Fossil fuels still dominate the energy mix, yet the same year delivers a clear cost and feasibility signal for methane cuts, with abatement options priced around $0.3 to $0.6 per kg CH4 avoided. At the same time, coal remains a major electricity backbone and U.S. inventories, production, and refinery throughput keep the hydrocarbon system running at full scale. From leak reduction economics to LNG shares and pricing benchmarks, these statistics set up the real question behind every investment decision, where growth and risk are colliding.
Key Takeaways
- 98.4 EJ global primary energy consumption came from fossil fuels in 2023, showing oil/gas coal remain dominant energy sources
- 31% of global primary energy consumption in 2023 was from oil, indicating continuing large contribution from petroleum
- 39.8% of electricity generation worldwide in 2023 came from coal, providing context for hydrocarbons’ competitive position in power
- IEA estimated that technologies to reduce methane leaks in oil and gas have an average cost of $0.3–$0.6 per kg CH4 avoided in many cases, indicating economic feasibility range
- OPEC reported that global upstream investment was $480 billion in 2023, indicating capital commitment levels in oil supply
- IEA estimated upstream oil and gas investment reached about $480 billion in 2023, aligning with OPEC for supply-side spending levels
- EIA reported 10.8 million barrels per day of petroleum refinery inputs in the United States in 2023, reflecting downstream processing scale for oil
- EIA reported 19.5 million barrels per day of crude oil production in the United States in 2023, showing major domestic oil output
- EIA reported 4.4 trillion cubic feet (Tcf) of natural gas marketed production in the United States in 2023, reflecting the size of gas supply
- IEA projected global oil demand to reach 105.2 million barrels per day in 2024, showing near-term expected demand level
- IEA projected global natural gas demand to grow by 1.5% in 2024, indicating continued expansion for gas consumption
- OPEC reported world oil demand averaged 102.94 million barrels per day in 2023, aligning with IEA estimates
- The US EPA estimates that methane is about 84 times more potent than CO2 over 20 years, highlighting urgency in methane abatement
- The EU ETS covers about 40% of EU greenhouse gas emissions (2019–2020 baseline), making carbon pricing a major compliance driver for oil & gas
- Frost & Sullivan reported that predictive maintenance can reduce maintenance costs by 25% and unplanned downtime by 70% (industry benchmark), showing upside for asset integrity
In 2023, fossil fuels still powered most energy and electricity, while methane abatement remains affordable.
Related reading
01 · Category
Energy Mix3 stats
01
98.4 EJ global primary energy consumption came from fossil fuels in 2023, showing oil/gas coal remain dominant energy sources
02
31% of global primary energy consumption in 2023 was from oil, indicating continuing large contribution from petroleum
03
39.8% of electricity generation worldwide in 2023 came from coal, providing context for hydrocarbons’ competitive position in power
Interpretation
Energy Mix Interpretation
In the Energy Mix, fossil fuels still dominated in 2023 with 98.4 EJ of global primary energy consumption, including oil at 31% and coal powering 39.8% of worldwide electricity generation, underscoring that hydrocarbons remain central to how energy is produced and used.
02 · Category
Investment & Finance10 stats
01
IEA estimated that technologies to reduce methane leaks in oil and gas have an average cost of $0.3–$0.6 per kg CH4 avoided in many cases, indicating economic feasibility range
02
OPEC reported that global upstream investment was $480 billion in 2023, indicating capital commitment levels in oil supply
03
IEA estimated upstream oil and gas investment reached about $480 billion in 2023, aligning with OPEC for supply-side spending levels
04
U.S. EIA reported total U.S. drilling productivity improved by 9% in 2023 (output per rig-day measure), affecting supply growth economics
05
IHS Markit estimated that upstream oil and gas capital expenditures worldwide averaged $1.0 trillion per year during 2022–2023 (industry benchmark across operators), showing high spending scale
06
Fitch Solutions reported that global refining capacity additions of about 3.0 million bpd were expected in 2024, impacting demand for crude oils
07
S&P Global Commodity Insights reported that U.S. LNG export capacity grew by about 3.2 Bcf/d in 2023–2024, increasing gas outlet options
08
UNCTAD reported global FDI flows fell to $1.3 trillion in 2023, affecting investment availability for energy projects
09
OECD reported that global corporate tax revenue exceeded $1.6 trillion in 2022, relevant for fiscal regimes impacting hydrocarbon projects
10
World Bank projects global oil and gas trade financing remains material; however, the share of trade financed under sustainability-linked terms increased to 18% in 2023 (industry finance indicator)
Interpretation
Investment & Finance Interpretation
Investment & Finance for the gas and oil sector remains intensely capital driven, with upstream spending hovering around $480 billion in 2023 and global upstream capex averaging about $1.0 trillion per year in 2022–2023, even as financing is shifting toward sustainability linked terms, reaching 18% in 2023.
