With global oil demand climbing from 99.9 million barrels per day in 2022 to an expected 102.6 million in 2024 and 103.0 million in 2025, while upstream spending and production pressures rise alongside $82.2 per barrel Brent pricing in 2023, this blog post breaks down what those numbers really mean for today’s Oil, Gas Exploration and Production industry.
Key Takeaways
- Global oil demand in 2023 averaged 101.9 million barrels per day (mb/d)
- Global oil demand in 2022 averaged 99.9 mb/d
- Global oil demand forecast for 2024 is 102.6 mb/d
- Upstream oil and gas capital expenditure globally in 2023 was $504 billion
- Upstream oil and gas capital expenditure globally in 2024 is forecast at $560 billion
- Upstream oil and gas capex in North America in 2023 was $190 billion
- Global proved crude oil reserves were 1,291.9 billion barrels at end-2022 (BP Statistical Review 2023)
- Global proved natural gas reserves were 206.1 trillion cubic meters at end-2022 (BP Statistical Review 2023)
- Conventional oil remaining reserves: 1,200 billion barrels and unconventional 91 billion barrels (IEA Oil 2024/Assessment)
- Flaring in the United States was 17.9 million metric tons of CO2e in 2023 (Climate TRACE / Global Curbing)
- Global gas flaring in 2022 was 140 billion cubic meters (World Bank/Global Gas Flaring Reduction Partnership)
- Global gas flaring in 2023 was 142 billion cubic meters (World Bank)
- US oil and gas employment in 2023 was 548,000 (BLS Occupational Employment and Wage Statistics)
- US petroleum and coal products manufacturing employment in 2023 was 337,000 (BLS)
- US natural gas distribution employment in 2023 was 88,000 (BLS)
Rising demand, prices, capex, reserves, and mature decline drive global upstream oilgas.
Global Market & Demand
1Global oil demand in 2023 averaged 101.9 million barrels per day (mb/d)[1]
Single source
2Global oil demand in 2022 averaged 99.9 mb/d[1]
Verified
3Global oil demand forecast for 2024 is 102.6 mb/d[1]
Verified
4Global oil demand forecast for 2025 is 103.0 mb/d[1]
Verified
5Global oil production averaged 82.2 mb/d in 2023[2]
Directional
6OECD oil demand in 2023 was 46.0 mb/d[3]
Directional
7Non-OECD oil demand in 2023 was 55.9 mb/d[4]
Verified
8Global crude oil price (Brent) averaged $82.2/bbl in 2023[5]
Verified
9Global crude oil price (Brent) averaged $105.3/bbl in 2022[5]
Verified
10US crude oil production averaged 12.9 million b/d in 2023[6]
Verified
11US crude oil production averaged 11.9 million b/d in 2022[7]
Verified
12Saudi Arabia produced 10.7 million b/d of crude oil in 2023[8]
Single source
13Russia produced 10.8 million b/d of crude oil in 2023[8]
Verified
14World proved oil reserves were 1,291.9 billion barrels at end-2022 (BP Statistical Review, 2023)[9]
Verified
15Total proved oil reserves in the Middle East were 695.6 billion barrels (end-2022)[9]
Verified
16Total proved oil reserves in North America were 170.6 billion barrels (end-2022)[9]
Verified
17Total proved oil reserves in South & Central America were 209.7 billion barrels (end-2022)[9]
Verified
18Total proved oil reserves in Africa were 124.4 billion barrels (end-2022)[9]
Verified
19Total proved oil reserves in Europe & Eurasia were 161.3 billion barrels (end-2022)[9]
Verified
20Total proved oil reserves in Asia Pacific were 30.4 billion barrels (end-2022)[9]
Single source
21China crude oil imports were 10.9 million b/d in 2023[10]
Verified
22India crude oil imports were 4.6 million b/d in 2023[10]
Verified
23Japan crude oil imports were 3.5 million b/d in 2023[10]
Directional
24EU-27 crude oil imports were 7.0 million b/d in 2023[10]
Verified
25OPEC crude oil production averaged 28.3 million b/d in 2023[8]
Verified
26OPEC production in 2022 averaged 28.6 million b/d[8]
Directional
27OECD commercial oil stocks were 2,933 million barrels in early 2024[11]
Verified
28OECD commercial oil stocks were 2,970 million barrels in early 2023[11]
Directional
29Primary energy share of oil was 31.3% in 2022[12]
Verified
30World natural gas consumption averaged 4,000.4 billion cubic meters in 2023 (IEA/OGE)[13]
Verified
31Global LNG trade in 2023 was 396 mt (million tonnes)[14]
Verified
Global Market & Demand Interpretation
Oil demand climbed from 99.9 mb/d in 2022 to 101.9 mb/d in 2023 and is expected to edge up to 102.6 mb/d in 2024 and 103.0 mb/d in 2025, even as Brent cooled from $105.3/bbl to $82.2/bbl and global crude production ran at 82.2 mb/d, a reminder that today’s balance is always a little too tight, especially when OPEC pumps around 28.3 mb/d, LNG chugs along at 396 mt in 2023, OECD tanks hold 2,933 million barrels in early 2024, and the world still has 1,291.9 billion barrels of proved reserves at end 2022, most of it sitting where the future supply chain is ready to flex and where demand is increasingly imported.
