GITNUXREPORT 2025

Oil Industry Statistics

Global oil demand reached 99 million barrels daily in 2023.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

Our Commitment to Accuracy

Rigorous fact-checking • Reputable sources • Regular updatesLearn more

Statistic 1

The global oil demand was approximately 99 million barrels per day in 2023

Statistic 2

The United States is the world's largest oil producer, with an average production of about 16.5 million barrels per day in 2023

Statistic 3

OPEC's total crude oil production accounted for about 31.4 million barrels per day in 2023

Statistic 4

The transportation sector accounts for about 60% of global oil consumption

Statistic 5

The top three oil-consuming countries are China, the United States, and India, with China consuming around 14 million barrels per day in 2023

Statistic 6

In 2022, global oil production decreased by approximately 1.4 million barrels per day compared to 2021

Statistic 7

The United States produced roughly 11 million barrels of crude oil per day from shale formations in 2023

Statistic 8

The average global oil refinery utilization rate was about 84% in 2022

Statistic 9

The Petrochemical industry consumes about 14% of the total oil produced globally

Statistic 10

The global oil shipping industry moves around 2 billion barrels of oil annually

Statistic 11

Nigeria is among the top ten largest oil producers, with a daily output of about 1.2 million barrels in 2023

Statistic 12

The U.S. has about 680,000 producing oil wells as of 2023

Statistic 13

The global oil pipeline network is over 2.5 million miles long

Statistic 14

The average age of U.S. oil and gas rigs has increased to about 13 years as of 2023

Statistic 15

The shale oil revolution in the U.S. has contributed to a nearly 40% increase in domestic oil production since 2008

Statistic 16

The top oil companies by revenue include Saudi Aramco, Shell, and ExxonMobil, with revenues surpassing $200 billion annually each

Statistic 17

The average depth of offshore drilling is around 7,500 feet (2,286 meters)

Statistic 18

The number of active drilling rigs globally was about 1,320 in 2023

Statistic 19

The average life span of an offshore oil platform is around 20-30 years

Statistic 20

The global offshore oil market was valued at approximately $91 billion in 2022

Statistic 21

The price of Brent crude oil averaged around $100 per barrel in 2023

Statistic 22

Approximately 70% of global oil demand is from transportation and industry

Statistic 23

The oil industry supports approximately 9.2 million jobs worldwide

Statistic 24

The global refining capacity is estimated at around 102 million barrels per day in 2023

Statistic 25

The share of renewable energy in global energy consumption is about 13%, juxtaposed with over 80% from fossil fuels, including oil, as of 2023

Statistic 26

Transport and refining sectors account for over 70% of total oil consumption, indicating their significant influence on oil markets

Statistic 27

The global oil trade volume is approximately 80 million barrels daily, with crude oil and petroleum products constituting most of the trade

Statistic 28

Oil prices are notably volatile, with the Brent crude experiences fluctuations of over $10 per barrel in just one week during 2023

Statistic 29

The offshore oil industry employs over 400,000 workers globally, with significant employment in North America, Europe, and Asia-Pacific regions

Statistic 30

The global lubricants market size is valued at approximately $150 billion in 2023, with oil-based lubricants constituting the majority

Statistic 31

The average global oil refining margin (crack spread) was around $20 per barrel in 2022, influencing refining profitability

Statistic 32

The largest oil-consuming region in 2023 is Asia-Pacific, accounting for over 40% of global oil consumption

Statistic 33

The number of oil wells drilled globally reached about 88,000 in 2023, reflecting ongoing exploration activities

Statistic 34

The global demand for jet fuel is expected to recover to pre-pandemic levels of around 7 million barrels per day by 2024

Statistic 35

Oil demand in the transportation sector is projected to decline by about 10% by 2030 due to electric vehicle adoption

Statistic 36

Approximately 60% of global oil consumption occurs in developed countries, emphasizing consumption disparities

Statistic 37

The price of WTI crude oil averaged around $95 per barrel in 2023, slightly below Brent prices

