production fell to 577 Mt in 2022.
Verified19Global refinery runs averaged 82.5 million bpd in 2022.
Directional20ExxonMobil's global refining capacity is 4.6 million bpd.
Single source21Global ethanol production reached 112 billion liters in 2022.
Verified22Brazil's ethanol output was 32 billion liters in 2022.
Verified23US gasoline production averaged 9.6 million bpd in 2022.
Verified24Global diesel production was approximately 30 million bpd in 2022.
Directional25Shell's LNG liquefaction capacity is 34 mtpa.
Single source26Indonesia's coal production was 660 Mt in 2022.
Verified27Global jet fuel production recovered to 6.5 million bpd in 2022.
Verified28Nigeria's oil production averaged 1.4 million bpd in 2022.
Verified29Global biodiesel production was 44 billion liters in 2022.
Directional30Kazakhstan oil production was 1.8 million bpd in 2022.
Single sourceProduction Interpretation
Despite the ambitious choir of energy transition pledges, the world's 2022-23 scorecard reveals a stubborn and overwhelming fossil fuel symphony, with the U.S. conducting a record oil boom, China soloing on coal, and a growing natural gas crescendo, all while biofuels and refineries hum diligently in the background, proving that the old energy regime isn't exiting the stage quietly.
Reserves
1Proven global oil reserves stood at 1,731.9 billion barrels at end-2022.
Verified2Venezuela holds the largest oil reserves at 303.3 billion barrels.
Verified3Saudi Arabia's proven oil reserves are 267.0 billion barrels.
Verified4Canada's oil sands reserves are estimated at 166.9 billion barrels.
Directional5Iran's oil reserves total 208.6 billion barrels.
Single source6Iraq's proven reserves are 145.0 billion barrels.
Verified7UAE oil reserves are 111.0 billion barrels.
Verified8Russia's reserves stand at 107.8 billion barrels.
Verified9US proven oil reserves increased to 47.1 billion barrels in 2022.
Directional10Kuwait's oil reserves are 101.5 billion barrels.
Single source11Libya holds 48.4 billion barrels of oil reserves.
Verified12Global natural gas reserves were 187 trillion cubic meters (tcm) in 2022.
Verified13Russia has the largest gas reserves at 37.4 tcm.
Verified14Iran's gas reserves are 33.8 tcm.
Directional15Qatar's proven gas reserves total 23.9 tcm.
Single source16Turkmenistan gas reserves are 11.4 tcm.
Verified17US gas reserves reached 13.2 tcm in 2022.
Verified18Saudi Arabia's gas reserves are 8.5 tcm.
Verified19Global coal reserves are estimated at 1,074 billion tonnes.
Directional20US coal reserves total 248 billion short tons.
Single source21Russia's coal reserves are 162 billion tonnes.
Verified22Australia's recoverable coal reserves are 149 billion tonnes.
Verified23China's coal reserves stand at 143 billion tonnes.
Verified24India's coal reserves are 119 billion tonnes.
Directional25Global shale oil technically recoverable resources are 429 billion barrels.
Single source26Permian Basin holds 75 billion barrels of shale oil resources.
Verified27Global shale gas resources are 7,299 tcm.
Verified28Marcellus Shale gas resources are 504 tcm.
Verified29Offshore global oil resources undiscovered are 565 billion barrels.
Directional30Arctic oil undiscovered resources are 90 billion barrels.
Single sourceReserves Interpretation
The world's energy chessboard is currently dominated by a handful of players sitting on buried mountains of black gold and blue flame, suggesting that for all our talk of a green transition, we remain, for now, profoundly powered by a geological lottery drawn millennia ago.
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