Beneath the surface of our energy-driven world lies a staggering concentration of resources, where just five nations—Venezuela, Saudi Arabia, Iran, Canada, and Iraq—hold over half of the planet's 1.7 trillion barrels of proven oil, a foundational reality we'll unpack through the key statistics shaping the global oil and gas industry.
Key Takeaways
- Global proven oil reserves stood at 1,732.4 billion barrels at the end of 2022
- Venezuela holds the largest proven oil reserves at 303.8 billion barrels as of end-2022
- Saudi Arabia has proven oil reserves of 267.0 billion barrels at end-2022
- Worldwide liquids production averaged 99.4 million barrels per day (b/d) in 2022
- US oil production reached 11.9 million b/d in 2022
- Saudi Arabia produced 10.7 million b/d oil in 2022
- Global oil demand reached 99.7 million b/d in 2022
- US oil consumption 19.0 million b/d in 2022
- China oil demand 15.1 million b/d in 2022
- Brent crude oil average price was $100 per barrel in 2022
- WTI crude oil averaged $94 per barrel in 2022
- Henry Hub natural gas average price $6.45 per MMBtu in 2022
- Oil & gas industry global revenue $4.6 trillion in 2022
- ExxonMobil revenue $413.7 billion in 2022
- Shell revenue $386.2 billion in 2022
Venezuela has the world's largest oil reserves while Russia leads in natural gas.
Consumption and Demand
- Global oil demand reached 99.7 million b/d in 2022
- US oil consumption 19.0 million b/d in 2022
- China oil demand 15.1 million b/d in 2022
- India oil consumption 5.4 million b/d in 2022
- Japan oil demand 3.3 million b/d in 2022
- Russia oil consumption 3.5 million b/d in 2022
- Saudi Arabia oil use 3.4 million b/d in 2022
- South Korea oil demand 2.6 million b/d in 2022
- Canada oil consumption 2.5 million b/d in 2022
- Brazil oil demand 3.1 million b/d in 2022
- Germany oil use 2.0 million b/d in 2022
- Global natural gas demand 4,057 billion cubic meters in 2022
- US gas consumption 861 billion cubic meters in 2022
- China gas demand 367 billion cubic meters in 2022
- Russia gas consumption 471 billion cubic meters in 2022
- Japan gas use 96 billion cubic meters in 2022
- Germany gas demand 83 billion cubic meters in 2022
- Iran gas consumption 243 billion cubic meters in 2022
- Saudi Arabia gas use 117 billion cubic meters in 2022
- India gas demand 65 billion cubic meters in 2022
- Canada gas consumption 132 billion cubic meters in 2022
- Global LNG demand grew to 387 billion cubic meters in 2022
- China LNG imports 79 billion cubic meters in 2022
- Japan LNG imports 66 billion cubic meters in 2022
- South Korea LNG 52 billion cubic meters in 2022
- Europe LNG imports 121 billion cubic meters in 2022
- US gasoline demand averaged 8.8 million b/d in 2022
- Global jet fuel demand recovered to 6.8 million b/d in 2022
Consumption and Demand Interpretation
Despite its green ambitions, the world remains stubbornly wedded to fossil fuels, as evidenced by America guzzling oil like it's going out of style while China and Russia keep the gas flowing, proving that kicking this habit is a global struggle we're all failing together.
Environmental Impact and Emissions
- Oil spill from operations average 1-2 million barrels/year globally
- Global CO2 emissions from oil 11.7 Gt in 2022
- Methane emissions from oil & gas 120 Mt/year globally
- US oil & gas methane emissions 30 Mt in 2021
- Flaring volumes 148 bcm gas in 2022, equivalent to 400 Mt CO2
- Russia flaring 20 bcm in 2022
- Iraq flaring 17 bcm in 2022
- Iran flaring 16 bcm in 2022
- US flaring 5.4 bcm in 2022
- Global water use in upstream oil & gas 250 billion cubic meters/year
- Permian Basin produced water 20 barrels per barrel oil
- Carbon intensity of oil production averages 10-20 gCO2/MJ
- CCS capacity in oil & gas 40 MtCO2/year operational
- Global oil & gas sector pledged net-zero by 2050 by 15% of majors
Environmental Impact and Emissions Interpretation
The oil and gas industry's staggering, year-after-year resume of spills, emissions, and waste, paired with its decidedly modest roster of climate pledges and carbon capture, suggests that while it is very good at producing energy, it is historically and overwhelmingly terrible at being a responsible steward of the planet.
