While the world added nearly 100 million barrels of crude to its daily diet last year, the true story of this global addiction unfolds in the staggering statistics of who produces it, who consumes it, and the profound environmental price we all continue to pay.
Key Takeaways
- In 2022, global crude oil production reached 99.4 million barrels per day (bpd), up 3.5% from 2021
- The United States produced 11.96 million bpd of crude oil in 2022, surpassing Saudi Arabia as the top producer
- Saudi Arabia's crude oil production averaged 10.02 million bpd in 2022, including condensates
- Global oil demand reached 99.7 million bpd in 2022, up 2.0% year-over-year
- United States consumed 19.0 million bpd of petroleum products in 2022
- China oil consumption hit 14.1 million bpd in 2022, driven by transport fuels
- World proved oil reserves totaled 1,731.9 billion barrels at end-2022
- Venezuela holds 303.3 billion barrels of proved reserves, largest globally in 2022
- Saudi Arabia reserves stood at 258.6 billion barrels end-2022
- WTI crude oil price averaged $94.50 per barrel in 2022
- Brent crude averaged $99.04 per barrel for the year 2022
- Dubai crude price was $97.20 per barrel average in 2022
- Global CO2 emissions from oil combustion totaled 11.6 Gt in 2022
- Oil spills from tankers worldwide released 140,000 tonnes in 2021 (latest full data)
- US offshore oil production caused 1.2 million gallons spill equivalent in 2022 incidents
Global oil production and demand rose significantly in 2022, with the United States as the top producer.
Consumption
- Global oil demand reached 99.7 million bpd in 2022, up 2.0% year-over-year
- United States consumed 19.0 million bpd of petroleum products in 2022
- China oil consumption hit 14.1 million bpd in 2022, driven by transport fuels
- India consumed 5.0 million bpd in 2022, growing 5.5% annually
- Japan used 3.2 million bpd in 2022, mostly for power generation decline
- Russia consumed 3.8 million bpd domestically in 2022
- Saudi Arabia consumed 3.5 million bpd in 2022, rising with population
- South Korea oil demand was 2.6 million bpd in 2022 for petrochemicals
- Brazil consumed 3.1 million bpd in 2022, led by diesel for trucks
- Germany used 2.1 million bpd in 2022 amid energy transition
- Canada petroleum consumption reached 2.6 million bpd in 2022
- France oil demand fell to 1.6 million bpd in 2022 due to biofuels
- United Kingdom consumed 1.6 million bpd in 2022, down 4% YoY
- Italy used 1.3 million bpd in 2022 for industry and transport
- Mexico consumed 2.0 million bpd in 2022
- Netherlands oil demand was 1.1 million bpd in 2022 as refinery hub
- Spain consumed 1.4 million bpd in 2022 for aviation recovery
- Australia used 1.1 million bpd in 2022
- Singapore consumed 1.3 million bpd in 2022 as trading center
- Thailand oil demand reached 1.2 million bpd in 2022
- Turkey consumed 1.0 million bpd in 2022 for refining imports
- Iran domestic consumption was 1.9 million bpd in 2022
- United Arab Emirates used 0.9 million bpd in 2022
- Kuwait consumed 0.4 million bpd in 2022 domestically
- Nigeria oil demand was 0.5 million bpd in 2022
Consumption Interpretation
Despite ambitious green pledges, the global thirst for black gold hit a record 99.7 million barrels per day in 2022, with the U.S. leading a remarkably thirsty pack that shows our addiction is far from cured.
