As the world consumed nearly 100 million barrels of oil every single day in 2022, a complex global industry operated at a staggering scale to meet that demand, defining geopolitics, economies, and our environmental future.
Key Takeaways
- In 2022, global crude oil production reached 99.4 million barrels per day (bpd)
- Saudi Arabia produced 10.7 million bpd of crude oil in 2022
- The United States produced a record 12.9 million bpd of crude oil in 2022
- Global proved oil reserves totaled 1,731.9 billion barrels at end-2022
- Venezuela holds the largest proved oil reserves at 303.3 billion barrels
- Saudi Arabia has 258.6 billion barrels of proved oil reserves
- Global oil consumption was 99.7 million bpd in 2022
- US oil consumption averaged 20.0 million bpd in 2022
- China consumed 15.0 million bpd of oil in 2022
- Brent crude oil averaged $100 per barrel in 2022
- WTI crude averaged $94 per barrel in 2022
- Dubai crude price averaged $98 per barrel in 2022
- ExxonMobil employed 62,000 people worldwide in 2022
- Chevron's market cap reached $348 billion peak in 2022
- Saudi Aramco produced 10.7 million bpd, world's largest
This blog post details 2022 global oil production levels, reserves, consumption, and environmental impacts.
Companies
1ExxonMobil employed 62,000 people worldwide in 2022
Verified2Chevron's market cap reached $348 billion peak in 2022
Verified3Saudi Aramco produced 10.7 million bpd, world's largest
Verified4TotalEnergies revenue $263 billion in 2022
Directional5Shell employed 82,000 staff in 2022
Single source6Occidental Petroleum acquired Anadarko boosting to 1.2M bpd
Verified7ConocoPhillips production 1.8 million boe/d in 2022
Verified8Global oil industry employed 10 million direct jobs in 2022
Verified9Aramco market cap $2.3 trillion in 2022
Directional10Petrobras produced 2.8 million boe/d in 2022
Single source11Equinor (Norway) output 2.0 million boe/d
Verified12Global refining capacity 102 million bpd in 2022
Verified13Valero Energy processed 3.2 million bpd
Verified14Marathon Petroleum throughput 3.0 million bpd
Directional15Phillips 66 refined 2.0 million bpd in 2022
Single source16Sinopec China capacity 5.7 million bpd
Verified17Reliance Jamnagar world's largest refinery at 1.24M bpd
Verified18Oil industry capex globally $500 billion in 2022
Verified19Majors' dividends totaled $100 billion in 2022
Directional20Global oil tanker fleet 2.2 billion dwt in 2022
Single source21Maersk Oil traded 100 million tons seaborne oil
VerifiedCompanies Interpretation
While Saudi Aramco towers with a $2.3 trillion crown, the gears of this global machine—from the 10 million jobs it powers to the 102 million barrels it refines daily—hum on a scale so vast that ExxonMobil's 62,000 employees are but one crew on a tanker fleet large enough to hold 2.2 billion deadweight tons of the very substance that makes it all run.
Consumption
1Global oil consumption was 99.7 million bpd in 2022
Verified2US oil consumption averaged 20.0 million bpd in 2022
Verified3China consumed 15.0 million bpd of oil in 2022
Verified4India’s oil demand grew to 5.0 million bpd in 2022
Directional5Europe's oil consumption fell to 13.5 million bpd in 2022
Single source6Japan's consumption was 3.3 million bpd in 2022
Verified7Saudi Arabia consumed 3.4 million bpd domestically in 2022
Verified8Road transport accounts for 55% of global oil demand
Verified9Petrochemicals demand for oil reached 14 million bpd in 2022
Directional10Aviation fuel demand recovered to 5.5 million bpd in 2022
Single source11Global diesel consumption was 32 million bpd in 2022
Verified12Gasoline demand hit 25 million bpd globally in 2022
Verified13South Korea oil use at 2.6 million bpd in 2022
Verified14Brazil consumed 3.1 million bpd in 2022
Directional15Russia’s domestic consumption 3.6 million bpd in 2022
Single source16Middle East oil demand totaled 8.5 million bpd in 2022
Verified17OECD countries consumed 45.2 million bpd in 2022
Verified18Non-OECD demand was 54.5 million bpd in 2022
Verified19Global oil demand growth was 2.5 million bpd in 2022
DirectionalConsumption Interpretation
Despite a global greening chorus, 2022's story was one of sobering thirst: while Europe sipped less, the world still chugged nearly 100 million barrels a day, proving that kicking the oil habit is a marathon where everyone is still lacing up their shoes.
Environment
1Oil spills from tankers totaled 150,000 tons in 2022
Verified2Global upstream oil methane emissions 80 million tons CO2e in 2021
Verified3Oil production emits 1.5 Gt CO2 annually from flaring
Verified4US oil industry water use 10 billion barrels/year
Directional5Global oil spills volume 1 million tons from 1970-2022
Single source6Flaring volume worldwide 140 bcm in 2022
Verified7Permian Basin methane intensity 2.5% in 2022
Verified8Oil & gas sector 15% of global anthropogenic methane
Verified9Deepwater Horizon spill released 4.9 million barrels in 2010
Directional10Global CO2 from oil combustion 11.5 Gt in 2022
Single source11Nigeria Niger Delta oil spills 1.5 million tons since 1976
Verified12Arctic oil drilling risks high with 75% ice melt
Verified13Biofuel mandates reduced oil GHG by 50 MtCO2 in 2022
Verified14Oil sands tailings ponds cover 220 km2 in Canada
Directional15Global oil CCS capacity 40 MtCO2/year operational 2022
Single source16Fracking uses 20 trillion liters water globally since 2011
Verified17ExxonMobil fined $1 billion for air pollution violations
Verified18EU ETS covers 40% oil refining emissions
Verified19Oil industry deforestation 5 million ha Amazon 1985-2022
Directional20Seeps natural oil spills 600,000 tons/year globally
Single source21Chevron Ecuador spill fined $9.5 billion
VerifiedEnvironment Interpretation
The oil industry’s staggering legacy of spills, emissions, and environmental degradation reads like a case study in trading our planet’s health for fuel, proving that the true cost of a barrel of oil is measured in poisoned water, scorched air, and a dangerously altered climate.