Statistic 38

Global oil tankers have an average age of about 12 years, with newer ships incorporating advanced navigation and safety features

Statistic 39

The ongoing transition to renewable energy is expected to reduce oil's share in the global energy mix to around 24% by 2030, from over 30% in 2023

Statistic 40

The global oil market faced a supply shortfall of about 3 million barrels per day in mid-2023 due to geopolitical tensions

Statistic 41

The total number of offshore oil and gas projects worldwide exceeds 500, with significant activity in the North Sea, Gulf of Mexico, and Southeast Asia

Statistic 42

The global oil sector's greenhouse gas emissions were estimated at about 2.7 gigatons of CO2 equivalent in 2022

Statistic 43

The closure of certain oil fields due to climate policies could reduce global oil supply by up to 5 million barrels per day by 2030

Statistic 44

In 2022, global CO2 emissions from oil combustion were approximately 13 gigatons, highlighting the environmental impact of the industry

Statistic 45

The practice of flaring natural gas during oil extraction contributes to approximately 400 million metric tons of CO2 annually

Statistic 46

Penalties for oil spill damages can reach hundreds of millions of dollars, impacting companies financially and environmentally

Statistic 47

The combined global oil and gas sector CO2 emissions accounted for approximately 9% of total global energy-related emissions in 2022

Statistic 48

The global oil industry invested roughly $415 billion in exploration and production in 2022

Statistic 49

The average breakeven price for new oil projects globally is around $50 per barrel

Statistic 50

The cost of developing a new offshore oil field can exceed $1 billion, depending on depth and location

Statistic 51

The oil industry faced a global investment decline of approximately 25% in 2020 due to the COVID-19 pandemic

Statistic 52

The global oil industry is estimated to invest over $600 billion annually into the upstream sector, including exploration and production

Statistic 53

Heavy investment in decommissioning aging offshore platforms is expected to reach over $100 billion globally by 2030, catalyzed by industry aging infrastructure

Statistic 54

The proven oil reserves worldwide are approximately 1,757 billion barrels as of 2023

Statistic 55

The majority of the world's proven oil reserves are located in the Middle East, accounting for approximately 48%

Statistic 56

The majority of new oil discoveries are located in offshore or deepwater locations, representing about 65% of total new discoveries in 2022

Statistic 57

The average global oil reserve-to-production ratio is approximately 50 years

Statistic 58

Iran possesses the world's second-largest proved oil reserves, totaling about 157 billion barrels

Statistic 59

The US strategic petroleum reserves hold about 600 million barrels of crude oil as of 2023, planned for gradual drawdown

Statistic 60

The discovery rate of new oil fields has declined by about 40% over the past decade, raising concerns over future supply

Statistic 61

Over 80% of global oil reserves are owned by national oil companies, indicating state control in the industry

Statistic 62

The United Arab Emirates holds approximately 107 billion barrels of proven oil reserves, ranking sixth globally

Slide 1 of 62

Sources

Our Reports have been cited by:

Trust Badges - Publications that have cited our reports

Key Highlights

The global oil demand was approximately 99 million barrels per day in 2023
The United States is the world's largest oil producer, with an average production of about 16.5 million barrels per day in 2023
OPEC's total crude oil production accounted for about 31.4 million barrels per day in 2023
The proven oil reserves worldwide are approximately 1,757 billion barrels as of 2023
The global oil industry invested roughly $415 billion in exploration and production in 2022
The average breakeven price for new oil projects globally is around $50 per barrel
The transportation sector accounts for about 60% of global oil consumption
The top three oil-consuming countries are China, the United States, and India, with China consuming around 14 million barrels per day in 2023
The majority of the world's proven oil reserves are located in the Middle East, accounting for approximately 48%
In 2022, global oil production decreased by approximately 1.4 million barrels per day compared to 2021
The number of active drilling rigs globally was about 1,320 in 2023
The average life span of an offshore oil platform is around 20-30 years
The global offshore oil market was valued at approximately $91 billion in 2022

The oil industry, a cornerstone of the global economy, is navigating a complex landscape of soaring demand, cutting-edge exploration, and mounting environmental concerns, as evidenced by the staggering statistics of 2023 including a daily demand of 99 million barrels and the dominance of offshore discoveries accounting for 65% of new finds.

