Even as global crude production topped 100 million barrels per day in 2023, a closer look at the data reveals a complex and shifting landscape of soaring investments, geopolitical maneuvers, and the relentless rise of non-OPEC+ producers.
Key Takeaways
- Global crude oil production averaged 99.7 million barrels per day (bpd) in 2022, marking a 3.1% increase from 2021
- In 2023, world oil supply grew by 1.2 million bpd to reach 102.8 million bpd, driven by non-OPEC+ gains
- Total world liquids production hit 101.0 million bpd in 2022, including biofuels and refinery gains
- U.S. crude oil production reached a record 13.3 million bpd in October 2023
- In 2023, U.S. total petroleum production averaged 20.2 million bpd, including NGLs
- Permian Basin accounted for 46% of U.S. oil production at 6.1 million bpd in 2023
- In 2023, Saudi Arabia produced an average of 9.6 million bpd of crude oil under OPEC+ quotas
- Iraq's crude oil production averaged 4.3 million bpd in 2023, up 5% from 2022
- UAE oil output reached 3.4 million bpd in 2023, exceeding quota by 200,000 bpd
- Russia's crude oil production averaged 9.9 million bpd in 2023 despite sanctions
- Canada's oil sands production reached 3.3 million bpd in 2023, 55% of national total
- Brazil's pre-salt fields produced 2.8 million bpd in 2023, up 12%
- Global oil production in 1970 was 46.3 million bpd
- U.S. oil production peaked at 10.0 million bpd in 2019 pre-pandemic
- World oil output grew from 59 million bpd in 2000 to 99 million bpd in 2022, CAGR 2.6%
Global oil production steadily climbed past one hundred million barrels daily by 2023.
Global Production Statistics
- Global crude oil production averaged 99.7 million barrels per day (bpd) in 2022, marking a 3.1% increase from 2021
- In 2023, world oil supply grew by 1.2 million bpd to reach 102.8 million bpd, driven by non-OPEC+ gains
- Total world liquids production hit 101.0 million bpd in 2022, including biofuels and refinery gains
- Global upstream oil investments reached $533 billion in 2023, supporting production stability
- World oil production excluding OPEC+ rose by 1.6 million bpd in 2023 to 56.2 million bpd
- In Q4 2023, global oil production averaged 103.1 million bpd, up 2% year-on-year
- Global crude oil output increased to 80.5 million bpd in 2022 from 79.2 million bpd in 2021
- Total petroleum liquids production worldwide was 4.02 billion tonnes in 2022
- Global oil demand outpaced production growth by 1.8 million bpd in 2023 forecasts
- World oil production capacity stood at 105 million bpd in 2023, with 3 million bpd spare
- In 2021, global oil production totaled 3.8 billion tonnes, down 4.6% from 2020 peak pre-pandemic
- Global shale oil production contributed 10.2 million bpd to total output in 2023
- World conventional crude production declined by 0.5 million bpd in 2022 to 67.3 million bpd
- Global oil production growth slowed to 0.9% in 2023, adding 900,000 bpd
- In 2022, biofuels added 1.5 million bpd equivalent to global oil supply
- Global oil production per capita peaked at 11.8 barrels per person annually in 2022
- World oil exports from production totaled 60.2 million bpd in 2023
- Global deepwater oil production reached 9.8 million bpd in 2023, up 5%
- In 2023, LNG-associated gas impacted oil production by reducing 0.3 million bpd flaring
- Global oil rig count averaged 2,150 in 2023, supporting steady production
- World oil production efficiency ratio improved to 92% capacity utilization in 2023
- Global NGL production hit 12.5 million bpd in 2022
- In 2023, global oil production costs averaged $35 per barrel for new projects
- World oil production from enhanced recovery methods was 22% of total in 2022
- Global offshore oil production contributed 30% or 30 million bpd in 2023
- In 2022, global oil production emissions totaled 1.2 GtCO2 from extraction
- World tight oil production grew 8% to 11.2 million bpd in 2023
- Global oil production share from Middle East was 32% in 2022
- In Q1 2024, global oil production rose to 103.5 million bpd
- World oil production forecasts for 2024 predict 102.7 million bpd growth of 1.3 million bpd
Global Production Statistics Interpretation
The world's thirst for oil continues to grow, with production stubbornly climbing to over 103 million barrels per day, yet the frantic investment and technological leaps required to squeeze out each new drop reveal an industry sprinting just to stay in place.