Prices
1Brent crude oil averaged $100 per barrel in 2022
Verified2WTI crude averaged $94 per barrel in 2022
Verified3Dubai crude price averaged $98 per barrel in 2022
Verified4Henry Hub natural gas linked to oil prices spiked with oil in 2022
Directional5OPEC basket price reached $100.58 average in 2022
Single source6Global oil refining margins hit $15 per barrel in 2022
Verified7Brent peak price was $123 per barrel in March 2022
Verified8WTI futures traded up to $123 in 2022
Verified9Urals crude discounted to $70 average in 2022 due to sanctions
Directional10Global LNG prices correlated with oil at $30/MMBtu peak 2022
Single source11Diesel crack spread averaged $40 per barrel in 2022
Verified12Gasoline retail price in US averaged $3.95/gallon in 2022
Verified13Brent-WTI spread narrowed to $2.70 average in 2022
Verified14Dated Brent averaged $99.27 in 2022
Directional15Oil price volatility index (OVX) averaged 40 in 2022
Single source16ExxonMobil reported $55.7 billion profit in 2022 driven by high oil prices
Verified17Global oil trade value exceeded $1 trillion in 2022
Verified18Shell's LNG division saw prices triple to $50/MMBtu avg 2022
Verified19Chevron earned $35.5 billion in 2022 from high prices
Directional20BP profits hit $27.7 billion in 2022
Single source21Global oil inventories drew down by 1.4 million bpd in 2022
VerifiedPrices Interpretation
In 2022, the world's frantic scramble for anything that burns allowed oil companies to ring up profits of cartoon-villain proportions, while the rest of us just watched the numbers at the pump climb with a grim, knowing sigh.
Production
1In 2022, global crude oil production reached 99.4 million barrels per day (bpd)
Verified2Saudi Arabia produced 10.7 million bpd of crude oil in 2022
Verified3The United States produced a record 12.9 million bpd of crude oil in 2022
Verified4Russia's crude oil production averaged 10.1 million bpd in 2022
Directional5Canada’s oil sands production hit 3.3 million bpd in 2022
Single source6Iraq produced 4.4 million bpd of crude oil in 2022
Verified7UAE crude oil output was 3.5 million bpd in 2022
Verified8Brazil's crude oil production grew to 3.1 million bpd in 2022
Verified9China's crude oil production was 4.1 million bpd in 2022
Directional10Norway produced 2.0 million bpd of crude oil in 2022
Single source11Kuwait's production stood at 2.7 million bpd in 2022
Verified12Iran's crude oil output was 3.5 million bpd despite sanctions in 2022
Verified13Global oil production from offshore fields accounted for 30% of total in 2022
Verified14Permian Basin in the US produced 5.9 million bpd in 2022
Directional15Qatar's crude oil production was 1.3 million bpd in 2022
Single source16Nigeria produced 1.4 million bpd in 2022 amid theft issues
Verified17Kazakhstan's oil production reached 1.8 million bpd in 2022
Verified18Libya's output fluctuated to average 1.2 million bpd in 2022
Verified19Global shale oil production contributed 10 million bpd in 2022
Directional20Venezuela produced 0.8 million bpd in 2022
Single source21Angola's crude oil production was 1.1 million bpd in 2022
Verified22Oman produced 1.0 million bpd in 2022
Verified23Colombia's oil production was 0.8 million bpd in 2022
VerifiedProduction Interpretation
Despite geopolitical turmoil and sanctions, the world's thirst for oil remains unquenchable, with a 100 million barrel-per-day habit powered by an uneasy alliance of superpowers, petrostates, and shale wildcatters.
Reserves
1Global proved oil reserves totaled 1,731.9 billion barrels at end-2022
Verified2Venezuela holds the largest proved oil reserves at 303.3 billion barrels
Verified3Saudi Arabia has 258.6 billion barrels of proved oil reserves
Verified4Canada’s oil sands reserves are estimated at 166.2 billion barrels
Directional5Iran possesses 208.6 billion barrels of proved reserves
Single source6Iraq has 145.0 billion barrels of oil reserves
Verified7UAE oil reserves stand at 111.0 billion barrels
Verified8Russia’s proved reserves are 80.0 billion barrels
Verified9Kuwait holds 101.5 billion barrels
Directional10US proved crude oil reserves increased to 44.4 billion barrels in 2021 (latest detailed)
Single source11Libya has 48.4 billion barrels of reserves
Verified12Nigeria’s reserves are 36.9 billion barrels
Verified13China’s proved oil reserves are 26.1 billion barrels
Verified14Qatar reserves at 25.2 billion barrels
Directional15Brazil has 12.7 billion barrels of proved reserves
Single source16Algeria holds 12.2 billion barrels
Verified17Kazakhstan reserves estimated at 30.0 billion barrels
Verified18Norway has 8.0 billion barrels remaining reserves
Verified19Global R/P ratio for oil reserves is 49.5 years at 2022 rates
Directional20Undiscovered technically recoverable oil resources globally: 565 billion barrels
Single source21Permian Basin holds 46 billion barrels undiscovered
VerifiedReserves Interpretation
While Venezuela's treasure chest leads the pack with over 300 billion barrels, the sobering global math reveals we're operating on a 50-year warranty with limited, though not insignificant, backup stock.
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