While global crude oil production just hit a record 101.8 million barrels per day, the real story of 2023 is found in the dramatic reshuffling of the world's energy map, from the unprecedented output of the US Permian Basin to the sanctions-driven recalibration of Russia's influence.
Key Takeaways
- In 2023, global crude oil production reached 101.8 million barrels per day (bpd), marking a 4.9% increase from 2022
- The United States produced a record 12.9 million bpd of crude oil in 2023, surpassing Saudi Arabia as the world's top producer
- OPEC+ countries accounted for 51.7% of global oil supply in 2023, with production quotas adjusted to 41.15 million bpd in April 2023
- Proven global oil reserves stood at 1,732.4 billion barrels at end-2022, enough for 50.6 years at current rates
- Venezuela holds the largest proven oil reserves at 303.8 billion barrels as of 2022
- Saudi Arabia's proven reserves are 267.0 billion barrels, with 90% in Ghawar field
- The oil and gas industry employed 10.3 million people directly worldwide in 2022
- In the US, oil and gas supported 10.3 million jobs in 2022, including 1.7 million direct
- Saudi Aramco employed 73,162 workers in 2022, with 70% Saudi nationals
- The oil industry contributed $4.1 trillion to global GDP in 2022, 3.9% share
- US oil/gas added $1.7 trillion to GDP in 2022, 8% of total
- Saudi Arabia oil revenues $320 billion in 2022, 40% of GDP
- CO2 emissions from oil/gas operations 14.5 Gt in 2022, 35% global total
- US fracking water use 20 billion barrels cumulative to 2023, 90% recycled in Permian
- Global methane emissions from oil 70 Mt/year 2022, IEA superemitters 120 sites
The global oil industry saw record production growth and significant economic impact in 2023.
Employment and Operations
- The oil and gas industry employed 10.3 million people directly worldwide in 2022
- In the US, oil and gas supported 10.3 million jobs in 2022, including 1.7 million direct
- Saudi Aramco employed 73,162 workers in 2022, with 70% Saudi nationals
- ExxonMobil's global workforce was 62,000 in 2023, focused on upstream operations
- Permian Basin operations employ over 100,000 workers in Texas/New Mexico 2023
- Norway's oil industry employs 180,000 people, 6.5% of workforce in 2023
- Brazil's oil sector jobs reached 450,000 direct in 2023, Petrobras 45,000
- Nigeria's upstream oil employs 70,000 expatriates and locals combined 2023
- Canada's oil sands operations support 140,000 direct/indirect jobs in Alberta 2023
- Russia's oil industry workforce 1.2 million in 2022, Rosneft 300,000
- UK North Sea oil jobs totaled 120,000 in 2023, down from peak due to decline
- Australia's LNG/oil workforce 25,000 direct in 2023
- Global rig count averaged 2,250 in 2023, up 15% YoY
- US land rig count hit 620 in 2023, Permian 300 rigs active
- Middle East rig count 220 in 2023, Saudi/UAE dominant
- Offshore rigs worldwide 340 active in 2023, jackups 50%
- Mexico employs 120,000 in oil/gas, Pemex 123,000 in 2023
- Kazakhstan Tengiz employs 8,000 locals in expansion phase 2023
- Guyana oil projects to create 5,000 jobs by 2025, 2,000 current 2023
- Global FPSO fleet operates 250 units in 2023, employing 50,000 seafarers
- LNG carriers fleet 600 vessels in 2023, crew 20,000 total
- Refinery workforce global 1.5 million in 2022, Asia 60%
- IOCs like TotalEnergies employ 100,000 globally, 40% upstream 2023
- NOCs dominate employment, 75% of global oil jobs in 2022
- Women represent 22% of oil/gas workforce globally 2023, up from 15% in 2015
- Training programs trained 500,000 workers in digital skills for oil 2022-23
Employment and Operations Interpretation
While the oil industry often presents itself as a monolithic titan of global energy, the true picture is a vast, intricate human mosaic—from the 8,000 locals in Kazakhstan's Tengiz expansion to the 50,000 seafarers on FPSOs—proving that for all its engineering marvels, this sector remains fundamentally a job engine built on the backs of millions, yet one that is still grappling with its own evolution in diversity and technological adaptation.
