Oil Industry Statistics

GITNUXREPORT 2026

Oil Industry Statistics

Global oil demand is forecast to top 105.0 million barrels per day by 2030 while refining throughput rose about 0.6 million barrels per day in 2023 and IEA expects roughly 1.5 million barrels per day of new refining capacity by end 2025. Use the latest OPEC and IEA supply and demand updates to see how new capacity coming online, OPEC+ voluntary cuts of 2.6 million barrels per day, and shifting methane and emissions pressures are reshaping everything from crude trade to margins.

49 statistics49 sources7 sections10 min readUpdated 9 days ago

Key Statistics

Statistic 1

2.09 million barrels per day of global oil production capacity came online in 2023, according to OPEC’s assessment of new supply additions

Statistic 2

OPEC reported 2.6 million barrels per day of voluntary production cuts by OPEC+ members in April 2024 as part of the policy framework

Statistic 3

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

Statistic 4

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)

Statistic 5

According to EIA, U.S. crude oil production averaged 13.2 million barrels per day in 2023

Statistic 6

EIA reported U.S. crude oil production averaged 13.3 million barrels per day in 2024 (year-to-date through the report month)

Statistic 7

Total OPEC crude oil production averaged 26.0 million barrels per day in July 2024, based on OPEC’s monthly report figures

Statistic 8

The EIA estimated that OPEC crude oil production averaged 31.0 million barrels per day in 2023

Statistic 9

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)

Statistic 10

The IEA forecast that global refining throughput increased by about 0.6 million barrels per day in 2023

Statistic 11

EIA reported that U.S. crude oil refinery inputs averaged about 16.7 million barrels per day in 2023

Statistic 12

EIA stated U.S. refinery utilization averaged 88.0% in 2023

Statistic 13

BP’s Statistical Review data shows global refining capacity stood at about 4.3 billion tonnes per year in 2023

Statistic 14

OPEC estimated global refining capacity at about 5.4 billion barrels per day equivalent in 2024 (as reflected in OPEC’s market outlook materials)

Statistic 15

China’s independent teapot refineries processed about 14.0 million barrels per day in 2023 (IEA reference in oil market reporting)

Statistic 16

IEA estimated that net oil imports in the EU fell by about 5% in 2023 compared with 2022 (trade balancing in Oil Market Report)

Statistic 17

OPEC reported that Middle East crude exports provided over 40% of global seaborne crude oil trade volumes in 2023

Statistic 18

IEA estimated there were about 1,200 million barrels of proven crude oil reserves worldwide (OPEC/IEA consolidated totals) in 2023

Statistic 19

OPEC reported total proved crude oil reserves of 1,127 billion barrels as of 1 January 2024

Statistic 20

BP reported global proved oil reserves of 1,700 billion barrels in 2023 (from BP Statistical Review)

Statistic 21

EIA stated U.S. proved crude oil reserves were 22.4 billion barrels at end of 2023

Statistic 22

EIA reported that the Permian Basin produced 6.5 million barrels per day in 2023

Statistic 23

EIA reported that U.S. crude oil imports averaged about 6.7 million barrels per day in 2023

Statistic 24

EIA estimated U.S. crude oil exports averaged about 4.5 million barrels per day in 2023

Statistic 25

IEA estimated that Russia’s share of global seaborne crude oil supply rose to about 10–12% by 2023 (Oil Market Report context)

Statistic 26

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)

Statistic 27

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

Statistic 28

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)

Statistic 29

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)

Statistic 30

The IPCC AR6 stated that methane has about 80 times the warming impact over 20 years relative to CO2 (100-year factor is lower)

Statistic 31

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)

Statistic 32

IEA reported that the number of new oil and gas methane mitigation projects increased by about 20% in 2023 vs 2022 (tracker progress)

Statistic 33

IEA projected global oil demand to rise to 105.0 million barrels per day by 2030 in its Announced Pledges scenario (projection)

Statistic 34

IEA forecast that global EV sales will reach about 17 million in 2024

Statistic 35

The IEA reported that global renewable energy additions in 2023 were about 510 gigawatts, which influences long-term oil demand trends

Statistic 36

The IEA forecast that global demand for liquefied natural gas (LNG) would reach about 680 million tonnes by 2025, supporting fuel switching narratives vs oil

Statistic 37

EIA reported that global demand for gasoline in the U.S. fell about 2% in 2023 vs 2022 (consumption trend)

Statistic 38

EIA reported that U.S. diesel fuel consumption increased about 1% in 2023 vs 2022

Statistic 39

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)

Statistic 40

EIA reported that U.S. oil and gas lease expenditures were about $32 billion in 2023 (from EIA upstream investment summaries)

Statistic 41

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)

Statistic 42

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)

Statistic 43

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)

Statistic 44

The World Bank reported that global crude oil and petroleum products trade value exceeded $3.0 trillion in 2022 (trade dataset)

Statistic 45

IEA estimated the global oil and gas sector’s energy-related CO2 emissions were about 37 Gt in 2022 (world total fossil emissions)

Statistic 46

The IEA’s Oil Market Report noted that the global refining margin for distillates averaged about $20 per barrel in 2023 (market reporting)

Statistic 47

EIA reported that U.S. petroleum and other liquids consumption averaged about 19.7 million barrels per day in 2023

Statistic 48

EIA reported that U.S. motor gasoline consumption averaged 8.4 million barrels per day in 2023

Statistic 49

EIA reported that U.S. distillate fuel oil consumption averaged about 4.3 million barrels per day in 2023