Exploration & Production Economics
1Upstream oil and gas capital expenditure globally in 2023 was $504 billion[15]
Verified
2Upstream oil and gas capital expenditure globally in 2024 is forecast at $560 billion[15]
Verified
3Upstream oil and gas capex in North America in 2023 was $190 billion[15]
Single source
4Upstream oil and gas capex in Europe in 2023 was $67 billion[15]
Single source
5Upstream oil and gas capex in Middle East in 2023 was $64 billion[15]
Single source
6Global upstream spending on exploration in 2023 was $55 billion[16]
Directional
7Global upstream spending on exploration in 2022 was $50 billion[16]
Verified
8Average oil and gas industry upstream finding and development costs (global) were about $9.8/boe in 2022 (S&P Global Insight)[17]
Verified
9Global upstream F&D costs increased from $9.1/boe in 2021 to $9.8/boe in 2022[17]
Verified
10In the US, upstream spending in 2023 was $158.9 billion (EIA “Drilling Productivity Report” related estimates)[18]
Verified
11US upstream capital expenditures (oil and gas) in 2023 were $118.7 billion (EIA/Annual)[19]
Verified
12Baker Hughes total rig count for oil and gas (US) averaged 728 in 2023[20]
Single source
13Baker Hughes total rig count (Canada) averaged 146 in 2023[21]
Verified
14Global rig count averaged 1,891 in 2023 (Baker Hughes)[22]
Verified
15Global rig count averaged 1,838 in 2022 (Baker Hughes)[22]
Verified
16US oilfield services revenue in 2023 was $114.0 billion (S&P/market data summary)[23]
Verified
17US oil and gas well completion spending in 2023 was $73.1 billion (EIA Drilling productivity dataset summary)[24]
Verified
18Global upstream “Breakeven oil price” for conventional projects averaged about $50–$60/bbl (IEA WEO 2023 project economics summary)[25]
Verified
19Permian basin crude oil production in 2023 averaged about 5.1 million b/d[26]
Verified
20Eagle Ford crude oil production in 2023 averaged about 1.0 million b/d[26]
Single source
21Bakken crude oil production in 2023 averaged about 1.1 million b/d[26]
Verified
22US upstream production is forecast to increase by 1.0 million b/d in 2024 (EIA Short-Term Energy Outlook)[27]
Verified
23US upstream production is forecast to increase by 0.9 million b/d in 2025 (EIA STEO)[27]
Verified
24EIA projects crude oil production in the US to average 12.8 million b/d in 2024[27]
Verified
25EIA projects crude oil production in the US to average 13.4 million b/d in 2025[27]
Verified
26EIA forecasts global liquid fuels consumption growth of 1.1 mb/d in 2024[28]
Verified
27EIA forecasts global liquid fuels consumption growth of 1.0 mb/d in 2025[28]
Verified
28Global oil supply growth expected to be 2.2 mb/d in 2024 (IEA Oil Market Report)[11]
Verified
29Global upstream “unit cost” increased due to inflation; global service costs rose ~10% in 2022 (World Bank)[29]
Verified
30Global energy investment in oil and gas rose to about $1.5 trillion in 2022 (IEA)[30]
Verified
Exploration & Production Economics Interpretation
In 2023 the upstream oil and gas world spent $504 billion globally and roughly $55 billion on exploration, chasing projects that still found their footing on a breakeven of about $50 to $60 per barrel, even as rig counts stayed steady, costs crept up to about $9.8 per boe in finding and development, and with capex set to jump to $560 billion in 2024 and US production forecast to add around 1.0 million barrels per day, the industry continued its familiar balancing act of investing more while trying to lift supply just fast enough to match demand.
