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
1Global crude oil production averaged 99.7 million barrels per day (bpd) in 2022, marking a 3.1% increase from 2021
Verified2In 2023, world oil supply grew by 1.2 million bpd to reach 102.8 million bpd, driven by non-OPEC+ gains
Verified3Total world liquids production hit 101.0 million bpd in 2022, including biofuels and refinery gains
Verified4Global upstream oil investments reached $533 billion in 2023, supporting production stability
Directional5World oil production excluding OPEC+ rose by 1.6 million bpd in 2023 to 56.2 million bpd
Single source6In Q4 2023, global oil production averaged 103.1 million bpd, up 2% year-on-year
Verified7Global crude oil output increased to 80.5 million bpd in 2022 from 79.2 million bpd in 2021
Verified8Total petroleum liquids production worldwide was 4.02 billion tonnes in 2022
Verified9Global oil demand outpaced production growth by 1.8 million bpd in 2023 forecasts
Directional10World oil production capacity stood at 105 million bpd in 2023, with 3 million bpd spare
Single source11In 2021, global oil production totaled 3.8 billion tonnes, down 4.6% from 2020 peak pre-pandemic
Verified12Global shale oil production contributed 10.2 million bpd to total output in 2023
Verified13World conventional crude production declined by 0.5 million bpd in 2022 to 67.3 million bpd
Verified14Global oil production growth slowed to 0.9% in 2023, adding 900,000 bpd
Directional15In 2022, biofuels added 1.5 million bpd equivalent to global oil supply
Single source16Global oil production per capita peaked at 11.8 barrels per person annually in 2022
Verified17World oil exports from production totaled 60.2 million bpd in 2023
Verified18Global deepwater oil production reached 9.8 million bpd in 2023, up 5%
Verified19In 2023, LNG-associated gas impacted oil production by reducing 0.3 million bpd flaring
Directional20Global oil rig count averaged 2,150 in 2023, supporting steady production
Single source21World oil production efficiency ratio improved to 92% capacity utilization in 2023
Verified22Global NGL production hit 12.5 million bpd in 2022
Verified23In 2023, global oil production costs averaged $35 per barrel for new projects
Verified24World oil production from enhanced recovery methods was 22% of total in 2022
Directional25Global offshore oil production contributed 30% or 30 million bpd in 2023
Single source26In 2022, global oil production emissions totaled 1.2 GtCO2 from extraction
Verified27World tight oil production grew 8% to 11.2 million bpd in 2023
Verified28Global oil production share from Middle East was 32% in 2022
Verified29In Q1 2024, global oil production rose to 103.5 million bpd
Directional30World oil production forecasts for 2024 predict 102.7 million bpd growth of 1.3 million bpd
Single sourceGlobal 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
1Global oil production in 1970 was 46.3 million bpd
Verified2U.S. oil production peaked at 10.0 million bpd in 2019 pre-pandemic
Verified3World oil output grew from 59 million bpd in 2000 to 99 million bpd in 2022, CAGR 2.6%
Verified4Saudi production was 8.9 million bpd average in 2019 record
Directional5Global production dipped 6.5% to 93.7 million bpd in 2020 due to COVID
Single source6Russia's output was 11.1 million bpd peak in 2016
Verified7OPEC production share fell from 42% in 2000 to 28% in 2022
Verified8U.S. shale revolution boosted production from 5 million bpd in 2008 to 13 million in 2023
Verified9World peak oil demand projected for 2028 at 105 million bpd by IEA
Directional10Global oil production forecast to reach 105.6 million bpd by 2025
Single source11Norway production declined from 3.4 million bpd in 2001 to 1.9 million in 2023
Verified12Brazil production grew 50% from 2.0 million bpd in 2015 to 3.0 million in 2023
Verified13Global NGL production tripled from 1980 to 2022 to 12 million bpd
Verified14U.S. production projected to plateau at 13.5 million bpd through 2025
Directional15World oil production in 1950 was 9.7 million bpd
Single source16OPEC+ forecasts 2.5 million bpd growth in non-OPEC by 2025
Verified17Iran's production halved from 4.2 million bpd in 2011 to 2.1 million in 2021 due to sanctions
Verified18Global deepwater production expected to hit 12 million bpd by 2030
Verified19Canada oil sands projected to produce 3.8 million bpd by 2030
DirectionalHistorical 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
1In 2023, Saudi Arabia produced an average of 9.6 million bpd of crude oil under OPEC+ quotas
Verified2Iraq's crude oil production averaged 4.3 million bpd in 2023, up 5% from 2022
Verified3UAE oil output reached 3.4 million bpd in 2023, exceeding quota by 200,000 bpd
Verified4Iran's oil production grew to 3.1 million bpd in 2023 despite sanctions
Directional5Kuwait produced 2.6 million bpd of crude in 2023 average
Single source6Venezuela's production recovered to 0.8 million bpd in 2023 from 0.7 million
