GITNUX REPORT 2024

Global Oil Industry: Key Statistics and Insights in 2021

Exploring the Depths of the Oil Industry: Key Statistics and Insights Unveiled in 2021

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

The United States consumed about 18.19 million barrels of petroleum per day in 2020

Statistic 2

The global oil and gas industry's total revenue was approximately $3.3 trillion in 2019

Statistic 3

The average cost of producing a barrel of oil in 2020 was $30-$40

Statistic 4

The break-even price for U.S. shale oil production averaged $45-$50 per barrel in 2020

Statistic 5

The oil and gas industry accounts for about 3.8% of global GDP

Statistic 6

The global oil and gas industry spent $105 billion on exploration and production in 2020

Statistic 7

The global oil and gas decommissioning market is expected to reach $42 billion by 2024

Statistic 8

The oil and gas industry spent $3.3 billion on lobbying in the United States from 2010 to 2020

Statistic 9

The global oil and gas industry's total debt reached $1.9 trillion in 2020

Statistic 10

The global oil and gas industry's average return on capital employed was 6.7% in 2019

Statistic 11

The global oil and gas industry's total market capitalization was $4.6 trillion in 2020

Statistic 12

The oil and gas industry accounts for about 15% of global energy investment

Statistic 13

The global oil and gas industry's average breakeven price for new projects was $50 per barrel in 2020

Statistic 14

The global oil and gas industry's total capital expenditure was $328 billion in 2020

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The global oil and gas industry's total research and development spending was $3.8 billion in 2019

Statistic 16

The global oil and gas industry's average production cost was $30 per barrel of oil equivalent in 2020

Statistic 17

The global oil and gas industry's total merger and acquisition value was $52 billion in 2020

Statistic 18

The global oil and gas industry's average return on equity was 7.5% in 2019

Statistic 19

The global oil and gas industry's total dividend payout was $208 billion in 2019

Statistic 20

The global oil and gas industry's total tax contribution was $2.5 trillion in 2019

Statistic 21

The global oil and gas industry's total operating expenditure was $470 billion in 2020

Statistic 22

The oil and gas industry employed approximately 12.3 million people worldwide in 2019

Statistic 23

The United States has over 3,000 companies involved in the oil and gas extraction industry

Statistic 24

The global oil and gas industry's carbon dioxide emissions were 5.2 billion tonnes in 2019

Statistic 25

The oil and gas industry accounts for about 30% of global methane emissions

Statistic 26

The oil and gas industry invested $60 billion in low-carbon technologies between 2015 and 2020

Statistic 27

The oil and gas industry accounts for about 40% of global energy-related CO2 emissions

Statistic 28

The global oil and gas industry's water consumption was about 75 billion cubic meters in 2019

Statistic 29

The oil and gas industry accounts for about 44% of global energy-related methane emissions

Statistic 30

The oil and gas industry accounts for about 50% of global energy-related sulfur dioxide emissions

Statistic 31

The oil and gas industry accounts for about 5% of global freshwater withdrawals

Statistic 32

The oil and gas industry accounts for about 20% of global energy-related nitrogen oxide emissions

Statistic 33

The oil and gas industry accounts for about 10% of global energy-related particulate matter emissions

Statistic 34

The oil and gas industry accounts for about 2.5% of global water withdrawals

Statistic 35

Global oil production reached 95.2 million barrels per day in 2021

Statistic 36

The United States is the world's largest oil producer, accounting for 20% of global production

Statistic 37

The Permian Basin in the United States produced over 4 million barrels of oil per day in 2020

Statistic 38

The average daily oil production in Russia was 10.5 million barrels in 2020

Statistic 39

The global offshore oil production was approximately 26.5 million barrels per day in 2020

Statistic 40

The average daily oil production in Canada was 5.1 million barrels in 2020

Statistic 41

The United States has approximately 9,000 active offshore oil and gas platforms

Statistic 42

The average daily oil production in Brazil was 3.0 million barrels in 2020

Statistic 43

The United States has over 1 million active oil and gas wells

Statistic 44

The average daily oil production in Norway was 2.0 million barrels in 2020

Statistic 45

The average daily oil production in the United Arab Emirates was 3.0 million barrels in 2020

Statistic 46

The average daily oil production in Kuwait was 2.7 million barrels in 2020

Statistic 47

The average daily oil production in Iraq was 4.1 million barrels in 2020

Statistic 48

The average daily oil production in Venezuela was 1.0 million barrels in 2020

Statistic 49

The global oil refining capacity was 101.2 million barrels per day in 2020

Statistic 50

The world's largest oil refinery is in Jamnagar, India, with a capacity of 1.24 million barrels per day

