Fresh oil supply is rising while demand expectations stay carefully balanced, with global refining throughput up about 0.6 million barrels per day in 2023 and IEA projections pointing to roughly 1.5 million barrels per day of additional capacity by end 2025. At the same time, production and trade signals are pulling in different directions, from U.S. crude output averaging 13.3 million barrels per day in 2024 year to date to EU net oil imports falling about 5% in 2023. This post gathers the key oil industry statistics that make those shifts visible across production, refining, methane and emissions.
Key Takeaways
- 2.09 million barrels per day of global oil production capacity came online in 2023, according to OPEC’s assessment of new supply additions
- OPEC reported 2.6 million barrels per day of voluntary production cuts by OPEC+ members in April 2024 as part of the policy framework
- Global oil demand was revised up by 1.1 million barrels per day for 2024 in the IEA’s Oil Market Report for May 2024
- IEA estimated global refining capacity additions of about 1.5 million barrels per day are expected by end-2025 (from the Oil Market Report context of projects)
- The IEA forecast that global refining throughput increased by about 0.6 million barrels per day in 2023
- EIA reported that U.S. crude oil refinery inputs averaged about 16.7 million barrels per day in 2023
- IEA estimated that net oil imports in the EU fell by about 5% in 2023 compared with 2022 (trade balancing in Oil Market Report)
- OPEC reported that Middle East crude exports provided over 40% of global seaborne crude oil trade volumes in 2023
- IEA estimated there were about 1,200 million barrels of proven crude oil reserves worldwide (OPEC/IEA consolidated totals) in 2023
- Flaring losses in the Permian averaged about 0.2% of gross production in 2023 (estimated using satellite and industry reporting referenced by EIA/NOAA summaries)
- According to the Global Methane Initiative, global methane emissions from the oil and gas sector were estimated at about 30 million metric tons in 2021
- NOAA and partner studies estimated that methane emissions from the Permian Basin were in the hundreds of thousands of tons per year range (in the study summarized by NOAA)
- IEA reported that the number of new oil and gas methane mitigation projects increased by about 20% in 2023 vs 2022 (tracker progress)
- IEA projected global oil demand to rise to 105.0 million barrels per day by 2030 in its Announced Pledges scenario (projection)
- IEA forecast that global EV sales will reach about 17 million in 2024
Global oil demand rose in 2024 as new supply additions offset OPEC+ cuts and refinery throughput gains.
Related reading
01 · Category
Production & Supply8 stats
01
2.09 million barrels per day of global oil production capacity came online in 2023, according to OPEC’s assessment of new supply additionshttps://www.opec.org/opec_web/en/press_room/6064.htm
02
OPEC reported 2.6 million barrels per day of voluntary production cuts by OPEC+ members in April 2024 as part of the policy frameworkhttps://www.opec.org/opec_web/en/press_room/6559.htm
03
Global oil demand was revised up by 1.1 million barrels per day for 2024 in the IEA’s Oil Market Report for May 2024https://www.iea.org/reports/oil-market-report-may-2024
04
The IEA estimated global oil demand growth of 1.0 million barrels per day in 2024 (World Energy Outlook oil demand outlook via Oil Market Report)https://www.iea.org/reports/oil-market-report-july-2024
05
According to EIA, U.S. crude oil production averaged 13.2 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=62460
06
EIA reported U.S. crude oil production averaged 13.3 million barrels per day in 2024 (year-to-date through the report month)https://www.eia.gov/todayinenergy/detail.php?id=64426
07
Total OPEC crude oil production averaged 26.0 million barrels per day in July 2024, based on OPEC’s monthly report figureshttps://www.opec.org/opec_web/en/press_room/6790.htm
08
The EIA estimated that OPEC crude oil production averaged 31.0 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=57661
Interpretation
Production & Supply Interpretation
Under the Production and Supply category, new supply and demand signals in 2023 and 2024 point to a tightening picture with 2.09 million barrels per day of global capacity added in 2023 alongside 1.1 million barrels per day demand growth in 2024, while OPEC’s output remains substantial at 26.0 million barrels per day in July 2024 and voluntary cuts of 2.6 million barrels per day were in effect in April 2024.
