With global oil reserves giving us less than 50 years at current consumption rates, the future of energy hinges on a complex map of resources, from Venezuela's colossal 303 billion barrels to Namibia's promising new offshore finds.
Key Takeaways
- In 2022, global proven oil reserves stood at 1,732.4 billion barrels, with Venezuela holding the largest share at 303.3 billion barrels.
- Saudi Arabia's proven oil reserves were 267.0 billion barrels as of end-2022, accounting for 15.4% of global total.
- The United States had 47.1 billion barrels of proven oil reserves in 2022, boosted by shale discoveries.
- World primary energy consumption from oil was 97.1 million barrels per day in 2022.
- US crude oil production reached a record 12.9 million b/d in 2022.
- Saudi Arabia produced 10.6 million b/d of oil in 2022.
- Global oil demand averaged 99.7 million b/d in 2022.
- US oil consumption was 20.0 million b/d in 2022.
- China consumed 15.0 million b/d of oil in 2022, up 4.6%.
- Brent crude averaged $100 per barrel in 2022.
- Global upstream oil and gas investment was $533 billion in 2022.
- ExxonMobil reported $55.7 billion net income in 2022.
- Global oil and gas emissions intensity averaged 20 kg CO2e/boed in 2022.
- Methane emissions from oil and gas operations were 120 Mt in 2022 globally.
- US oil and gas flared 1.4 bcf/d in 2022.
Massive global fossil fuel reserves continue to support current production levels for decades.
Consumption and Trade
1Global oil demand averaged 99.7 million b/d in 2022.
Verified2US oil consumption was 20.0 million b/d in 2022.
Verified3China consumed 15.0 million b/d of oil in 2022, up 4.6%.
Verified4India oil demand grew to 5.0 million b/d in 2022.
Directional5Europe's oil consumption fell to 13.6 million b/d in 2022.
Single source6Japan imported 2.8 million b/d of crude oil in 2022.
Verified7Global natural gas consumption was 3,942 billion cubic meters in 2022.
Verified8US natural gas consumption hit 85.7 bcf/d in 2022.
Verified9EU imported 155 billion cubic meters of LNG in 2022.
Directional10China's gas consumption reached 364 billion cubic meters in 2022.
Single source11Global seaborne crude oil trade was 41.9 million b/d in 2022.
Verified12Saudi Arabia exported 7.1 million b/d of crude in 2022.
Verified13US became net oil exporter with 3.6 million b/d net exports in 2022.
Verified14Russia exported 7.7 million b/d oil equivalents in 2022.
Directional15Global LNG trade volume was 404 bcm in 2022.
Single source16Asia received 70% of global LNG trade in 2022.
Verified17India imported 5.5 million b/d of crude oil in 2022.
Verified18South Korea consumed 2.6 million b/d oil in 2022.
Verified19Global jet fuel demand recovered to 5.8 million b/d in 2022.
Directional20Gasoline demand worldwide was 25.1 million b/d in 2022.
Single source21Diesel demand reached 30.8 million b/d globally in 2022.
Verified22US gasoline consumption averaged 8.8 million b/d in 2022.
Verified23Europe's gas consumption dropped 12% to 295 bcm in 2022.
Verified24Japan LNG imports were 65.9 million tonnes in 2022.
Directional25Global oil product exports totaled 28.5 million b/d in 2022.
Single source26Middle East supplied 35% of China's crude imports in 2022.
Verified27Russia supplied 40% of EU pipeline gas before 2022 cuts.
Verified28Global petrochemical feedstock demand from oil was 15 million b/d in 2022.
Verified29US net gas exporter with 12 bcf/d LNG exports in 2022.
DirectionalConsumption and Trade Interpretation
Despite appearing as a story of global rebalancing—with the US exporting, Europe reducing, and Asia voraciously consuming—these numbers ultimately reveal a world still stubbornly and dangerously addicted to fossil fuels.
Economic and Financial
1Brent crude averaged $100 per barrel in 2022.
Verified2Global upstream oil and gas investment was $533 billion in 2022.