Statistic 51

The United States has 135 operating oil refineries as of 2021

Statistic 52

Saudi Arabia has the world's second-largest proven oil reserves at 267 billion barrels

Statistic 53

The largest oil field in the world is Ghawar in Saudi Arabia, with an estimated 58 billion barrels of oil

Statistic 54

OPEC countries hold 79.4% of the world's proven oil reserves

Statistic 55

The United States Strategic Petroleum Reserve has a capacity of 713.5 million barrels

Statistic 56

The global oil and gas industry's total proved reserves were 1.73 trillion barrels of oil equivalent in 2019

Statistic 57

The global oil and gas industry's total proved gas reserves were 198.8 trillion cubic meters in 2019

Statistic 58

The global oil and gas industry's average reserve replacement ratio was 99% in 2019

Statistic 59

The global oil and gas industry's total proved coal reserves were 1,070 billion tonnes in 2019

Statistic 60

China is the world's largest oil importer, importing 10.85 million barrels per day in 2020

Statistic 61

The United States exported about 8.51 million barrels of petroleum per day in 2020

Statistic 62

The global oil tanker fleet consisted of 7,400 vessels in 2020

Statistic 63

The global oil and gas pipeline network spans over 3.5 million kilometers

Statistic 64

The United States has over 190,000 miles of liquid petroleum pipelines

Statistic 65

The United States has over 1.2 million miles of natural gas distribution mains

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Summary

  • Global oil production reached 95.2 million barrels per day in 2021
  • The United States is the world's largest oil producer, accounting for 20% of global production
  • Saudi Arabia has the world's second-largest proven oil reserves at 267 billion barrels
  • The global oil and gas industry's total revenue was approximately $3.3 trillion in 2019
  • The average cost of producing a barrel of oil in 2020 was $30-$40
  • The oil and gas industry employed approximately 12.3 million people worldwide in 2019
  • The largest oil field in the world is Ghawar in Saudi Arabia, with an estimated 58 billion barrels of oil
  • The global oil refining capacity was 101.2 million barrels per day in 2020
  • The United States consumed about 18.19 million barrels of petroleum per day in 2020
  • China is the world's largest oil importer, importing 10.85 million barrels per day in 2020
  • The global oil tanker fleet consisted of 7,400 vessels in 2020
  • The Permian Basin in the United States produced over 4 million barrels of oil per day in 2020
  • The break-even price for U.S. shale oil production averaged $45-$50 per barrel in 2020
  • The oil and gas industry accounts for about 3.8% of global GDP
  • OPEC countries hold 79.4% of the world's proven oil reserves

Hold onto your hats and pump up the excitement, because were diving headfirst into the wild world of the oil industry! Did you know that in 2021, global oil production reached a whopping 95.2 million barrels per day, enough to fuel a legion of thirsty cars and power-hungry industries? From the United States strutting its stuff as the top oil producer to Saudi Arabia sitting smugly on its massive reserves, this trillion-dollar industry is no small fry. So buckle up, brace yourself for some slick statistics, and lets explore the fuel-fired frenzy that keeps the world spinning!

Consumption

  • The United States consumed about 18.19 million barrels of petroleum per day in 2020

Interpretation

The United States' voracious appetite for petroleum in 2020 could rival that of a toddler eyeing a plate of cookies—except in this case, cookies are substituted with barrels of oil. Clocking in at a staggering 18.19 million barrels per day, it's clear that Americans have a taste for the black gold that shows no signs of waning. As we navigate a world increasingly focused on sustainability and alternative energy sources, one can't help but wonder if this insatiable craving for petroleum is a fleeting indulgence or an entrenched habit that will require a monumental shift to break.