Historical and Projected Production
- Global oil production in 1970 was 46.3 million bpd
- U.S. oil production peaked at 10.0 million bpd in 2019 pre-pandemic
- World oil output grew from 59 million bpd in 2000 to 99 million bpd in 2022, CAGR 2.6%
- Saudi production was 8.9 million bpd average in 2019 record
- Global production dipped 6.5% to 93.7 million bpd in 2020 due to COVID
- Russia's output was 11.1 million bpd peak in 2016
- OPEC production share fell from 42% in 2000 to 28% in 2022
- U.S. shale revolution boosted production from 5 million bpd in 2008 to 13 million in 2023
- World peak oil demand projected for 2028 at 105 million bpd by IEA
- Global oil production forecast to reach 105.6 million bpd by 2025
- Norway production declined from 3.4 million bpd in 2001 to 1.9 million in 2023
- Brazil production grew 50% from 2.0 million bpd in 2015 to 3.0 million in 2023
- Global NGL production tripled from 1980 to 2022 to 12 million bpd
- U.S. production projected to plateau at 13.5 million bpd through 2025
- World oil production in 1950 was 9.7 million bpd
- OPEC+ forecasts 2.5 million bpd growth in non-OPEC by 2025
- Iran's production halved from 4.2 million bpd in 2011 to 2.1 million in 2021 due to sanctions
- Global deepwater production expected to hit 12 million bpd by 2030
- Canada oil sands projected to produce 3.8 million bpd by 2030
Historical and Projected Production Interpretation
The global oil industry, having doubled its world-class addiction since 2000, is now, with a mix of geopolitical spats, shale booms, and OPEC's waning influence, trying to delicately balance on the very peak of demand it spent decades climbing.
OPEC Countries Production
- In 2023, Saudi Arabia produced an average of 9.6 million bpd of crude oil under OPEC+ quotas
- Iraq's crude oil production averaged 4.3 million bpd in 2023, up 5% from 2022
- UAE oil output reached 3.4 million bpd in 2023, exceeding quota by 200,000 bpd
- Iran's oil production grew to 3.1 million bpd in 2023 despite sanctions
- Kuwait produced 2.6 million bpd of crude in 2023 average
- Venezuela's production recovered to 0.8 million bpd in 2023 from 0.7 million
- Algeria's oil output stabilized at 1.0 million bpd in 2023
- Angola produced 1.1 million bpd in 2023, down from OPEC quota adjustments
- Nigeria's crude production averaged 1.3 million bpd in 2023, hampered by theft
- Libya output fluctuated to average 1.2 million bpd in 2023 due to unrest
- Saudi Aramco produced 10.2 million bpd capacity but averaged 9.2 million in 2023
- OPEC total crude production was 28.7 million bpd in 2023, down 1.2% from 2022
- Ecuador's oil production fell to 0.48 million bpd in 2023
- Congo produced 0.27 million bpd as OPEC member in 2023
- Gabon output was 0.22 million bpd in 2023
- Equatorial Guinea produced 0.09 million bpd in 2023 decline
- Iraq's Kurdistan region added 0.4 million bpd to national total in 2023
- Saudi Ghawar field produced 3.8 million bpd in 2023
- UAE's ADNOC raised production to 4 million bpd capacity target by 2023 end
- Iran's South Pars linked fields supported 2.5 million bpd oil equivalent in 2023
- OPEC+ voluntary cuts reduced group production by 2.2 million bpd in 2023
OPEC Countries Production Interpretation
OPEC+’s 2023 production tapestry was a masterclass in managed chaos, woven with threads of quota compliance, sanctioned defiance, internal sabotage, and the occasional polite overproduction.