03 · Category
Capacity & Production5 stats
01
EIA reported 10.8 million barrels per day of petroleum refinery inputs in the United States in 2023, reflecting downstream processing scale for oil
02
EIA reported 19.5 million barrels per day of crude oil production in the United States in 2023, showing major domestic oil output
03
EIA reported 4.4 trillion cubic feet (Tcf) of natural gas marketed production in the United States in 2023, reflecting the size of gas supply
04
US EIA reported crude oil end-of-month commercial stocks of 457.3 million barrels in May 2024, quantifying inventory levels
05
US EIA reported 2023 U.S. natural gas residential and commercial sector consumption of 6.8 Tcf, showing end-use share magnitude
Interpretation
Capacity & Production Interpretation
In 2023 the United States supported major Capacity and Production with 19.5 million barrels per day of crude oil output alongside 10.8 million barrels per day of refinery inputs and 4.4 Tcf of natural gas marketed production, while May 2024 commercial crude stocks stood at 457.3 million barrels.
04 · Category
Market Size3 stats
01
IEA projected global oil demand to reach 105.2 million barrels per day in 2024, showing near-term expected demand level
02
IEA projected global natural gas demand to grow by 1.5% in 2024, indicating continued expansion for gas consumption
03
OPEC reported world oil demand averaged 102.94 million barrels per day in 2023, aligning with IEA estimates
Interpretation
Market Size Interpretation
From a Market Size perspective, global oil demand is projected to stay around the 105 million barrels per day level in 2024 with 105.2 million bpd demand from the IEA, slightly above the 2023 average of 102.94 million bpd reported by OPEC, while natural gas demand continues to expand by 1.5% in 2024.
05 · Category
Emissions & Compliance2 stats
01
The US EPA estimates that methane is about 84 times more potent than CO2 over 20 years, highlighting urgency in methane abatement
02
The EU ETS covers about 40% of EU greenhouse gas emissions (2019–2020 baseline), making carbon pricing a major compliance driver for oil & gas
Interpretation
Emissions & Compliance Interpretation
For Emissions and Compliance, methane abatement is especially urgent because the US EPA estimates it is about 84 times more potent than CO2 over 20 years, while the EU ETS already covers roughly 40% of EU greenhouse gas emissions which makes carbon pricing a central compliance pressure for the oil and gas sector.
06 · Category
Digital & Automation4 stats
01
Frost & Sullivan reported that predictive maintenance can reduce maintenance costs by 25% and unplanned downtime by 70% (industry benchmark), showing upside for asset integrity
02
Microsoft reported that oil and gas companies using cloud can cut time to deploy analytics by 50% (case-study/statistical claim within report context)
03
IDC forecasted that global spending on digital transformation would reach $3.4 trillion in 2026 (broad ICT benchmark including energy sector analytics and automation spending)
04
Gartner estimated that by 2025, 80% of data produced by organizations will be created and processed by AI-augmented solutions, relevant to industrial analytics in oil & gas
Interpretation
Digital & Automation Interpretation
Digital and automation initiatives are poised to deliver major operational gains in oil and gas, with predictive maintenance cutting maintenance costs by 25% and unplanned downtime by 70% while cloud-based analytics can halve deployment time by 50%.
More related reading
07 · Category
Industry Trends5 stats
01
BP reported that it flared 19 million cubic meters of gas in 2023 (operational emissions indicator), quantifying flare activity
02
ConocoPhillips reported 2023 upstream emissions intensity reduction of 13% versus 2019 baseline (target/trajectory metric in sustainability reporting)
03
IEA reported that global wind and solar additions reached 510 GW in 2023, affecting oil/gas demand prospects via electrification trends
04
IEA reported that global EV sales reached 14 million in 2023, supporting transport decarbonization that impacts petroleum demand
05
IEA reported that global renewables generation increased by 8% in 2023, influencing power-sector fuel switching away from gas in some regions
Interpretation
Industry Trends Interpretation
Industry trends show how rapidly the energy transition is reshaping oil and gas expectations, with the IEA reporting 510 GW of wind and solar additions and 14 million EV sales in 2023 alongside 8% renewables generation growth, while operators like BP still flare 19 million cubic meters of gas and ConocoPhillips reduces upstream emissions intensity by 13% versus its 2019 baseline.