Sources
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Written by Min-ji Park·Edited by Peter Sandoval·Fact-checked by Yumi Nakamura

Published Feb 13, 2026·Last verified May 15, 2026
Fact-checked via 4-step process
01Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

02Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

03AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

04Human Cross-Check

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Read our full methodology →

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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

Production & Supply

12.09 million barrels per day of global oil production capacity came online in 2023, according to OPEC’s assessment of new supply additions[1]
Verified
2OPEC reported 2.6 million barrels per day of voluntary production cuts by OPEC+ members in April 2024 as part of the policy framework[2]
Verified
3Global oil demand was revised up by 1.1 million barrels per day for 2024 in the IEA’s Oil Market Report for May 2024[3]
Verified
4The 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)[4]
Single source
5According to EIA, U.S. crude oil production averaged 13.2 million barrels per day in 2023[5]
Single source
6EIA reported U.S. crude oil production averaged 13.3 million barrels per day in 2024 (year-to-date through the report month)[6]
Verified
7Total OPEC crude oil production averaged 26.0 million barrels per day in July 2024, based on OPEC’s monthly report figures[7]
Single source
8The EIA estimated that OPEC crude oil production averaged 31.0 million barrels per day in 2023[8]
Directional

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.

More related reading

Refining & Petrochemicals

1IEA 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)[9]
Verified
2The IEA forecast that global refining throughput increased by about 0.6 million barrels per day in 2023[10]
Single source
3EIA reported that U.S. crude oil refinery inputs averaged about 16.7 million barrels per day in 2023[11]
Single source
4EIA stated U.S. refinery utilization averaged 88.0% in 2023[12]
Single source
5BP’s Statistical Review data shows global refining capacity stood at about 4.3 billion tonnes per year in 2023[13]
Directional
6OPEC estimated global refining capacity at about 5.4 billion barrels per day equivalent in 2024 (as reflected in OPEC’s market outlook materials)[14]
Verified
7China’s independent teapot refineries processed about 14.0 million barrels per day in 2023 (IEA reference in oil market reporting)[15]
Verified

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.

Reserves & Trade

1IEA estimated that net oil imports in the EU fell by about 5% in 2023 compared with 2022 (trade balancing in Oil Market Report)[16]
Verified
2OPEC reported that Middle East crude exports provided over 40% of global seaborne crude oil trade volumes in 2023[17]
Verified
3IEA estimated there were about 1,200 million barrels of proven crude oil reserves worldwide (OPEC/IEA consolidated totals) in 2023[18]
Verified
4OPEC reported total proved crude oil reserves of 1,127 billion barrels as of 1 January 2024[19]
Verified
5BP reported global proved oil reserves of 1,700 billion barrels in 2023 (from BP Statistical Review)[20]
Verified
6EIA stated U.S. proved crude oil reserves were 22.4 billion barrels at end of 2023[21]
Verified
7EIA reported that the Permian Basin produced 6.5 million barrels per day in 2023[22]
Verified
8EIA reported that U.S. crude oil imports averaged about 6.7 million barrels per day in 2023[23]
Single source
9EIA estimated U.S. crude oil exports averaged about 4.5 million barrels per day in 2023[24]
Verified
10IEA estimated that Russia’s share of global seaborne crude oil supply rose to about 10–12% by 2023 (Oil Market Report context)[25]
Single source

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.

More related reading

Emissions & Climate

1Flaring losses in the Permian averaged about 0.2% of gross production in 2023 (estimated using satellite and industry reporting referenced by EIA/NOAA summaries)[26]
Single source
2According to the Global Methane Initiative, global methane emissions from the oil and gas sector were estimated at about 30 million metric tons in 2021[27]
Verified
3NOAA 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)[28]
Verified
4World 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)[29]
Directional
5The IPCC AR6 stated that methane has about 80 times the warming impact over 20 years relative to CO2 (100-year factor is lower)[30]
Verified
6EIA reported that greenhouse gas emissions from oil use were about 3.0 GtCO2 in the U.S. in 2023 (from EIA emissions inventory tables)[31]
Directional

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

Investment & Costs

1IEA 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)[39]
Verified
2EIA reported that U.S. oil and gas lease expenditures were about $32 billion in 2023 (from EIA upstream investment summaries)[40]
Verified
3EIA’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)[41]
Verified

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.

More related reading

Market Size

1EIA 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)[42]
Single source
2The 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)[43]
Verified
3The World Bank reported that global crude oil and petroleum products trade value exceeded $3.0 trillion in 2022 (trade dataset)[44]
Verified
4IEA estimated the global oil and gas sector’s energy-related CO2 emissions were about 37 Gt in 2022 (world total fossil emissions)[45]
Verified
5The IEA’s Oil Market Report noted that the global refining margin for distillates averaged about $20 per barrel in 2023 (market reporting)[46]
Verified
6EIA reported that U.S. petroleum and other liquids consumption averaged about 19.7 million barrels per day in 2023[47]
Verified
7EIA reported that U.S. motor gasoline consumption averaged 8.4 million barrels per day in 2023[48]
Verified
8EIA reported that U.S. distillate fuel oil consumption averaged about 4.3 million barrels per day in 2023[49]
Verified

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.

How We Rate Confidence

Models

Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.

Single source
ChatGPTClaudeGeminiPerplexity

Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.

AI consensus: 1 of 4 models agree

Directional
ChatGPTClaudeGeminiPerplexity

Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.

AI consensus: 2–3 of 4 models broadly agree

Verified
ChatGPTClaudeGeminiPerplexity

All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.

AI consensus: 4 of 4 models fully agree

Models

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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.

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