Verified3ExxonMobil reported $55.7 billion net income in 2022.
Verified4Chevron earned $35.5 billion profit in 2022.
Directional5Shell's adjusted earnings were $42.3 billion in 2022.
Single source6TotalEnergies net income hit €37.4 billion in 2022.
Verified7Global oil market revenue reached $3.2 trillion in 2022.
Verified8OPEC revenues from oil exports were $1.0 trillion in 2022.
Verified9US shale producers' breakeven price averaged $50-60/bbl in Permian 2023.
Directional10Global refining margins peaked at $20/bbl crack spread in 2022.
Single source11Aramco market cap exceeded $2 trillion in 2022.
Verified12BP returned $23.3 billion to shareholders in 2022.
Verified13Global LNG market value was $250 billion in 2022.
Verified14Russia oil export revenues fell 35% to $218 billion in 2023 despite volumes.
Directional15US oil and gas sector contributed 8% to GDP in 2022.
Single source16Norway sovereign wealth fund from oil/gas reached $1.5 trillion in 2023.
Verified17Global capex for oil and gas FIDs was $110 billion in 2022.
Verified18Average dividend yield for supermajors was 4.5% in 2022.
Verified19Permian Basin well costs dropped to $6.5 million per well in 2022.
Directional20Global decommissioning spend projected at $500 billion by 2030.
Single source21Saudi Aramco free cash flow was $143 billion in 2022.
Verified22Eni net profit doubled to €5.7 billion in 2022.
Verified23Occidental Petroleum debt reduced by $4.5 billion in 2022.
Verified24Global midstream pipeline investments hit $45 billion in 2022.
Directional25ConocoPhillips generated $18.8 billion cash from operations in 2022.
Single source26EOG Resources return on capital employed was 25% in 2022.
Verified27Global oil trader Vitol profit was $15 billion in 2022.
Verified28Trafigura net profit reached $7.4 billion in 2022.
Verified29Oil and gas sector M&A deals totaled $180 billion in 2022.
DirectionalEconomic and Financial Interpretation
While Brent crude's wild $100-per-barrel rodeo in 2022 may have made headlines, the staggering $3.2 trillion in global oil revenue, eye-watering profits for supermajors, and a trillion-dollar year for OPEC reveal an industry that, for all its talk of energy transition, was still printing money faster than a Texas wildcatter could drill a $6.5 million Permian well.
Environmental Impact and Sustainability
1Global oil and gas emissions intensity averaged 20 kg CO2e/boed in 2022.
Verified2Methane emissions from oil and gas operations were 120 Mt in 2022 globally.
Verified3US oil and gas flared 1.4 bcf/d in 2022.
Verified4Global oil spills from tankers totaled 160,000 tonnes in 2022.
Directional5Offshore oil production accounts for 30% of global oil but 50% of water use.
Single source6Natural gas flaring worldwide was 148 bcm in 2022.
Verified7Permian Basin methane intensity is 1.7% of production.
Verified8Global CCS capacity in oil/gas sector is 40 MtCO2/year as of 2023.
Verified9Oil sands production emits 80 kg CO2e per barrel.
Directional10LNG liquefaction process emits 2-5% methane slip.
Single source1145% of oil/gas companies have net-zero targets by 2050.
Verified12Global upstream water intensity for oil is 1 barrel water per barrel oil.
Verified13Norway's oil/gas emissions intensity is 6 kg CO2e/boed, lowest globally.
Verified14Shale gas fracturing uses 5-10 million gallons water per well.
Directional15Global oil/gas sector contributes 15% of anthropogenic methane emissions.
Single source16Biofuels blended in oil products reached 5.1 million b/d in 2022.
Verified17Saudi Aramco plans 15 MtCO2/year CCS by 2035.
Verified18US EPA reported 80% reduction in flaring since 2010.
Verified19Deepwater Horizon spill released 4.9 million barrels of oil.
Directional20Global renewable energy investment in oil majors was $3 billion in 2022.
Single source21Hydrogen production from natural gas reforming is 70 Mt/year globally.
Verified22Oil and gas rig electrification reduces emissions by 30%.