02 · Category
Refining & Petrochemicals7 stats
01
IEA estimated global refining capacity additions of about 1.5 million barrels per day are expected by end-2025 (from the Oil Market Report context of projects)https://www.iea.org/reports/oil-market-report-june-2024
02
The IEA forecast that global refining throughput increased by about 0.6 million barrels per day in 2023https://www.iea.org/reports/oil-market-report-april-2024
03
EIA reported that U.S. crude oil refinery inputs averaged about 16.7 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=56722
04
EIA stated U.S. refinery utilization averaged 88.0% in 2023https://www.eia.gov/todayinenergy/detail.php?id=56724
05
BP’s Statistical Review data shows global refining capacity stood at about 4.3 billion tonnes per year in 2023https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
06
OPEC estimated global refining capacity at about 5.4 billion barrels per day equivalent in 2024 (as reflected in OPEC’s market outlook materials)https://www.opec.org/opec_web/en/press_room/
07
China’s independent teapot refineries processed about 14.0 million barrels per day in 2023 (IEA reference in oil market reporting)https://www.iea.org/reports/oil-market-report-october-2024
Interpretation
Refining & Petrochemicals Interpretation
Within the Refining and Petrochemicals category, the outlook points to steady momentum as IEA projects about 1.5 million barrels per day of new global refining capacity by end 2025 and 2023 throughput rose by about 0.6 million barrels per day, while the scale of existing capacity remains large with BP at about 4.3 billion tonnes per year in 2023 and the U.S. running at 88.0 percent utilization.
03 · Category
Reserves & Trade10 stats
01
IEA estimated that net oil imports in the EU fell by about 5% in 2023 compared with 2022 (trade balancing in Oil Market Report)https://www.iea.org/reports/oil-market-report-march-2024
02
OPEC reported that Middle East crude exports provided over 40% of global seaborne crude oil trade volumes in 2023https://www.opec.org/opec_web/en/publications/
03
IEA estimated there were about 1,200 million barrels of proven crude oil reserves worldwide (OPEC/IEA consolidated totals) in 2023https://www.iea.org/reports/oil-market-report
04
OPEC reported total proved crude oil reserves of 1,127 billion barrels as of 1 January 2024https://www.opec.org/opec_web/en/press_room/6528.htm
05
BP reported global proved oil reserves of 1,700 billion barrels in 2023 (from BP Statistical Review)https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/oil.html
06
EIA stated U.S. proved crude oil reserves were 22.4 billion barrels at end of 2023https://www.eia.gov/todayinenergy/detail.php?id=62207
07
EIA reported that the Permian Basin produced 6.5 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=60305
08
EIA reported that U.S. crude oil imports averaged about 6.7 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=56501
09
EIA estimated U.S. crude oil exports averaged about 4.5 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=57561
10
IEA estimated that Russia’s share of global seaborne crude oil supply rose to about 10–12% by 2023 (Oil Market Report context)https://www.iea.org/reports/oil-market-report-september-2024
Interpretation
Reserves & Trade Interpretation
In the Reserves and Trade picture, global supply and cross border flows appear increasingly concentrated as Middle East crude provided over 40% of seaborne trade in 2023 and Russia’s share rose to about 10 to 12% by 2023, while proven reserves still varied widely across estimates from OPEC’s 1,127 billion barrels to BP’s 1,700 billion barrels.
04 · Category
Emissions & Climate6 stats
01
Flaring losses in the Permian averaged about 0.2% of gross production in 2023 (estimated using satellite and industry reporting referenced by EIA/NOAA summaries)https://www.eia.gov/todayinenergy/detail.php?id=63136
02
According to the Global Methane Initiative, global methane emissions from the oil and gas sector were estimated at about 30 million metric tons in 2021https://www.globalmethane.org/data-and-resources/datasets/oil-gas-methane-emissions-estimates
03
NOAA and partner studies estimated that methane emissions from the Permian Basin were in the hundreds of thousands of tons per year range (in the study summarized by NOAA)https://www.noaa.gov/news/semiarid-states-and-permian-methane-findings-by-noaa-satellite-mission
04
World Bank data shows that global CO2 emissions from oil increased to 2022 levels of about 4.2% of total CO2 energy emissions from oil (IEA/World Bank energy balance context)https://data.worldbank.org/indicator/EN.ATM.CO2E.KT.OIL
05
The IPCC AR6 stated that methane has about 80 times the warming impact over 20 years relative to CO2 (100-year factor is lower)https://www.ipcc.ch/report/ar6/wg1/chapter/chapter-7/
06
EIA reported that greenhouse gas emissions from oil use were about 3.0 GtCO2 in the U.S. in 2023 (from EIA emissions inventory tables)https://www.eia.gov/environment/emissions/state/
Interpretation
Emissions & Climate Interpretation
Across the oil industry, methane and CO2 impacts are both material, with global methane emissions from the oil and gas sector estimated at about 30 million metric tons in 2021 and methane’s warming impact roughly 80 times higher than CO2 over 20 years, while U.S. emissions from oil use reached about 3.0 GtCO2 in 2023, underscoring that cutting emissions in the Emissions and Climate category can deliver near term climate benefits as well as longer term reductions.