Economics

  • The global oil and gas industry's total revenue was approximately $3.3 trillion in 2019
  • The average cost of producing a barrel of oil in 2020 was $30-$40
  • The break-even price for U.S. shale oil production averaged $45-$50 per barrel in 2020
  • The oil and gas industry accounts for about 3.8% of global GDP
  • The global oil and gas industry spent $105 billion on exploration and production in 2020
  • The global oil and gas decommissioning market is expected to reach $42 billion by 2024
  • The oil and gas industry spent $3.3 billion on lobbying in the United States from 2010 to 2020
  • The global oil and gas industry's total debt reached $1.9 trillion in 2020
  • The global oil and gas industry's average return on capital employed was 6.7% in 2019
  • The global oil and gas industry's total market capitalization was $4.6 trillion in 2020
  • The oil and gas industry accounts for about 15% of global energy investment
  • The global oil and gas industry's average breakeven price for new projects was $50 per barrel in 2020
  • The global oil and gas industry's total capital expenditure was $328 billion in 2020
  • The global oil and gas industry's total research and development spending was $3.8 billion in 2019
  • The global oil and gas industry's average production cost was $30 per barrel of oil equivalent in 2020
  • The global oil and gas industry's total merger and acquisition value was $52 billion in 2020
  • The global oil and gas industry's average return on equity was 7.5% in 2019
  • The global oil and gas industry's total dividend payout was $208 billion in 2019
  • The global oil and gas industry's total tax contribution was $2.5 trillion in 2019
  • The global oil and gas industry's total operating expenditure was $470 billion in 2020

Interpretation

In a world where the oil and gas industry's financial figures read like a complicated game of high-stakes poker, one thing remains clear: the stakes are sky-high. With revenues in the trillions, production costs in the tens of dollars per barrel, and lobbying expenditures that could make even the most seasoned politician blush, this is an industry that plays hardball. Yet, as the global energy landscape evolves, the industry must also grapple with the growing demands for sustainability and accountability. Can they strike a balance between profit and planet, or will their financial fortunes unravel faster than a spool of offshore drilling cable? Only time will tell whether this industry will continue to ride the waves of prosperity or be left stranded on the shores of obsolescence.

Employment

  • The oil and gas industry employed approximately 12.3 million people worldwide in 2019
  • The United States has over 3,000 companies involved in the oil and gas extraction industry

Interpretation

The oil and gas industry continues to fuel the global economy, not just with precious resources, but also with employment opportunities for over 12 million individuals worldwide. In the United States, where competition is as abundant as the oil wells themselves, over 3,000 companies strive to strike black gold in a landscape as complex as their drilling operations. With this many players in the game, one thing is for certain – the oil industry is not running out of labor or ambition anytime soon.

Environment

  • The global oil and gas industry's carbon dioxide emissions were 5.2 billion tonnes in 2019
  • The oil and gas industry accounts for about 30% of global methane emissions
  • The oil and gas industry invested $60 billion in low-carbon technologies between 2015 and 2020
  • The oil and gas industry accounts for about 40% of global energy-related CO2 emissions
  • The global oil and gas industry's water consumption was about 75 billion cubic meters in 2019
  • The oil and gas industry accounts for about 44% of global energy-related methane emissions
  • The oil and gas industry accounts for about 50% of global energy-related sulfur dioxide emissions
  • The oil and gas industry accounts for about 5% of global freshwater withdrawals
  • The oil and gas industry accounts for about 20% of global energy-related nitrogen oxide emissions
  • The oil and gas industry accounts for about 10% of global energy-related particulate matter emissions
  • The oil and gas industry accounts for about 2.5% of global water withdrawals

Interpretation

In a world where oil and gas continue to be major players on the global stage, these staggering statistics paint a complex picture of the industry's impact on our environment. From being responsible for a significant portion of carbon dioxide and methane emissions to investing in low-carbon technologies, the oil and gas sector embodies a tale of dualities. While efforts towards sustainability are evident, the numbers don't lie when it comes to the industry's hefty environmental footprint. As we navigate the intricate web of energy production, it's clear that a shift towards cleaner practices is not just a choice but a necessity. After all, balancing profits with planetary well-being is the true tightrope act of our time.

Production

  • Global oil production reached 95.2 million barrels per day in 2021
  • The United States is the world's largest oil producer, accounting for 20% of global production
  • The Permian Basin in the United States produced over 4 million barrels of oil per day in 2020
  • The average daily oil production in Russia was 10.5 million barrels in 2020
  • The global offshore oil production was approximately 26.5 million barrels per day in 2020
  • The average daily oil production in Canada was 5.1 million barrels in 2020
  • The United States has approximately 9,000 active offshore oil and gas platforms
  • The average daily oil production in Brazil was 3.0 million barrels in 2020
  • The United States has over 1 million active oil and gas wells
  • The average daily oil production in Norway was 2.0 million barrels in 2020
  • The average daily oil production in the United Arab Emirates was 3.0 million barrels in 2020
  • The average daily oil production in Kuwait was 2.7 million barrels in 2020
  • The average daily oil production in Iraq was 4.1 million barrels in 2020
  • The average daily oil production in Venezuela was 1.0 million barrels in 2020