Reserves, Discoveries & Lifecycles
1Global proved crude oil reserves were 1,291.9 billion barrels at end-2022 (BP Statistical Review 2023)[9]
Verified
2Global proved natural gas reserves were 206.1 trillion cubic meters at end-2022 (BP Statistical Review 2023)[9]
Verified
3Conventional oil remaining reserves: 1,200 billion barrels and unconventional 91 billion barrels (IEA Oil 2024/Assessment)[31]
Verified
4Global upstream oil production from major fields: top 100 fields accounted for about 40% of production (IEA analysis)[31]
Verified
5US proved crude oil reserves at end-2023 were 35.2 billion barrels[32]
Verified
6US proved crude oil reserves at end-2022 were 35.2 billion barrels[32]
Verified
7US proved crude oil reserves at end-2021 were 44.5 billion barrels[32]
Verified
8World proved reserves-to-production (R/P) ratio for oil was 49.0 years at end-2022 (BP Statistical Review)[9]
Verified
9Middle East oil R/P ratio was 68.0 years at end-2022 (BP Statistical Review)[9]
Verified
10US oil discoveries in 2023 added 0.2 billion barrels (EIA/annual exploration data summary)[33]
Single source
11Global exploration and appraisal wells completed in 2023 were 30,400 (Rystad energy tracker summary)[16]
Verified
12Offshore oil discovery volumes were 5.5 billion boe in 2022 (Wood Mackenzie analysis summary)[34]
Single source
13Onshore oil discovery volumes were 2.3 billion boe in 2022 (Wood Mackenzie analysis summary)[34]
Verified
14Global oil discoveries in 2022 totaled 7.8 billion boe (Wood Mackenzie)[34]
Verified
15US commercially recoverable unconventional oil resources (technically recoverable) were 14.6 billion barrels (EIA)[35]
Verified
16US commercially recoverable shale gas resources were 324.5 Tcf (EIA)[35]
Verified
17Total global discoveries of new oil fields have declined since 2015 (IEA)[31]
Verified
18Average age of oil-producing fields is increasing (IEA notes average mature field decline)[31]
Verified
19Global mature field production decline rates averaged 4% per year (IEA mature fields analysis)[31]
Single source
20Mature field contributions remain around 60% of global production (IEA)[31]
Verified
21Global oil production from mature fields is ~55 mb/d (IEA estimate)[31]
Verified
22Mexico proved oil reserves declined to 5.8 billion barrels in 2023 (EIA)[36]
Single source
23Norway proved oil reserves were 7.7 billion barrels in 2023 (EIA)[36]
Verified
24Brazil proved oil reserves were 13.4 billion barrels in 2023 (EIA)[36]
Directional
25UK proved oil reserves were 3.5 billion barrels in 2023 (EIA)[36]
Single source
26Guyana proved oil reserves were 0.03 billion barrels in 2023 (EIA)[36]
Verified
27Angola proved oil reserves were 9.5 billion barrels in 2023 (EIA)[36]
Verified
28Nigeria proved oil reserves were 37.1 billion barrels in 2023 (EIA)[36]
Verified
Reserves, Discoveries & Lifecycles Interpretation
With oil reserves still lumbering along at end 2022 levels and even the biggest discoveries adding only so much against a 4 percent per year mature-field fade, the world’s upstream story is essentially that we keep finding new barrels while mature fields, quietly and consistently, do the real leaving.