Environmental, Safety, and Technology
- CO2 emissions from oil/gas operations 14.5 Gt in 2022, 35% global total
- US fracking water use 20 billion barrels cumulative to 2023, 90% recycled in Permian
- Global methane emissions from oil 70 Mt/year 2022, IEA superemitters 120 sites
- Offshore oil spill volume 10,000 tonnes in 2022 globally
- Flaring volumes 140 bcm gas in 2022, Nigeria 15 bcm top flarer
- Recordable incident rate oil industry 0.45 per 200k hours 2022
- Saudi Aramco zero Tier 1 process safety events in 2023
- Digital twin tech deployed in 30% rigs 2023, reducing NPT 20%
- CCUS projects capture 40 Mt CO2/year 2023, oil EOR 80%
- Permian electrification cuts emissions 50% on 1,000 pads 2023
- Global seismic surveys 500,000 km2 in 2023 using AI processing
- Autonomous drilling rigs 50 units operational 2023, 30% faster ROP
- Hydrogen from oil refineries 5 Mt/year blue H2 potential 2030
- Blowout preventer tech upgrades post-Macondo, 99.999% reliability 2023
- Drone inspections cover 80% pipelines in Gulf of Mexico 2023
- Biofuels from oil waste 2 million tonnes/year 2023
- AI predictive maintenance saves $5 billion downtime 2023 industry-wide
- Subsea tiebacks 100 projects 2023, reducing emissions 30%
- Floating wind-oil hybrid platforms piloted 5 sites 2023 Norway
- Waterflood recovery 40% avg fields, polymer enhanced 55% 2023
- Satellite methane monitoring detects 80% leaks real-time 2023
- Net-zero scopes 1-3 pledged by 50% majors by 2050, interim 15% cut 2030
- Horizontal drilling lengths avg 10,000 ft 2023 US shale
- Geothermal from depleted fields pilots 10 sites 2023
- AR/VR training reduces accidents 25% in 500 sites 2023
- Long-distance subsea pipelines 5,000 km commissioned 2023
Environmental, Safety, and Technology Interpretation
We are a Jekyll and Hyde industry, simultaneously the world's leading emitter and its most innovative decarbonizer, wrestling with our own monstrous legacy while feverishly building the tools to contain it.
Financial and Economic Impact
- The oil industry contributed $4.1 trillion to global GDP in 2022, 3.9% share
- US oil/gas added $1.7 trillion to GDP in 2022, 8% of total
- Saudi Arabia oil revenues $320 billion in 2022, 40% of GDP
- Global upstream investment $500 billion in 2023, down 6% YoY
- ExxonMobil reported $413 billion revenue, $36 billion profit in 2022
- Brent crude averaged $82/bbl in 2023, WTI $77/bbl
- OPEC revenues $1.1 trillion in 2022 from oil exports
- Permian Basin generated $200 billion economic output in 2022
- Norway's oil fund reached $1.4 trillion in 2023 from petroleum revenues
- Russia's oil export revenues $200 billion in 2022 despite sanctions
- Brazil Petrobras dividend $20 billion in 2023, record payout
- Global refining margins averaged $12/bbl crack spread in 2023
- Chevron 2022 profit $37 billion on $235 billion revenue
- Shell energy trading profit $50 billion in 2022
- US shale producers capex $100 billion in 2023, FCF $80 billion
- Middle East sovereign wealth from oil $300 billion inflows 2022
- LNG trade value $250 billion in 2023 at $12/MMBtu avg
- Alberta oil sands royalties $20 billion CAD to govt in 2022
- Global oil trade 60 million bpd seaborne in 2023, value $1.8 trillion
- Iraq oil revenues $100 billion in 2023, funding 40% budget
- UAE ADNOC dividends $5 billion to emirates in 2023
- China's oil import bill $500 billion in 2023 at 11 million bpd
- Guyana oil royalties 2% yield $1 billion revenue in 2023
- Global decommissioning spend $10 billion/year projected to 2025
- BP 2022 loss $3.3 billion despite $170 billion revenue
- TotalEnergies profit €17.8 billion EUR in 2022
- Eni EBITDA €22 billion in 2022 from oil price surge
- Occidental Petroleum debt reduced $15 billion post-Anadarko 2023
- Global oilfield services market $250 billion in 2023, Schlumberger $33 billion revenue
Financial and Economic Impact Interpretation
Despite its undeniable and colossal economic footprint—where a single year's production can bankroll entire nations and fund trillion-dollar sovereign wealth funds—the oil industry remains a precarious giant, whose staggering revenues and profits are perpetually at the mercy of geopolitics, sanctions, volatile prices, and the ever-looming bill for its own cleanup.