Verified7Algeria's oil output stabilized at 1.0 million bpd in 2023
Verified8Angola produced 1.1 million bpd in 2023, down from OPEC quota adjustments
Verified9Nigeria's crude production averaged 1.3 million bpd in 2023, hampered by theft
Directional10Libya output fluctuated to average 1.2 million bpd in 2023 due to unrest
Single source11Saudi Aramco produced 10.2 million bpd capacity but averaged 9.2 million in 2023
Verified12OPEC total crude production was 28.7 million bpd in 2023, down 1.2% from 2022
Verified13Ecuador's oil production fell to 0.48 million bpd in 2023
Verified14Congo produced 0.27 million bpd as OPEC member in 2023
Directional15Gabon output was 0.22 million bpd in 2023
Single source16Equatorial Guinea produced 0.09 million bpd in 2023 decline
Verified17Iraq's Kurdistan region added 0.4 million bpd to national total in 2023
Verified18Saudi Ghawar field produced 3.8 million bpd in 2023
Verified19UAE's ADNOC raised production to 4 million bpd capacity target by 2023 end
Directional20Iran's South Pars linked fields supported 2.5 million bpd oil equivalent in 2023
Single source21OPEC+ voluntary cuts reduced group production by 2.2 million bpd in 2023
VerifiedOPEC 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
1Russia's crude oil production averaged 9.9 million bpd in 2023 despite sanctions
Verified2Canada's oil sands production reached 3.3 million bpd in 2023, 55% of national total
Verified3Brazil's pre-salt fields produced 2.8 million bpd in 2023, up 12%
Verified4China's crude production was 4.2 million bpd in 2023, focused on onshore
Directional5Norway's oil production averaged 1.9 million bpd in 2023 from North Sea
Single source6Kazakhstan produced 1.8 million bpd in 2023, led by Tengiz field
Verified7Mexico's output declined to 1.9 million bpd in 2023 from nationalized fields
Verified8UK North Sea production was 0.9 million bpd in 2023, down 5%
Verified9Qatar produced 1.3 million bpd crude and condensates in 2023
Directional10Azerbaijan output stabilized at 0.7 million bpd in 2023 from Azeri-Chirag-Gunashli
Single source11Australia's oil production was 0.4 million bpd in 2023, mostly condensates
Verified12Colombia produced 0.8 million bpd in 2023, down due to security issues
Verified13Argentina's Vaca Muerta shale yielded 0.35 million bpd oil in 2023 growth
Verified14Oman's production averaged 1.0 million bpd in 2023
Directional15Turkmenistan produced 0.2 million bpd in 2023 estimates
Single source16Ghana's Jubilee field contributed 0.1 million bpd to 2023 total
Verified17Guyana's Stabroek block ramped to 0.4 million bpd in 2023
Verified18Malaysia produced 0.6 million bpd in 2023 from offshore fields
Verified19Thailand's oil output was 0.2 million bpd in 2023 decline
DirectionalOther 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
1U.S. crude oil production reached a record 13.3 million bpd in October 2023
Verified2In 2023, U.S. total petroleum production averaged 20.2 million bpd, including NGLs
Verified3Permian Basin accounted for 46% of U.S. oil production at 6.1 million bpd in 2023
Verified4U.S. shale oil production hit 9.5 million bpd in 2023, 72% of total crude
Directional5Eagle Ford shale produced 1.1 million bpd of oil in U.S. total in 2023
Single source6U.S. federal offshore Gulf of Mexico oil production was 1.7 million bpd in 2023
Verified7Bakken formation contributed 1.2 million bpd to U.S. oil output in 2023
Verified8U.S. oil rig count dropped to 498 in 2023 average, down 12% from 2022
Verified9In 2022, U.S. crude oil production grew 6.5% to 11.9 million bpd annually
Directional10Niobrara shale added 0.5 million bpd to U.S. production in 2023
Single source11U.S. Lower 48 states produced 12.9 million bpd of crude in 2023
Verified12Anadarko Basin U.S. oil output reached 0.6 million bpd in 2023
Verified13U.S. oil production costs in Permian averaged $45 per barrel breakeven in 2023
Verified14Haynesville shale supported U.S. NGL production at 2.3 million bpd in 2023
Directional15U.S. Alaska North Slope oil production fell to 0.44 million bpd in 2023
Single source16U.S. oil exports surged to 4.1 million bpd in 2023
Verified17DJ Basin produced 0.55 million bpd of U.S. oil in 2023
Verified18U.S. enhanced oil recovery yielded 1.2 million bpd in 2023
Verified19Permian shale well productivity rose 7% to 650 bpd initial rate in 2023
Directional20U.S. total liquids production peaked at 21.5 million bpd in Q3 2023
Single source21Utica shale contributed 0.3 million bpd to U.S. output in 2023
Verified22U.S. oil production share of global total was 13.4% in 2023
Verified23Marcellus shale indirectly boosted U.S. NGLs by 1.5 million bpd in 2023
Verified24U.S. Gulf Coast refineries processed 16 million bpd linked to production in 2023
DirectionalUnited 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.
Sources & References
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