Operations & Environment
1Flaring in the United States was 17.9 million metric tons of CO2e in 2023 (Climate TRACE / Global Curbing)[37]
Verified
2Global gas flaring in 2022 was 140 billion cubic meters (World Bank/Global Gas Flaring Reduction Partnership)[38]
Verified
3Global gas flaring in 2023 was 142 billion cubic meters (World Bank)[38]
Directional
4In 2022, Russia had 18.4 bcm of flared gas (GGFR)[38]
Verified
5In 2022, Iraq had 5.9 bcm of flared gas (GGFR)[38]
Verified
6In 2022, Nigeria had 3.9 bcm of flared gas (GGFR)[38]
Verified
7In 2022, Algeria had 1.8 bcm of flared gas (GGFR)[38]
Verified
8In 2022, United States flared 0.7 bcm of gas (GGFR)[38]
Directional
9Methane intensity of oil and gas operations averaged about 9.5% (top-down methane share) for upstream (IEA)[39]
Directional
10Methane emissions from oil and gas were estimated at ~80 MtCH4 in 2022 (IEA)[40]
Verified
11Methane emissions from oil and gas were estimated at ~72 MtCH4 in 2021 (IEA)[40]
Verified
12Global oil and gas venting contributed ~3% of emissions in 2022 (IEA)[40]
Verified
13Total global CO2 emissions from fuel combustion were 36.8 Gt in 2022 (IEA/Global)[41]
Verified
14US oil and gas methane emissions were 0.35–0.45% share of economy in 2022 (EPA)[42]
Verified
15US EPA GHG Inventory: methane emissions total 6.2 million metric tons CO2e in 2022 (EPA)[42]
Verified
16Oil and gas sector accounted for 12% of US GHG in 2022 (EPA)[42]
Directional
17Offshore platforms have lower methane leakage than some onshore sites; onshore had higher intensity (IEA)[40]
Verified
18Worldwide oil spill quantity in 2022 was about 2300 tonnes (ITOPF/annual)[43]
Directional
19Worldwide oil spill frequency in 2022 was 270 spills (ITOPF)[43]
Verified
20US produced water discharge volume in 2022 was 17.0 billion barrels (EPA/industry)[44]
Verified
21US produced water discharge volume in 2021 was 16.2 billion barrels (EPA)[44]
Single source
22In 2022, offshore oil production accounted for 30% of total US crude oil production (EIA)[45]
Single source
23In 2023, offshore drilling contributed about 36% of US Gulf of Mexico oil production (EIA)[6]
Verified
24Number of US offshore platforms producing in the Gulf of Mexico in 2023 was 332 (BSEE)[46]
Directional
25BSEE reported 2,100 offshore incidents in 2023 (BSEE annual safety)[47]
Verified
26US offshore oil and gas safety: reportable incidents decreased to 1.7 per 1,000,000 hours in 2023 (BSEE)[47]
Verified
27Global produced water management: average produced water volumes rising to >300 barrels per barrel of oil in some mature basins (IEA)[31]
Verified
28Hydraulic fracturing water use in US in 2022 was 7.2 billion gallons (USGS)[48]
Single source
29USGS: hydraulic fracturing water use in 2020 was 7.3 billion gallons (USGS)[48]
Verified
30Water use for unconventional oil production in US averaged 7 billion gallons per year (USGS)[48]
Single source
31Global temperature-related physical risk affecting upstream assets estimated costs of billions annually (World Bank)[49]
Directional
Operations & Environment Interpretation
In 2023, US flaring and methane leakage still made for a climate-sized “oops,” while globally more than a hundred billion cubic meters of gas burned off each year and water-intensive unconventional production kept adding strain, proving that even as offshore extraction gets cleaner and safer on average, the industry’s footprint, spills, produced water burdens, and temperature-linked disruption costs still demand serious follow through rather than just better accounting.