Exploration and Technology
- Deepwater wells average depth 6,500 meters
- Horizontal drilling length averaged 10,000 feet in US shales 2022
- Global seismic data acquired 5 million km2/year
- AI used in 70% of major oil companies for exploration by 2023
- Fracking stages average 40 per well in Permian
Exploration and Technology Interpretation
The industry is now Sherlock Holmes with a supercomputer, solving the planetary puzzle of where to stick a needle that’s miles long—first straight down, then sideways, then with dozens of tiny explosions—to find a prize buried under unimaginable pressure.
Financial and Economic Impact
- Oil & gas industry global revenue $4.6 trillion in 2022
- ExxonMobil revenue $413.7 billion in 2022
- Shell revenue $386.2 billion in 2022
- Chevron revenue $235.6 billion in 2022
- TotalEnergies revenue €263.3 billion in 2022
- BP revenue $248.9 billion in 2022
- Saudi Aramco profit $161.1 billion in 2022
- Global upstream investment $533 billion in 2022
- US oil & gas capex $200 billion in 2022
- Global oil & gas employed 11.9 million people in 2021
- US oil & gas jobs 1.7 million in 2022
- Permian Basin supports 500,000 direct jobs
- Global oil & gas contributes 3.5% to world GDP
- OPEC revenues $1 trillion in 2022
- Norway oil fund $1.4 trillion assets from oil revenues end-2022
- Global midstream pipeline mileage 2.4 million km for oil & gas
- US rig count averaged 591 in 2022
- Global rig count 2,228 average in 2022
- ExxonMobil capex $26.5 billion in 2022
- Shell upstream capex $14 billion in 2022
Financial and Economic Impact Interpretation
The sheer, gravity-well scale of these numbers—from the trillions in global revenue funding nations to the millions of jobs fueling local economies—proves that, for all its controversies, the modern world still quite literally runs on the immense, complex machinery of oil and gas.
Prices and Markets
- Brent crude oil average price was $100 per barrel in 2022
- WTI crude oil averaged $94 per barrel in 2022
- Henry Hub natural gas average price $6.45 per MMBtu in 2022
- Global LNG spot price averaged $29 per MMBtu in Europe H1 2022
- OPEC basket oil price averaged $100.04 per barrel in 2022
- Dubai crude averaged $98.7 per barrel in 2022
- TTF gas hub price peaked at €300/MWh in 2022
- JKM LNG Asia spot price averaged $40 per MMBtu in 2022
- Global oil trade volume 42.8 million b/d seaborne in 2022
- Saudi Arabia oil exports 7.1 million b/d in 2022
- US oil exports 3.6 million b/d in 2022
- Russia oil exports 7.7 million b/d in 2022
- Iraq oil exports 3.5 million b/d in 2022
- Canada oil exports 3.8 million b/d in 2022
- UAE oil exports 2.6 million b/d in 2022
- Nigeria oil exports 1.3 million b/d in 2022
- Global LNG trade 404 billion cubic meters in 2022
- Qatar LNG exports 77 billion cubic meters in 2022
- Australia LNG exports 81 billion cubic meters in 2022
- US LNG exports 84 billion cubic meters in 2022
- Russia pipeline gas exports to Europe fell 60% in 2022 to 63 bcm
- Global oil refining capacity 102 million b/d end-2022
- China refining throughput 14.8 million b/d in 2022
- US refining input 16.1 million b/d in 2022
Prices and Markets Interpretation
In 2022, the energy market delivered a masterclass in turbulent economics, where Russia's pipeline retreat made Europe pay dearly for its freedom from Russian gas while simultaneously proving that, when it comes to oil, the world remains stubbornly and profoundly addicted to a daily diet of over 40 million barrels shipped across the seas.
