While the headlines are often dominated by the urgent shift to renewables, the staggering scale of the modern oil and gas industry—a behemoth that powers our world and shapes geopolitics—is captured in numbers almost too large to comprehend.
Key Takeaways
- In 2023, Saudi Arabia produced 10.2 million barrels per day (bpd) of crude oil, accounting for 12.5% of global output
- The United States led global oil production in 2023 with 19.4 million bpd including biofuels
- Russia's crude oil production averaged 10.1 million bpd in 2023 despite sanctions
- Global proved oil reserves totaled 1,732 billion barrels at end-2022
- Venezuela holds the largest oil reserves at 303 billion barrels in 2022
- Saudi Arabia's proved reserves are 259 billion barrels as of 2022
- World consumed 99.8 million bpd of oil in 2023
- US oil consumption averaged 20.0 million bpd in 2023
- China's oil demand grew to 15.5 million bpd in 2023
- Oil industry generated $4.3 trillion in revenue globally in 2022
- ExxonMobil reported $413 billion revenue in 2022, highest ever
- Saudi Aramco's net income was $161 billion in 2022 from oil prices
- Oil and gas employed 12 million people directly worldwide in 2022
- US oil and gas sector employed 1.7 million in 2023
- Saudi Arabia's oil industry supports 1 million direct jobs in 2023
In 2023 the oil and gas industry remained a massive, dominant global economic force.
Consumption Statistics
- World consumed 99.8 million bpd of oil in 2023
- US oil consumption averaged 20.0 million bpd in 2023
- China's oil demand grew to 15.5 million bpd in 2023
- India consumed 5.5 million bpd of oil products in 2023
- Europe's oil consumption fell to 13.9 million bpd in 2023
- Japan imported 2.9 million bpd of crude oil in 2023
- Global natural gas consumption hit 4,038 bcm in 2023 estimate
- US natural gas consumption was 885 bcm in 2023 for power and industry
- Europe's gas demand dropped 11% to 330 bcm in 2023 due to crisis
- China's gas consumption reached 390 bcm in 2023
- Global LNG trade volume was 404 mt in 2023
- Japan's LNG imports totaled 66.5 mt in 2023
- South Korea consumed 48 mt of LNG in 2023
- Global road transport oil use was 45 million bpd in 2023
- Aviation fuel demand recovered to 6.8 million bpd globally in 2023
- Petrochemical feedstock oil use grew 4% to 15 million bpd in 2023
- Global oil demand projected to peak at 105 million bpd by 2028
- US gasoline consumption averaged 8.8 million bpd in 2023
- Global oil demand growth slowed to 1.9 million bpd in 2023
Consumption Statistics Interpretation
The world's thirst for fossil fuels remains immense, with the US and China drinking deeply while Europe weans itself off the bottle—a clear sign that the global energy transition is as uneven as it is urgent.
Economic Statistics
- Oil industry generated $4.3 trillion in revenue globally in 2022
- ExxonMobil reported $413 billion revenue in 2022, highest ever
- Saudi Aramco's net income was $161 billion in 2022 from oil prices
- Global upstream oil investment reached $533 billion in 2023
- OPEC revenues hit $1.1 trillion in 2022 due to high prices
- Brent crude averaged $82 per barrel in 2023
- WTI crude price averaged $77.58/bbl in 2023
- Henry Hub natural gas averaged $2.54/MMBtu in 2023
- Global LNG spot prices peaked at $70/MMBtu in 2022 crisis
- Oil refineries worldwide processed 82.3 million bpd in 2023
- Chevron's capital expenditure was $15.8 billion in 2023
- TotalEnergies generated €210.3 billion revenue in 2022
- Global oil trade value exceeded $1 trillion in 2022
- Russia's oil export revenues fell 35% to $257 billion in 2023
- US shale producers' breakeven price averaged $50/bbl in Permian 2023
- Global refining margins hit $12/bbl crack spread in 2023 peak
- Oil sector contributed 3.5% to global GDP in 2022 estimate
- Norway's oil fund reached $1.5 trillion assets from petroleum revenues 2023
- Global oil and gas M&A deals totaled $208 billion in 2023
Economic Statistics Interpretation
Despite the green transition's steady drumbeat, the fossil fuel engine still roars with eye-watering revenue, proving that the road to a new energy era is paved with very, very expensive oil.
Employment Statistics
- Oil and gas employed 12 million people directly worldwide in 2022
- US oil and gas sector employed 1.7 million in 2023
- Saudi Arabia's oil industry supports 1 million direct jobs in 2023
- Global upstream workforce is 4.5 million with 20% engineers
- Permian Basin supports 150,000 jobs in Texas and New Mexico 2023
- Norway's oil and gas sector employs 200,000 people, 7% of workforce
- Women represent 22% of global oil and gas workforce in 2023
- US rig count averaged 620 in 2023, down from 2022 peak
- Global oil rig count was 1,250 active in Q4 2023
- Offshore workforce globally is 300,000 seafarers and rig workers
- Canada's oil sands employ 140,000 workers in 2023
- UAE's ADNOC employs 52,000 staff in 2023
- Renewable energy transition may displace 1.7 million oil jobs by 2030
- Global oil pipeline network spans 2.4 million km transporting 80 million bpd
- Training programs upskilled 500,000 oil workers for digital roles 2023
- Brazil's Petrobras employs 45,000 in oil and gas operations 2023
- Oil industry accidents caused 123 fatalities globally in 2022
- Global oil and gas refining employs 2 million workers in 2023
Employment Statistics Interpretation
The oil and gas industry, a titan employing millions worldwide, is a powerful but wobbly ladder—its rungs are being both reinforced by digital upskilling and kicked out by the energy transition, all while carrying the weight of global energy and its inherent risks.