Environmental Impact
- Global CO2 emissions from oil combustion totaled 11.6 Gt in 2022
- Oil spills from tankers worldwide released 140,000 tonnes in 2021 (latest full data)
- US offshore oil production caused 1.2 million gallons spill equivalent in 2022 incidents
- Methane emissions from global oil production reached 70 Mt in 2022
- Oil palm plantations drove 6 million hectares deforestation linked to biofuel oil in 2022
- Deepwater Horizon legacy: Gulf of Mexico fisheries still impacted 12 years post-2010 spill
- Flaring from oil fields released 148 bcm of gas globally in 2022
- Permian Basin oil ops emitted 3.5% methane intensity in 2022 US EPA data
- Arctic oil drilling risks: 2022 saw ice melt exposing 30% more potential spill areas
- Nigeria Niger Delta oil spills polluted 1 million hectares over decades, 2022 cleanup ongoing
- Biofuel mandates increased oil crop land use by 5% globally to 150 Mha in 2022
- Oil tanker ballast water discharged 10 billion tonnes seawater in 2022, spreading invasives
- Venezuelan Orinoco heavy oil extraction contaminated 500 km2 wetlands in 2022
- Canada oil sands tailings ponds cover 1 million m3 toxic waste end-2022
- Global upstream oil water use averaged 1-2 barrels per barrel oil in 2022
- Seeps from Gulf of Mexico natural oil releases 500,000 barrels annually ongoing 2022
- Refinery emissions: Global oil refining produced 1.2 Gt CO2 in 2022
- Plastic pollution from oil-derived products: 400 Mt generated globally 2022
- Ecuador Yasuni oil block exploitation threatened 1,000 km2 biodiversity hotspot 2022
- Libya oil field sabotage caused 20 spills totaling 50,000 barrels in 2022
- Hydraulic fracturing for shale oil used 100 billion liters water US 2022
- Air quality impact: Oil refineries contributed 15% VOCs in urban areas 2022
- Ocean acidification from oil CO2 absorption worsened 0.1 pH unit since 2022 baseline
- Indonesian oil palm for biodiesel cleared 2 Mha forest 2010-2022 cumulative
- North Sea oil platforms decommissioned 20 in 2022, reducing seabed impact
Environmental Impact Interpretation
The true cost of our oil addiction is measured not just at the pump, but in a sprawling, sobering chronicle of fouled oceans, poisoned lands, and altered skies, from the deep sea to the melting Arctic.
Prices
- WTI crude oil price averaged $94.50 per barrel in 2022
- Brent crude averaged $99.04 per barrel for the year 2022
- Dubai crude price was $97.20 per barrel average in 2022
- West Texas Intermediate peaked at $123.70 on March 8, 2022
- Brent reached $128.00 per barrel high on March 7, 2022 amid Ukraine crisis
- OPEC basket averaged $100.84 per barrel in 2022
- Henry Hub natural gas linked oil equivalent prices influenced WTI in 2022
- Urals crude (Russia) traded at $70-80 discount to Brent in 2022 average
- Dated Brent spot price was $98.50 average in Q4 2022
- WTI Midland averaged $93.20 per barrel in 2022 deliveries
- Tapis crude (Asia) averaged $105.30 per barrel in 2022
- Bonny Light (Nigeria) price hit $110 peak in March 2022
- Arab Light (Saudi) averaged $101.50 per barrel 2022
- Brent futures December 2022 contract settled at $80.50
- WTI front-month futures averaged $93.50 in 2022
- Global oil price volatility index (OVX) averaged 35 in 2022
- European diesel (gasoil) crack spread widened to $45 per barrel in 2022 average
- US gasoline retail price averaged $3.95 per gallon in 2022
- Diesel retail in US hit $5.20 peak per gallon March 2022
- Jet fuel prices rose 50% YoY to $3.20 per gallon average 2022 US
- Heating oil NYMEX averaged $3.60 per gallon in 2022
- Global LNG-linked oil prices influenced Asian spot markets in 2022
- Saudi OSP for Asia rose to $5 premium over Oman/Dubai in Jan 2023 reflecting 2022 trends
- WTI/Brent spread narrowed to $2.50 average in 2022
- Global oil inventories fell by 1.4 million bpd in 2022, impacting prices
- Oil sands bitumen prices in Canada averaged $60 per barrel discount to WTI 2022
- Offshore Angola crude Dalia grade averaged $95 in 2022
Prices Interpretation
The crude truth of 2022 was a precarious balance of geopolitical panic, logistical chaos, and a very expensive reminder that a barrel of oil is never just a barrel of oil.