Verified23Global Scope 1+2 emissions from oil/gas were 3.5 GtCO2 in 2022.
Verified24Carbon capture projects in oil/gas numbered 25 operational in 2023.
DirectionalEnvironmental Impact and Sustainability Interpretation
It seems the oil and gas industry, while diligently counting its tons of carbon captured, barrels saved, and percentages lowered, still can't quite manage to hide the enormous, messy, and often flammable elephant in the room it has to keep dragging behind it.
Production Statistics
1World primary energy consumption from oil was 97.1 million barrels per day in 2022.
Verified2US crude oil production reached a record 12.9 million b/d in 2022.
Verified3Saudi Arabia produced 10.6 million b/d of oil in 2022.
Verified4Russia averaged 10.1 million b/d oil production in 2022.
Directional5Canada produced 4.9 million b/d including oil sands in 2022.
Single source6Iraq's oil production was 4.5 million b/d in 2022.
Verified7Global natural gas production hit 4,089 billion cubic meters in 2022.
Verified8US dry natural gas production reached 1,034 billion cubic feet per day in 2022.
Verified9Russia produced 617 billion cubic meters of natural gas in 2022.
Directional10Qatar's LNG production capacity is 77 million tonnes per annum in 2023.
Single source11Permian Basin produced 5.9 million b/d of oil in Oct 2023.
Verified12Norway's oil production averaged 1.7 million b/d in 2022.
Verified13Brazil produced 3.1 million b/d of oil in 2022, mostly offshore.
Verified14UAE oil production was 3.4 million b/d in 2022.
Directional15Global LNG production reached 404 billion cubic meters in 2022.
Single source16Australia produced 147 billion cubic meters of natural gas in 2022.
Verified17Bakken shale oil production hit 1.2 million b/d in 2023.
Verified18Global oil production growth was 1.6 million b/d in 2022.
Verified19Kazakhstan produced 1.8 million b/d of oil in 2022.
Directional20Nigeria's oil production averaged 1.4 million b/d in 2022.
Single source21Guyana's oil production ramped to 390,000 b/d in 2023.
Verified22Global ethane production from natural gas liquids was 3.2 million b/d in 2022.
Verified23Algeria produced 99 billion cubic meters of natural gas in 2022.
Verified24Eagle Ford produced 1.1 million b/d oil in 2023.
Directional25Global oil rig count averaged 772 in Q3 2023.
Single source26Haynesville shale gas production at 14.5 bcf/d in 2023.
Verified27China oil production was 4.1 million b/d in 2022.
VerifiedProduction Statistics Interpretation
While the world gulps nearly 100 million barrels of oil daily, it's clear the thirst for fossil fuels remains stubbornly unquenched, as America, Saudi Arabia, and Russia keep the taps flowing to keep our global engine—for better or worse—humming along.
Reserves and Exploration
1In 2022, global proven oil reserves stood at 1,732.4 billion barrels, with Venezuela holding the largest share at 303.3 billion barrels.
Verified2Saudi Arabia's proven oil reserves were 267.0 billion barrels as of end-2022, accounting for 15.4% of global total.
Verified3The United States had 47.1 billion barrels of proven oil reserves in 2022, boosted by shale discoveries.
Verified4Canada's oil sands contribute to its 168.1 billion barrels of proven reserves, primarily in Alberta.
Directional5Iran possesses 208.6 billion barrels of proven oil reserves, ranking fourth globally in 2022.
Single source6Global proven natural gas reserves reached 6,641 trillion cubic feet in 2022, led by Russia at 1,688 tcf.
Verified7Qatar holds 842 trillion cubic feet of proven natural gas reserves, primarily in the North Field.
Verified8The US added 47 billion barrels to its technically recoverable shale oil resources since 2011.
Verified9Offshore oil exploration in Guyana discovered over 11 billion barrels of recoverable oil since 2015.
Directional10Brazil's pre-salt layer holds estimated 30 billion barrels of recoverable oil reserves.
Single source11Namibia's offshore Orange Basin may contain up to 4 billion barrels of light oil equivalent.