Other Major Producers
- Russia's crude oil production averaged 9.9 million bpd in 2023 despite sanctions
- Canada's oil sands production reached 3.3 million bpd in 2023, 55% of national total
- Brazil's pre-salt fields produced 2.8 million bpd in 2023, up 12%
- China's crude production was 4.2 million bpd in 2023, focused on onshore
- Norway's oil production averaged 1.9 million bpd in 2023 from North Sea
- Kazakhstan produced 1.8 million bpd in 2023, led by Tengiz field
- Mexico's output declined to 1.9 million bpd in 2023 from nationalized fields
- UK North Sea production was 0.9 million bpd in 2023, down 5%
- Qatar produced 1.3 million bpd crude and condensates in 2023
- Azerbaijan output stabilized at 0.7 million bpd in 2023 from Azeri-Chirag-Gunashli
- Australia's oil production was 0.4 million bpd in 2023, mostly condensates
- Colombia produced 0.8 million bpd in 2023, down due to security issues
- Argentina's Vaca Muerta shale yielded 0.35 million bpd oil in 2023 growth
- Oman's production averaged 1.0 million bpd in 2023
- Turkmenistan produced 0.2 million bpd in 2023 estimates
- Ghana's Jubilee field contributed 0.1 million bpd to 2023 total
- Guyana's Stabroek block ramped to 0.4 million bpd in 2023
- Malaysia produced 0.6 million bpd in 2023 from offshore fields
- Thailand's oil output was 0.2 million bpd in 2023 decline
Other Major Producers Interpretation
While Russia defiantly pumps from its vast reserves, the Americas wrestle with politics and promise, the North Sea fades like a sunset, and a fresh cast of nations lines up backstage, proving the global oil drama is always a chaotic mix of stubborn endurance, hopeful new acts, and inevitable decline.
United States Production
- U.S. crude oil production reached a record 13.3 million bpd in October 2023
- In 2023, U.S. total petroleum production averaged 20.2 million bpd, including NGLs
- Permian Basin accounted for 46% of U.S. oil production at 6.1 million bpd in 2023
- U.S. shale oil production hit 9.5 million bpd in 2023, 72% of total crude
- Eagle Ford shale produced 1.1 million bpd of oil in U.S. total in 2023
- U.S. federal offshore Gulf of Mexico oil production was 1.7 million bpd in 2023
- Bakken formation contributed 1.2 million bpd to U.S. oil output in 2023
- U.S. oil rig count dropped to 498 in 2023 average, down 12% from 2022
- In 2022, U.S. crude oil production grew 6.5% to 11.9 million bpd annually
- Niobrara shale added 0.5 million bpd to U.S. production in 2023
- U.S. Lower 48 states produced 12.9 million bpd of crude in 2023
- Anadarko Basin U.S. oil output reached 0.6 million bpd in 2023
- U.S. oil production costs in Permian averaged $45 per barrel breakeven in 2023
- Haynesville shale supported U.S. NGL production at 2.3 million bpd in 2023
- U.S. Alaska North Slope oil production fell to 0.44 million bpd in 2023
- U.S. oil exports surged to 4.1 million bpd in 2023
- DJ Basin produced 0.55 million bpd of U.S. oil in 2023
- U.S. enhanced oil recovery yielded 1.2 million bpd in 2023
- Permian shale well productivity rose 7% to 650 bpd initial rate in 2023
- U.S. total liquids production peaked at 21.5 million bpd in Q3 2023
- Utica shale contributed 0.3 million bpd to U.S. output in 2023
- U.S. oil production share of global total was 13.4% in 2023
- Marcellus shale indirectly boosted U.S. NGLs by 1.5 million bpd in 2023
- U.S. Gulf Coast refineries processed 16 million bpd linked to production in 2023
United States Production Interpretation
America is pumping record amounts of oil with surgical precision, using fewer rigs in fewer places to achieve unmatched dominance, all while keeping one wary eye on the volatile global market that guzzles its output.
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