Energy Production and Consumption

The global oil demand was approximately 99 million barrels per day in 2023
The United States is the world's largest oil producer, with an average production of about 16.5 million barrels per day in 2023
OPEC's total crude oil production accounted for about 31.4 million barrels per day in 2023
The transportation sector accounts for about 60% of global oil consumption
The top three oil-consuming countries are China, the United States, and India, with China consuming around 14 million barrels per day in 2023
In 2022, global oil production decreased by approximately 1.4 million barrels per day compared to 2021
The United States produced roughly 11 million barrels of crude oil per day from shale formations in 2023
The average global oil refinery utilization rate was about 84% in 2022
The Petrochemical industry consumes about 14% of the total oil produced globally
The global oil shipping industry moves around 2 billion barrels of oil annually
Nigeria is among the top ten largest oil producers, with a daily output of about 1.2 million barrels in 2023
The U.S. has about 680,000 producing oil wells as of 2023
The global oil pipeline network is over 2.5 million miles long
The average age of U.S. oil and gas rigs has increased to about 13 years as of 2023
The shale oil revolution in the U.S. has contributed to a nearly 40% increase in domestic oil production since 2008
The top oil companies by revenue include Saudi Aramco, Shell, and ExxonMobil, with revenues surpassing $200 billion annually each
The average depth of offshore drilling is around 7,500 feet (2,286 meters)

Energy Production and Consumption Interpretation

With nearly 100 million barrels consumed daily—primarily by transport giants in China, the U.S., and India—it's clear that while the U.S. leads in shale-driven production, global oil dynamics remain a high-stakes balance of refining, shipping, and geopolitics, all underpinned by extensive pipelines and aging rigs that narrate a mature yet ever-evolving industry worth over a trillion dollars.

Energy Production and Consumption Market Dynamics

The number of active drilling rigs globally was about 1,320 in 2023
The average life span of an offshore oil platform is around 20-30 years
The global offshore oil market was valued at approximately $91 billion in 2022
The price of Brent crude oil averaged around $100 per barrel in 2023
Approximately 70% of global oil demand is from transportation and industry
The oil industry supports approximately 9.2 million jobs worldwide
The global refining capacity is estimated at around 102 million barrels per day in 2023
The share of renewable energy in global energy consumption is about 13%, juxtaposed with over 80% from fossil fuels, including oil, as of 2023
Transport and refining sectors account for over 70% of total oil consumption, indicating their significant influence on oil markets
The global oil trade volume is approximately 80 million barrels daily, with crude oil and petroleum products constituting most of the trade
Oil prices are notably volatile, with the Brent crude experiences fluctuations of over $10 per barrel in just one week during 2023
The offshore oil industry employs over 400,000 workers globally, with significant employment in North America, Europe, and Asia-Pacific regions
The global lubricants market size is valued at approximately $150 billion in 2023, with oil-based lubricants constituting the majority
The average global oil refining margin (crack spread) was around $20 per barrel in 2022, influencing refining profitability
The largest oil-consuming region in 2023 is Asia-Pacific, accounting for over 40% of global oil consumption
The number of oil wells drilled globally reached about 88,000 in 2023, reflecting ongoing exploration activities
The global demand for jet fuel is expected to recover to pre-pandemic levels of around 7 million barrels per day by 2024
Oil demand in the transportation sector is projected to decline by about 10% by 2030 due to electric vehicle adoption
Approximately 60% of global oil consumption occurs in developed countries, emphasizing consumption disparities
The price of WTI crude oil averaged around $95 per barrel in 2023, slightly below Brent prices
Global oil tankers have an average age of about 12 years, with newer ships incorporating advanced navigation and safety features
The ongoing transition to renewable energy is expected to reduce oil's share in the global energy mix to around 24% by 2030, from over 30% in 2023
The global oil market faced a supply shortfall of about 3 million barrels per day in mid-2023 due to geopolitical tensions
The total number of offshore oil and gas projects worldwide exceeds 500, with significant activity in the North Sea, Gulf of Mexico, and Southeast Asia