Production Statistics
- Worldwide liquids production averaged 99.4 million barrels per day (b/d) in 2022
- US oil production reached 11.9 million b/d in 2022
- Saudi Arabia produced 10.7 million b/d oil in 2022
- Russia oil production 10.1 million b/d in 2022
- Canada oil output 5.0 million b/d in 2022
- Iraq produced 4.3 million b/d oil in 2022
- China oil production 4.1 million b/d in 2022
- UAE oil production 3.4 million b/d in 2022
- Iran oil output 3.1 million b/d in 2022
- Brazil produced 3.1 million b/d oil in 2022
- Kuwait oil production 2.7 million b/d in 2022
- Norway oil output 2.0 million b/d in 2022
- Global natural gas production was 4,058 billion cubic meters in 2022
- US gas production 1,035 billion cubic meters in 2022
- Russia gas production 616 billion cubic meters in 2022
- Iran gas output 256 billion cubic meters in 2022
- Qatar gas production 177 billion cubic meters in 2022
- China gas production 209 billion cubic meters in 2022
- Saudi Arabia gas output 125 billion cubic meters in 2022
- Canada gas production 176 billion cubic meters in 2022
- Australia gas output 147 billion cubic meters in 2022
- Norway gas production 122 billion cubic meters in 2022
- US shale oil production averaged 9.2 million b/d in 2022
- Permian Basin produced 5.9 million b/d of crude oil in 2022
- Global LNG production reached 404 billion cubic meters in 2022
- Qatar LNG production 77 billion cubic meters in 2022
- Australia LNG output 81 billion cubic meters in 2022
- US LNG production 99 billion cubic meters in 2022
Production Statistics Interpretation
While the world nervously eyes its green energy dashboard, the old internal combustion beast still guzzles 100 million barrels daily, proving that kicking a 99.4 million barrel per day habit is as easy as herding cats—especially when the U.S. and Saudi Arabia are the alpha toms leading the pack.
Reserves and Resources
- Global proven oil reserves stood at 1,732.4 billion barrels at the end of 2022
- Venezuela holds the largest proven oil reserves at 303.8 billion barrels as of end-2022
- Saudi Arabia has proven oil reserves of 267.0 billion barrels at end-2022
- Iran possesses 208.6 billion barrels of proven oil reserves end-2022
- Canada’s proven oil reserves reached 170.3 billion barrels end-2022, mainly oil sands
- Iraq has 145.0 billion barrels proven oil reserves end-2022
- UAE proven oil reserves at 113.0 billion barrels end-2022
- Russia holds 107.8 billion barrels proven oil reserves end-2022
- Kuwait has 101.5 billion barrels proven oil reserves end-2022
- Libya possesses 48.4 billion barrels proven oil reserves end-2022
- US proven oil reserves were 47.1 billion barrels end-2022
- Global proven natural gas reserves totaled 187 trillion cubic meters end-2022
- Russia has largest gas reserves at 37.4 trillion cubic meters end-2022
- Iran gas reserves 33.8 trillion cubic meters end-2022
- Qatar proven gas reserves 23.9 trillion cubic meters end-2022
- Turkmenistan gas reserves 11.4 trillion cubic meters end-2022
- US gas reserves 13.2 trillion cubic meters end-2022
- Saudi Arabia gas reserves 8.4 trillion cubic meters end-2022
- UAE gas reserves 6.1 trillion cubic meters end-2022
- China gas reserves 6.0 trillion cubic meters end-2022
- Algeria gas reserves 4.5 trillion cubic meters end-2022
- Nigeria gas reserves 5.3 trillion cubic meters end-2022
- Global technically recoverable shale oil resources estimated at 407 billion barrels
- US holds 78 billion barrels of technically recoverable shale oil
- Russia shale oil resources 75 billion barrels technically recoverable
- Global shale gas technically recoverable resources 7,299 trillion cubic feet
- US shale gas resources 665 trillion cubic feet technically recoverable
- China shale gas resources 1,115 trillion cubic feet technically recoverable
- Argentina shale gas 802 trillion cubic feet technically recoverable
- Global primary oil recovery factor averages 20-40% of original oil in place
Reserves and Resources Interpretation
Venezuela may sit atop a king's ransom of oil, but the true measure of geopolitical and economic power lies not just in what's proven in the ground, but in who can actually extract and use it efficiently—as evidenced by the modest proven reserves of the current heavyweight producers, the United States and Russia, who instead dominate through technology and recovery.
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