Production Statistics
- In 2023, global crude oil production reached 101.8 million barrels per day (bpd), marking a 4.9% increase from 2022
- The United States produced a record 12.9 million bpd of crude oil in 2023, surpassing Saudi Arabia as the world's top producer
- OPEC+ countries accounted for 51.7% of global oil supply in 2023, with production quotas adjusted to 41.15 million bpd in April 2023
- Russia's crude oil production averaged 10.5 million bpd in 2023, down 4.5% from 2022 due to sanctions
- Norway's oil production stood at 1.95 million bpd in 2023, with the Johan Sverdrup field contributing 755,000 bpd
- Brazil's oil output hit 3.2 million bpd in 2023, driven by pre-salt fields producing 2.7 million bpd
- Canada's oil sands production reached 3.3 million bpd in 2023, representing 51% of national output
- Iraq produced 4.5 million bpd of crude oil in 2023, with exports averaging 3.6 million bpd
- UAE oil production was 4.1 million bpd in 2023, up 8% from prior year due to quota increases
- China's domestic crude production grew to 4.2 million bpd in 2023, a 2% rise YoY
- Global LNG production increased to 404 billion cubic meters (bcm) in 2023, equivalent to 26% of oil equivalent supply
- Permian Basin in the US produced 5.9 million bpd of crude in 2023, 46% of US total
- Kazakhstan's Tengiz field output reached 850,000 bpd in 2023 post-expansion
- Guyana's oil production surged to 385,000 bpd in 2023 from Stabroek block
- Australia's oil production averaged 400,000 bpd in 2023, with LNG at 88 million tonnes
- Nigeria's oil production recovered to 1.6 million bpd in 2023 from theft and sabotage lows
- Libya's output fluctuated to average 1.2 million bpd in 2023 amid political tensions
- Indonesia produced 600,000 bpd of oil in 2023, down 5% due to mature fields decline
- Mexico's crude production fell to 1.85 million bpd in 2023, with Cantarell field at 400,000 bpd
- UK North Sea production was 1.15 million bpd oil equivalent in 2023, down 6%
- Venezuela produced 800,000 bpd in 2023, up 50% from sanctions relief
- Argentina's Vaca Muerta shale oil output reached 300,000 bpd in 2023
- Oman produced 1.1 million bpd in 2023, with Block 60 contributing significantly
- Kuwait's oil production was 2.7 million bpd in 2023 under OPEC quotas
- Algeria produced 1.0 million bpd in 2023, focusing on gas at 100 bcm
- Global refinery throughput hit 82.5 million bpd in 2023, up 2.5%
- Saudi Aramco's production capacity stands at 12 million bpd, averaging 9 million bpd in 2023
- ExxonMobil's global upstream production was 2.4 million boe/d in 2023
- Shell's oil and gas production averaged 1.8 million boe/d in 2023
- Chevron's production reached 3.1 million boe/d in 2023, driven by Permian
Production Statistics Interpretation
Despite OPEC+'s best efforts to play conductor of the global oil orchestra, the crescendo of the past year was indisputably composed by the relentless shale soloists in the United States, a record-setting Brazil, and even a surprising new duet from Guyana.
Reserves and Resources
- Proven global oil reserves stood at 1,732.4 billion barrels at end-2022, enough for 50.6 years at current rates
- Venezuela holds the largest proven oil reserves at 303.8 billion barrels as of 2022
- Saudi Arabia's proven reserves are 267.0 billion barrels, with 90% in Ghawar field
- Iran's reserves total 208.6 billion barrels, ranking third globally per OPEC 2022 data
- Canada's oil sands resources are estimated at 167 billion barrels recoverable
- Iraq's proven reserves are 145.0 billion barrels, concentrated in southern supergiant fields
- UAE reserves at 111.0 billion barrels, with Abu Dhabi holding 92%
- Russia's reserves are 107.8 billion barrels, including Arctic offshore potential
- Kuwait's Burgan field holds 70 billion barrels, largest conventional reserve globally
- US technically recoverable shale oil resources estimated at 345 billion barrels
- Brazil's pre-salt reserves exceed 30 billion barrels in Tupi field alone
- Libya's reserves are 48.4 billion barrels, mostly in Sirte Basin
- Nigeria's reserves stand at 36.9 billion barrels, with 70% offshore
- Kazakhstan's reserves are 30.0 billion barrels, Tengiz at 6-9 billion
- Global undiscovered oil resources estimated at 565 billion barrels conventional
- Norway's continental shelf holds 15 billion barrels oil equivalent remaining recoverable
- China's reserves are 26.0 billion barrels, with Daqing field depleted
- Angola's reserves total 9.1 billion barrels, Block 17 key asset
- US proven reserves increased to 44.4 billion barrels in 2022, Permian dominant
- Qatar's North Field holds 11 billion barrels oil equivalent in gas
- Global oil shale resources in-place exceed 6 trillion barrels
- Argentina's Vaca Muerta shale holds 16 billion barrels recoverable
- Guyana's Stabroek block estimated 11 billion barrels recoverable
- Oman conventional reserves 5.4 billion barrels, enhanced recovery key
- Global heavy oil resources 3.4 trillion barrels in-place, mostly Venezuela/Orinoco
- Permian Basin ultimate recovery potential 75 billion barrels
- UK's Buzzard field reserves 2 billion barrels recoverable
- Mexico's Sureste Basin untapped reserves 10 billion barrels
- World total proved reserves of natural gas liquids 113 billion barrels end-2022
Reserves and Resources Interpretation
While we mathematically have enough oil to fuel our current habits for another 50 years, the geopolitical reality is that this bounty is an incredibly unevenly divided deck, with over a third of the world's proven cards held in just two politically volatile hands.