Interpretation

In a world where numbers speak louder than words, the global oil industry paints a picture of a complex dance of power and production. With the United States strutting as the biggest player on the stage, accounting for a hefty 20% of the global oil production, one cannot help but marvel at the magnitude of their influence. From the sprawling Permian Basin churning out millions of barrels a day to the sea of active offshore platforms dotting the American coastline, it's clear that the US is in it to win it. Yet, amidst this grandeur, we see a web of interconnected nations like Russia, Canada, Norway, and the United Arab Emirates, each playing their part in this intricate ballet of black gold. As these figures reveal, the oil industry is not just about numbers, it's about power, influence, and a delicate balance of interests that keep the world turning - both literally and figuratively.

Refining

  • The global oil refining capacity was 101.2 million barrels per day in 2020
  • The world's largest oil refinery is in Jamnagar, India, with a capacity of 1.24 million barrels per day
  • The United States has 135 operating oil refineries as of 2021

Interpretation

In a world where oil reigns supreme, the numbers speak volumes: with a global oil refining capacity of 101.2 million barrels per day in 2020, it’s clear that the thirst for black gold is insatiable. Leading the pack is the behemoth in Jamnagar, India, churning out a mind-boggling 1.24 million barrels per day. Meanwhile, the United States boasts 135 operating oil refineries, a testament to their unyielding dedication to the liquid treasure that fuels our modern lives. Whether these statistics spark admiration or concern, one thing is certain – the oil industry continues to power the world with relentless efficiency.

Reserves

  • Saudi Arabia has the world's second-largest proven oil reserves at 267 billion barrels
  • The largest oil field in the world is Ghawar in Saudi Arabia, with an estimated 58 billion barrels of oil
  • OPEC countries hold 79.4% of the world's proven oil reserves
  • The United States Strategic Petroleum Reserve has a capacity of 713.5 million barrels
  • The global oil and gas industry's total proved reserves were 1.73 trillion barrels of oil equivalent in 2019
  • The global oil and gas industry's total proved gas reserves were 198.8 trillion cubic meters in 2019
  • The global oil and gas industry's average reserve replacement ratio was 99% in 2019
  • The global oil and gas industry's total proved coal reserves were 1,070 billion tonnes in 2019

Interpretation

In a world where numbers speak louder than words, the oil industry's statistics paint a picture of power, dominance, and, dare I say, a touch of extravagance. With Saudi Arabia boasting the silver medal for oil reserves and Ghawar field proudly flaunting its billion-barrel bounty, it's hard not to see OPEC countries as the oil-rich royalty of the world. Meanwhile, the US Strategic Petroleum Reserve stands as a reassuringly stocked vault amidst this global game of fossil fuel poker. But as we marvel at these colossal numbers and reserve replacement ratios that would make any accountant envious, one can't help but wonder if this grandiose display of oil wealth is sustainable, or if we're merely burning through our energy inheritance at an alarming rate.

Trade

  • China is the world's largest oil importer, importing 10.85 million barrels per day in 2020
  • The United States exported about 8.51 million barrels of petroleum per day in 2020

Interpretation

In the high-stakes game of global oil trade, China flexes its economic might as the world's reigning oil giant, importing a staggering 10.85 million barrels of black gold per day in 2020. Meanwhile, the United States plays the role of the suave exporter, dishing out a respectable 8.51 million barrels daily. These statistics not only demonstrate the intricate dance of supply and demand in the oil industry but also highlight the delicate balance of power between these two economic powerhouses. Oil may be the fuel that drives our modern world, but it's clear that the real power lies in the hands of those who control its flow.

Transportation

  • The global oil tanker fleet consisted of 7,400 vessels in 2020
  • The global oil and gas pipeline network spans over 3.5 million kilometers
  • The United States has over 190,000 miles of liquid petroleum pipelines
  • The United States has over 1.2 million miles of natural gas distribution mains

Interpretation

The baffling numbers in the oil industry seem to suggest that when it comes to transporting oil, we have more pipelines than family members on a group chat, and enough tanker vessels to run a global shipping empire. With over 3.5 million kilometers of pipelines worldwide, it's clear that when it comes to moving oil and gas, we have more interconnected routes than a GPS navigating through rush hour. And with over 1.2 million miles of natural gas distribution mains just in the U.S., it appears that we have enough pipelines to rival a spaghetti factory. Whether it's liquid gold or natural gas flowing through these intricate networks, one thing is for sure - the oil industry knows how to weave a tangled web of energy delivery that spans the globe.

References