Verified12Arctic regions hold an estimated 90 billion barrels of undiscovered oil resources.
Verified13Global R/P ratio for oil reserves was 47.5 years at end-2022 based on 2022 production.
Verified14Permian Basin in Texas and New Mexico has 46.3 billion barrels of technically recoverable tight oil.
Directional15Eagle Ford Shale contains 8.5 billion barrels of technically recoverable tight oil.
Single source16Bakken Formation holds 7.4 billion barrels of technically recoverable tight oil resources.
Verified17Global deepwater oil reserves are estimated at 200 billion barrels recoverable.
Verified18Mozambique's Rovuma Basin gas reserves exceed 180 trillion cubic feet proven.
Verified19Australia's Browse Basin has 40 trillion cubic feet of contingent gas resources.
Directional20Alaska's NPR-A holds 896 million barrels of undiscovered oil.
Single source21Global oil discoveries in 2022 totaled 4.7 billion barrels, lowest in seven decades.
Verified22Conventional oil reserves in Middle East exceed 800 billion barrels.
Verified23Unconventional oil resources worldwide estimated at 430 billion barrels recoverable.
Verified24Nigeria's deepwater reserves stand at 5 billion barrels recoverable.
Directional25Angola's Block 17 has produced from 2.2 billion barrels recoverable reserves.
Single source26Global gas hydrate resources potentially 100,000 tcf equivalent.
Verified27Permian Basin gas reserves assessed at 299 tcf technically recoverable.
Verified28Marcellus Shale has 410 tcf of technically recoverable gas.
Verified29Haynesville Shale contains 75 tcf recoverable gas resources.
DirectionalReserves and Exploration Interpretation
The planet is stubbornly sitting on a massive, but unevenly distributed, retirement fund of fossil fuels, yet our recent efforts to find new deposits suggest we're mostly just shuffling papers in the attic instead of building a sustainable future.
Sources & References
- Reference 1BPbp.comVisit source
- Reference 2EIAeia.govVisit source
- Reference 3WOODMACwoodmac.comVisit source
- Reference 4USGSusgs.govVisit source
- Reference 5IEAiea.orgVisit source
- Reference 6GAga.gov.auVisit source
- Reference 7OPECopec.orgVisit source
- Reference 8RITNritn.orgVisit source
- Reference 9NNPCGROUPnnpcgroup.comVisit source
- Reference 10NORSKPETROLEUMnorskpetroleum.noVisit source
- Reference 11RIGCOUNTrigcount.bakerhughes.comVisit source
- Reference 12CORPORATEcorporate.exxonmobil.comVisit source
- Reference 13CHEVRONchevron.comVisit source
- Reference 14SHELLshell.comVisit source
- Reference 15TOTALENERGIEStotalenergies.comVisit source
- Reference 16STATISTAstatista.comVisit source
- Reference 17ARAMCOaramco.comVisit source
- Reference 18BEAbea.govVisit source
- Reference 19NBIMnbim.noVisit source
- Reference 20SPGLOBALspglobal.comVisit source
- Reference 21ENIeni.comVisit source
- Reference 22OXYoxy.comVisit source
- Reference 23PWCpwc.comVisit source
- Reference 24CONOCOPHILLIPSconocophillips.comVisit source
- Reference 25INVESTORSinvestors.eogresources.comVisit source
- Reference 26VITOLvitol.comVisit source
- Reference 27TRAFIGURAtrafigura.comVisit source
- Reference 28ITOPFitopf.orgVisit source
- Reference 29WORLDBANKworldbank.orgVisit source
- Reference 30EDFedf.orgVisit source
- Reference 31GLOBALCCSINSTITUTEglobalccsinstitute.comVisit source
- Reference 32CAPPcapp.caVisit source
- Reference 33EPAepa.govVisit source
- Reference 34EQUINORequinor.comVisit source
- Reference 35TRANSITIONPATHWAYINITIATIVEtransitionpathwayinitiative.orgVisit source
- Reference 36CO2CAPTUREPROJECTco2captureproject.comVisit source