Sources & References
- Reference 1BPbp.comVisit source
- Reference 2EIAeia.govVisit source
- Reference 3OPECopec.orgVisit source
- Reference 4IEAiea.orgVisit source
- Reference 5NORSKPETROLEUMnorskpetroleum.noVisit source
- Reference 6AGENCIAagencia.petrobras.com.brVisit source
- Reference 7CER-RECcer-rec.gc.caVisit source
- Reference 8OILPRICEoilprice.comVisit source
- Reference 9REUTERSreuters.comVisit source
- Reference 10CHEVRONchevron.comVisit source
- Reference 11EXXONMOBILexxonmobil.comVisit source
- Reference 12APPEAappea.com.auVisit source
- Reference 13NUPENGnupeng.orgVisit source
- Reference 14SKKMIGASskkmigas.go.idVisit source
- Reference 15CNBCcnbc.comVisit source
- Reference 16OGAUTHORITYogauthority.co.ukVisit source
- Reference 17YPFypf.comVisit source
- Reference 18OQoq.comVisit source
- Reference 19SONATRACHsonatrach.comVisit source
- Reference 20ARAMCOaramco.comVisit source
- Reference 21CORPORATEcorporate.exxonmobil.comVisit source
- Reference 22SHELLshell.comVisit source
- Reference 23CAPPcapp.caVisit source
- Reference 24KOCKWkockw.comVisit source
- Reference 25PETROBRASpetrobras.com.brVisit source
- Reference 26NUPRCnuprc.gov.ngVisit source
- Reference 27KAZMUNAYGASkazmunaygas.kzVisit source
- Reference 28NPDnpd.noVisit source
- Reference 29QATARPETROLEUMqatarpetroleum.com.qaVisit source
- Reference 30PEMEXpemex.comVisit source
- Reference 31APIapi.orgVisit source
- Reference 32TEXASOILANDGASASSOCIATIONtexasoilandgasassociation.orgVisit source
- Reference 33ROSNEFTrosneft.comVisit source
- Reference 34OFFSHOREENERGIESUKoffshoreenergiesuk.co.ukVisit source
- Reference 35RIGCOUNTrigcount.bakerhughes.comVisit source
- Reference 36OFFSHORE-MAGoffshore-mag.comVisit source
- Reference 37OFFSHORE-TECHNOLOGYoffshore-technology.comVisit source
- Reference 38TOTALENERGIEStotalenergies.comVisit source
- Reference 39SPEspe.orgVisit source
- Reference 40VISION2030vision2030.gov.saVisit source
- Reference 41NBIMnbim.noVisit source
- Reference 42SWFINSTITUTEswfinstitute.orgVisit source
- Reference 43ALBERTAalberta.caVisit source
- Reference 44ADNOCadnoc.aeVisit source
- Reference 45OILNOWoilnow.gyVisit source
- Reference 46ENIeni.comVisit source
- Reference 47OXYoxy.comVisit source
- Reference 48SLBslb.comVisit source
- Reference 49ITOPFitopf.orgVisit source
- Reference 50WORLDBANKworldbank.orgVisit source
- Reference 51IPIECAipieca.orgVisit source
- Reference 52HALLIBURTONhalliburton.comVisit source
- Reference 53BSEEbsee.govVisit source
- Reference 54MCKINSEYmckinsey.comVisit source
- Reference 55EQUINORequinor.comVisit source