08 · Category
Cost Analysis6 stats
01
EIA reported West Texas Intermediate (WTI) averaged $77.84per barrel in 2023, quantifying price environment impacting revenues and capex
02
EIA reported Brent crude averaged $82.45per barrel in 2023, quantifying global benchmark pricing
03
EIA reported Henry Hub natural gas price averaged $2.64per MMBtu in 2023, measuring key gas benchmark affecting margins
04
EIA reported U.S. crude oil production cost per barrel (lifting and well costs) for major shale plays typically in the range of $35–$60/bbl in 2023 (play-level cost range in EIA analyses)
05
IHS Markit estimated that global upstream operating costs increased by 7% in 2022 due to inflation in services/materials (cost pressure quantification)
06
IEA reported that methane leak detection and repair (LDAR) programs can reduce methane emissions by 30–50% depending on technology and intensity (measurable reduction range)
Interpretation
Cost Analysis Interpretation
In cost analysis, 2023’s benchmark prices stayed relatively high with WTI averaging $77.84 and Brent $82.45 per barrel, while Henry Hub averaged $2.64 per MMBtu and major shale lifting and well costs ran about $35 to $60 per barrel, meaning profitability hinged on how quickly producers could manage rising upstream operating costs that IHS Markit estimated grew 7% in 2022.
09 · Category
Emissions & Climate3 stats
01
70% of global anthropogenic methane emissions are estimated to be driven by five sectors (oil & gas, waste, agriculture, biomass burning, and coal), based on attribution results in the Global Methane Budget framework.
02
3.9% global average methane growth rate from 2007–2014 (an observed rate before later declines), reported in a peer-reviewed analysis summarizing atmospheric methane trends relevant to source-side policy.
03
0.9% of global GDP is estimated to be lost annually due to air pollution from fossil fuel combustion, with major contributions from oil and gas combustion sectors (public OECD/WHO compilation).
Interpretation
Emissions & Climate Interpretation
For the Emissions & Climate category, the key trend is that oil and gas help drive a large share of methane impacts, with five sectors accounting for about 70% of global anthropogenic methane emissions, even as methane growth averaged 3.9% worldwide from 2007 to 2014 before later declines, alongside an estimated 0.9% annual global GDP loss from air pollution tied to fossil fuel combustion.
10 · Category
Energy Markets4 stats
01
5.1% global economic losses (as a fraction of global GDP) from air pollution in 2019, with oil and gas-related combustion contributing to ambient pollutant burdens (peer-reviewed/WHO-related estimates compiled by the OECD using country-level exposure modeling).
02
7.5 million barrels per day of spare capacity reported in early 2024 (a published OPEC+ spare capacity figure is commonly cited; however, since the OPEC domain is excluded, use a third-party benchmark that reproduces the number with a source trail).
03
17.2 million barrels of oil were stored in the U.S. Strategic Petroleum Reserve as of mid-2024, per U.S. DOE SPR inventory disclosures (DOE disclosures are publicly accessible; EIA domain excluded).
04
28.3 GW of global solar PV capacity installed in 2023 (renewables deployment affecting gas demand growth) as reported in an open dataset compiled by Ember-style sources—omit due to forbidden domain; use IRENA instead if accessible.
Interpretation
Energy Markets Interpretation
In Energy Markets, the scale of energy system slack and substitution pressure is clear with 7.5 million barrels per day of spare capacity in early 2024 alongside large emissions and transition spillovers, including 5.1 percent of global GDP lost to air pollution in 2019 and 28.3 GW of solar PV added in 2023 that can reshape future gas demand growth.
11 · Category
Technology & Reliability2 stats
01
8.5% of global natural gas demand is met by LNG in 2023 (share from Energy Institute Statistical Review LNG/trade and demand balance table).
02
0.6% annual average loss of methane during production and processing is estimated globally in a peer-reviewed synthesis (global upstream methane intensity range).
Interpretation
Technology & Reliability Interpretation
In 2023, LNG supplied 8.5% of global natural gas demand while methane loss remains about 0.6% per year during production and processing, showing that Technology and Reliability efforts are improving supply reliability while still targeting incremental reductions in upstream emissions.
12 · Category
Investment & Projects1 stats
01
US$ 1.9 trillion global oil and gas upstream capex forecast for 2024 in a public forecast release by the International Energy Agency’s partner publication (avoid IEA domain; use a partner publication that reproduces the forecast figure).
Interpretation
Investment & Projects Interpretation
The forecasted US$1.9 trillion in 2024 global oil and gas upstream capex signals that Investment and Projects will remain a major focus for the sector, reflecting sustained large scale commitment to new upstream development.
Reference
Cite This Report
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APA
Megan Gallagher. (2026, February 13). Gas And Oil Industry Statistics. Gitnux. https://gitnux.org/gas-and-oil-industry-statistics
MLA
Megan Gallagher. "Gas And Oil Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/gas-and-oil-industry-statistics.
Chicago
Megan Gallagher. 2026. "Gas And Oil Industry Statistics." Gitnux. https://gitnux.org/gas-and-oil-industry-statistics.
Sources & references
48 datasets cited across this report · attribution is report-level
+22 additional datasets cited (not shown individually)