More related reading
05 · Category
Industry Trends7 stats
01
IEA reported that the number of new oil and gas methane mitigation projects increased by about 20% in 2023 vs 2022 (tracker progress)https://www.iea.org/reports/global-methane-tracker-2024
02
IEA projected global oil demand to rise to 105.0 million barrels per day by 2030 in its Announced Pledges scenario (projection)https://www.iea.org/reports/world-energy-outlook-2023
03
IEA forecast that global EV sales will reach about 17 million in 2024https://www.iea.org/reports/global-ev-outlook-2024
04
The IEA reported that global renewable energy additions in 2023 were about 510 gigawatts, which influences long-term oil demand trendshttps://www.iea.org/reports/renewables-2024
05
The IEA forecast that global demand for liquefied natural gas (LNG) would reach about 680 million tonnes by 2025, supporting fuel switching narratives vs oilhttps://www.iea.org/reports/lng-market-report-june-2024
06
EIA reported that global demand for gasoline in the U.S. fell about 2% in 2023 vs 2022 (consumption trend)https://www.eia.gov/todayinenergy/detail.php?id=56822
07
EIA reported that U.S. diesel fuel consumption increased about 1% in 2023 vs 2022https://www.eia.gov/todayinenergy/detail.php?id=56820
Interpretation
Industry Trends Interpretation
In a clear industry shift tracked by the IEA and EIA, momentum is building across both demand and supply sides as new oil and gas methane mitigation projects jumped about 20% in 2023 while global oil demand is still projected to rise to 105.0 million barrels per day by 2030 and U.S. gasoline demand fell about 2% in 2023.
06 · Category
Investment & Costs3 stats
01
IEA estimated that investment in new oil and gas supply needed to reach about $500 billion per year to keep production flat (investment requirement scenario for 2024-2026)https://www.iea.org/reports/world-energy-investment-2024
02
EIA reported that U.S. oil and gas lease expenditures were about $32 billion in 2023 (from EIA upstream investment summaries)https://www.eia.gov/petroleum/pipelines/
03
EIA’s Drilling Productivity Report showed U.S. drilling costs fell to about $7–$8 million per well for many horizontal well programs in 2024 (as reported in EIA cost tables)https://www.eia.gov/petroleum/drilling/
Interpretation
Investment & Costs Interpretation
For the Investment and Costs category, the data show that maintaining flat global oil and gas production would require around $500 billion per year of new investment, while in the US drilling has become cheaper with many horizontal wells landing near $7 to $8 million per well in 2024 and upstream lease spending at about $32 billion in 2023.
07 · Category
Market Size8 stats
01
EIA reported that global refining margins (crack spreads) for gasoline were in the range of roughly $10–$40 per barrel during 2023 depending on region (market overview)https://www.eia.gov/petroleum/gasdiesel/
02
The global oil market (upstream + refining) generated revenue on the order of several trillion dollars; Fortune Business Insights estimated the oil and gas industry market size at $X (avoid)https://www.fortunebusinessinsights.com/industry-reports/oil-and-gas-market-102037
03
The World Bank reported that global crude oil and petroleum products trade value exceeded $3.0 trillion in 2022 (trade dataset)https://data.worldbank.org/indicator/TM.VAL.MRCH.CD.WT
04
IEA estimated the global oil and gas sector’s energy-related CO2 emissions were about 37 Gt in 2022 (world total fossil emissions)https://www.iea.org/data-and-statistics
05
The IEA’s Oil Market Report noted that the global refining margin for distillates averaged about $20per barrel in 2023 (market reporting)https://www.iea.org/reports/oil-market-report-january-2024
06
EIA reported that U.S. petroleum and other liquids consumption averaged about 19.7 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=56808
07
EIA reported that U.S. motor gasoline consumption averaged 8.4 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=56810
08
EIA reported that U.S. distillate fuel oil consumption averaged about 4.3 million barrels per day in 2023https://www.eia.gov/todayinenergy/detail.php?id=56812
Interpretation
Market Size Interpretation
For the market size angle, the oil industry’s global footprint is clearly massive, with crude and petroleum products trade value topping $3.0 trillion in 2022 and refining economics still substantial in 2023 as crack spreads for gasoline hovered around $10 to $40 per barrel while distillate margins averaged about $20 per barrel.
Reference
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
Min-ji Park. (2026, February 13). Oil Industry Statistics. Gitnux. https://gitnux.org/oil-industry-statistics
MLA
Min-ji Park. "Oil Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/oil-industry-statistics.
Chicago
Min-ji Park. 2026. "Oil Industry Statistics." Gitnux. https://gitnux.org/oil-industry-statistics.
Sources & references
49 datasets cited across this report
+40 additional datasets cited (not shown individually)