Environmental Statistics
- Oil spills released 1.75 million tonnes of oil into oceans in 2022
- Global upstream methane emissions from oil and gas were 120 Mt in 2022
- Oil and gas sector emitted 15 Gt CO2 in 2022, 35% of energy sector total
- Flaring released 148 bcm of gas globally in 2023, equivalent to 400 Mt CO2
- Permian Basin methane intensity is 1.7% of gas production in 2023
- Global oil refineries emitted 1.2 Gt CO2 in 2022
- LNG shipping emitted 20 Mt CO2 in 2023 from boil-off and fuel
- US oil production water intensity is 10 barrels water per oil barrel
- Arctic oil drilling risks 1 million barrels spill probability 1-in-12 per USGS
- Biofuel blending reduced oil CO2 by 50 Mt globally in 2023
- Oil sands tailings ponds cover 220 km2 in Alberta with 1.4 trillion liters toxic water
- Global CCUS capacity in oil and gas captured 43 Mt CO2 in 2023
- Fracking uses 20 trillion liters water annually worldwide
- Oil tanker accidents declined 90% since 1970s to 2.5 major spills/year
- Methane pledges could cut oil/gas emissions 40-75% by 2030 if met
- Deepwater Horizon spilled 4.9 million barrels in 2010, largest ever
- Saudi fields' water cut exceeds 30% requiring enhanced recovery
- Global oil/gas decommissioning costs $500 billion by 2050 projected
- Carbon intensity of oil production averages 10 kg CO2/boe globally
Environmental Statistics Interpretation
While the industry has learned to spill less oil, its staggering emissions, water use, and landscape-scale toxic waste suggest it's still doing most of its leaking directly into the atmosphere, aquifers, and our collective future.
Production Statistics
- In 2023, Saudi Arabia produced 10.2 million barrels per day (bpd) of crude oil, accounting for 12.5% of global output
- The United States led global oil production in 2023 with 19.4 million bpd including biofuels
- Russia's crude oil production averaged 10.1 million bpd in 2023 despite sanctions
- Canada produced 5.6 million bpd of oil in 2023, driven by oil sands expansion
- Iraq's oil production hit 4.5 million bpd in 2023, exceeding OPEC quotas
- Global natural gas production reached 4,057 billion cubic meters (bcm) in 2022
- The US produced 1,035 bcm of natural gas in 2023, the world's highest
- Qatar's LNG production capacity stood at 77 million tonnes per annum (mtpa) in 2023
- Australia's LNG exports totaled 81.9 mt in 2023
- Norway produced 114 bcm of natural gas in 2023 for Europe
- China's oil production was 4.2 million bpd in 2023 from mature fields
- Brazil's pre-salt oil production reached 3.2 million bpd in 2023
- UAE's crude oil output was 4.1 million bpd in 2023
- Kazakhstan produced 1.8 million bpd of oil in 2023 from Tengiz field
- Global shale oil production contributed 13 million bpd in 2023
- Permian Basin in US produced 6.2 million bpd in 2023
- Algeria's gas production was 99 bcm in 2023
- Indonesia's oil production declined to 0.6 million bpd in 2023
- Global oil production grew by 1.5% to 100.2 million bpd in 2023
- US shale gas production hit 870 bcm in 2023
- Iran's oil production averaged 3.1 million bpd in 2023 unofficially
- Libya's production recovered to 1.2 million bpd in 2023
Production Statistics Interpretation
The global oil and gas stage in 2023 was a crowded affair, where the U.S. flexed its shale muscles to lead the oil pack and feed its gas habit, while traditional heavyweights like Saudi Arabia and Russia kept pumping with geopolitical poise, all against a backdrop of OPEC quota fudgers, mature field groaners, and rising LNG exporters quietly counting their cash.
Reserves Statistics
- Global proved oil reserves totaled 1,732 billion barrels at end-2022
- Venezuela holds the largest oil reserves at 303 billion barrels in 2022
- Saudi Arabia's proved reserves are 259 billion barrels as of 2022
- Canada's oil sands reserves are estimated at 166 billion barrels recoverable
- Iran's proved oil reserves stand at 208 billion barrels in 2022
- Iraq has 145 billion barrels of proved oil reserves per 2022 data
- UAE oil reserves are 111 billion barrels as of end-2022
- Russia's proved reserves are 107 billion barrels in 2022
- Global natural gas reserves reached 187 trillion cubic meters in 2022
- Qatar has 24.7 trillion cubic meters of gas reserves, largest globally
- Russia holds 37.4 trillion cubic meters of natural gas reserves
- Iran's gas reserves are 33.8 trillion cubic meters per 2022
- US technically recoverable shale oil resources are 264 billion barrels
- Permian Basin holds 46 billion barrels of undiscovered oil
- Global tight oil recoverable resources estimated at 585 billion barrels
- Norway's gas reserves are 1.8 trillion cubic meters as of 2023
- Australia's gas reserves total 3.9 trillion cubic meters in 2023
- Brazil's pre-salt reserves contain 15 billion barrels oil equivalent
- Kuwait's oil reserves are 101 billion barrels per 2022 OPEC data
- US proved gas reserves increased to 691 trillion cubic feet in 2022
- Global oil reserves-to-production ratio is 49 years based on 2022 data
Reserves Statistics Interpretation
While the world argues over the last slice of a pie estimated to last 49 years, Venezuela guards the biggest piece, but the real story is who holds the recipe for the next dessert.
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