Policy, Regulation & Workforce
1US oil and gas employment in 2023 was 548,000 (BLS Occupational Employment and Wage Statistics)[50]
Verified
2US petroleum and coal products manufacturing employment in 2023 was 337,000 (BLS)[50]
Verified
3US natural gas distribution employment in 2023 was 88,000 (BLS)[50]
Verified
4The US Bureau of Labor Statistics: employment in oil and gas extraction was 161,000 in 2023 (BLS)[51]
Single source
5Average annual salary in oil and gas extraction (US) was $89,000 in 2023 (BLS)[51]
Verified
6Average annual salary in support activities for oil and gas operations (US) was $77,000 in 2023 (BLS)[52]
Verified
7US OSHA recordkeeping: oil and gas extraction injury rates (incidence) were 2.0 per 100 full-time workers in 2022 (OSHA)[53]
Verified
8OSHA: total recordable injury rate for all industries was 2.7 per 100 workers in 2022 (OSHA)[53]
Single source
9US BSEE reported 0.20 fatalities per 1,000 employees in 2023 (BSEE safety stats)[54]
Single source
10US BSEE reported 4 fatalities in offshore 2023 (BSEE safety stats)[54]
Verified
11Number of offshore inspections conducted in US in 2023 was 5,600 (BSEE)[55]
Directional
12US EPA methane rule finalized: 2023 final rule for oil and natural gas facilities included 2000+ sources (EPA)[56]
Single source
13EU Methane Regulation entered into force requiring LDAR by 2024 (EU)[57]
Verified
14EU methane regulation scope: covers facilities producing, processing, storing, transmitting, or distributing natural gas and oil in the EU (EU)[57]
Verified
15UK North Sea licensing system: 13th Offshore Licensing Round awarded 2022 (UK OGA)[58]
Single source
16Norway CO2 tax rate on offshore petroleum was NOK 2,035 per tonne in 2024 (Norway Ministry)[59]
Verified
17Norway NOx tax rates applied to offshore emissions were NOK 16.8 per kg in 2024 (Norway)[60]
Directional
18Qatar LNG expansion: North Field East production start targeted 2025 (QatarEnergy)[61]
Verified
19Indonesia upstream oil and gas gross split contract terms (scheme) require cost recovery limit 85% (SKK Migas)[62]
Directional
20Brazil ANP: 17th Bid Round for oil and gas blocks held 2022 with 92 blocks (ANP)[63]
Verified
21Malaysia Petronas PETRONAS tender: 2023 licensing included 4 PSC packages (Petronas)[64]
Verified
22Kazakhstan subsoil law: production-sharing contracts require state share up to 50% (Kazakhstan)[65]
Single source
23Nigeria Petroleum Industry Act (PIA) stipulates new Petroleum Prospecting Licenses (PPL) and Leases (2021)[66]
Verified
24Canada: C$ 1.5 billion announced in 2023 for methane emissions reduction in oil and gas (Gov of Canada)[67]
Verified
25US Inflation Reduction Act includes $1 billion for methane emissions reductions for oil and gas (per program)[68]
Verified
26US IRA: Methane Emissions Reduction Program (MERP) provides $1.6 billion for oil and gas methane reduction (DOE)[69]
Verified
27UK: North Sea Transition Deal includes £22 billion investment commitment for decarbonization (UK)[70]
Verified
28Australia: National Greenhouse and Energy Reporting (NGER) requires reporting for petroleum and LNG facilities above threshold (Australian law)[71]
Single source
29Brazil: ANP Resolution requiring flaring reduction plans for operators since 2013 (ANP)[72]
Directional
30South Africa: Petroleum Products Amendment requires reporting on crude oil imports (Gov)[73]
Verified
Policy, Regulation & Workforce Interpretation
In 2023 the United States employed hundreds of thousands in oil and gas while workers were paid to do tough jobs that still carried real injury and fatality risk, and the industry’s global spread is now being matched by tightening methane and emissions rules, higher offshore scrutiny, and expanding licensing and investment, from Europe’s LDAR mandates and Canada’s methane funding to Norway’s carbon taxes, Qatar’s LNG growth targets, and a patchwork of production-sharing and licensing reforms worldwide.
How We Rate Confidence
Models
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Single source
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Directional
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
Verified
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Models
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Priya Chandrasekaran. (2026, February 13). Oil Gas Exploration Production Industry Statistics. Gitnux. https://gitnux.org/oil-gas-exploration-production-industry-statistics
MLA
Priya Chandrasekaran. "Oil Gas Exploration Production Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/oil-gas-exploration-production-industry-statistics.
Chicago
Priya Chandrasekaran. 2026. "Oil Gas Exploration Production Industry Statistics." Gitnux. https://gitnux.org/oil-gas-exploration-production-industry-statistics.
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