Energy Production and Consumption Market Dynamics Interpretation

Despite powering over 80% of global energy needs and supporting millions of jobs, the oil industry—bolstered by roughly 1,320 active rigs and an extensive fleet of aging tankers—stands at a crossroads as volatile prices, geopolitical tensions, and a slow yet inevitable shift toward renewable sources threaten its dominance, underscoring that even a $91 billion market can’t escape the winds of change.

Environmental Impact and Transition

The global oil sector's greenhouse gas emissions were estimated at about 2.7 gigatons of CO2 equivalent in 2022
The closure of certain oil fields due to climate policies could reduce global oil supply by up to 5 million barrels per day by 2030
In 2022, global CO2 emissions from oil combustion were approximately 13 gigatons, highlighting the environmental impact of the industry
The practice of flaring natural gas during oil extraction contributes to approximately 400 million metric tons of CO2 annually
Penalties for oil spill damages can reach hundreds of millions of dollars, impacting companies financially and environmentally
The combined global oil and gas sector CO2 emissions accounted for approximately 9% of total global energy-related emissions in 2022

Environmental Impact and Transition Interpretation

While the oil industry's 2.7 gigatons of annual greenhouse gases and its role in producing 13 gigatons of CO2 underscore its environmental toll, the prospect of shutting down some fields—reducing supply by 5 million barrels daily—reminds us that efforts to combat climate change will demand both bold policy strikes and financial penalties hefty enough to make offshore drilling less tempting than a deserted oil rig.

Investment in Oil and Gas

The global oil industry invested roughly $415 billion in exploration and production in 2022
The average breakeven price for new oil projects globally is around $50 per barrel
The cost of developing a new offshore oil field can exceed $1 billion, depending on depth and location
The oil industry faced a global investment decline of approximately 25% in 2020 due to the COVID-19 pandemic
The global oil industry is estimated to invest over $600 billion annually into the upstream sector, including exploration and production
Heavy investment in decommissioning aging offshore platforms is expected to reach over $100 billion globally by 2030, catalyzed by industry aging infrastructure

Investment in Oil and Gas Interpretation

Despite a historic dip in investment during 2020, the oil industry’s relentless billion-dollar pursuits—ranging from multi-billion offshore projects to billions allocated for decommissioning—highlight its unwavering commitment to staying afloat in a fluctuating economic tide.

Oil Reserves and Production

The proven oil reserves worldwide are approximately 1,757 billion barrels as of 2023
The majority of the world's proven oil reserves are located in the Middle East, accounting for approximately 48%
The majority of new oil discoveries are located in offshore or deepwater locations, representing about 65% of total new discoveries in 2022
The average global oil reserve-to-production ratio is approximately 50 years
Iran possesses the world's second-largest proved oil reserves, totaling about 157 billion barrels
The US strategic petroleum reserves hold about 600 million barrels of crude oil as of 2023, planned for gradual drawdown
The discovery rate of new oil fields has declined by about 40% over the past decade, raising concerns over future supply
Over 80% of global oil reserves are owned by national oil companies, indicating state control in the industry
The United Arab Emirates holds approximately 107 billion barrels of proven oil reserves, ranking sixth globally

Oil Reserves and Production Interpretation

Despite holding nearly a quarter of the world's proven reserves and increasingly relying on offshore deepwaters for new discoveries, the oil industry's future faces the challenge of dwindling discovery rates and finite reserves, underscoring the urgent need for a strategic pivot amid rising resource control by national entities.