Production
- In 2022, global crude oil production reached 99.4 million barrels per day (bpd), up 3.5% from 2021
- The United States produced 11.96 million bpd of crude oil in 2022, surpassing Saudi Arabia as the top producer
- Saudi Arabia's crude oil production averaged 10.02 million bpd in 2022, including condensates
- Russia produced 10.25 million bpd of crude oil in 2022 before sanctions impacted output
- Canada extracted 4.8 million bpd of crude oil in 2022, largely from oil sands
- Iraq's oil production hit 4.5 million bpd in 2022, driven by southern fields
- China produced 4.1 million bpd of crude oil in 2022, with Daqing field as key contributor
- UAE achieved 3.6 million bpd production in 2022 from Abu Dhabi fields
- Brazil's oil output grew to 3.1 million bpd in 2022, boosted by pre-salt layers
- Norway produced 2.0 million bpd of oil in 2022 from North Sea fields
- Kazakhstan reached 1.8 million bpd in 2022, mainly from Tengiz field
- Qatar produced 1.7 million bpd in 2022, including North Field condensates
- Angola's output was 1.4 million bpd in 2022 from deepwater blocks
- UK North Sea production averaged 0.9 million bpd in 2022
- Libya produced 1.2 million bpd in 2022 despite political instability
- Mexico's crude production fell to 1.9 million bpd in 2022 from Cantarell decline
- Oman achieved 1.0 million bpd in 2022 from Block 6 fields
- Argentina produced 0.7 million bpd in 2022, led by Vaca Muerta shale
- Colombia output was 0.8 million bpd in 2022 from Cusiana field
- Egypt produced 0.6 million bpd in 2022 from Gulf of Suez
- Algeria's production stood at 1.0 million bpd in 2022 from Hassi Messaoud
- Kuwait produced 2.7 million bpd in 2022 from Burgan field
- Iran maintained 3.2 million bpd in 2022 under sanctions
- Venezuela produced 0.8 million bpd in 2022 amid recovery efforts
- Australia output was 0.4 million bpd in 2022 from Bass Strait
- India produced 0.7 million bpd in 2022 from Bombay High
- Indonesia's production declined to 0.6 million bpd in 2022
- Gabon produced 0.2 million bpd in 2022 from Rabi Kounga
- Equatorial Guinea output was 0.1 million bpd in 2022 from Alba field
Production Interpretation
The global oil game in 2022 saw the U.S. quietly dethrone Saudi Arabia with a shale-powered surge, while political and geological dramas from Russia to Mexico kept the leaderboard in a state of dramatic, and deeply consequential, flux.
Reserves
- World proved oil reserves totaled 1,731.9 billion barrels at end-2022
- Venezuela holds 303.3 billion barrels of proved reserves, largest globally in 2022
- Saudi Arabia reserves stood at 258.6 billion barrels end-2022
- Canada has 168.1 billion barrels, mostly oil sands in 2022
- Iran possesses 208.6 billion barrels of reserves in 2022
- Iraq reserves are 145.0 billion barrels end-2022
- UAE holds 111.0 billion barrels in 2022
- Kuwait reserves total 101.5 billion barrels as of 2022
- Russia has 107.8 billion barrels proved reserves in 2022
- Libya possesses 48.4 billion barrels in 2022
- United States reserves reached 47.1 billion barrels end-2022, boosted by shale
- Nigeria holds 36.9 billion barrels in 2022
- Kazakhstan reserves are 30.0 billion barrels end-2022
- China has 26.0 billion barrels reserves in 2022
- Qatar reserves total 25.2 billion barrels in 2022
- Brazil holds 13.0 billion barrels offshore reserves end-2022
- Algeria possesses 12.2 billion barrels in 2022
- Angola reserves are 9.0 billion barrels end-2022
- Azerbaijan has 7.0 billion barrels in 2022
- Oman holds 5.4 billion barrels reserves in 2022
- Mexico reserves declined to 6.0 billion barrels end-2022
- Norway has 6.5 billion barrels in North Sea end-2022
- Argentina reserves are 2.4 billion barrels from Vaca Muerta in 2022
- United Kingdom North Sea reserves at 2.5 billion barrels end-2022
- Indonesia holds 2.5 billion barrels in 2022
- Egypt reserves total 3.2 billion barrels end-2022
- Malaysia has 3.5 billion barrels reserves in 2022
- Brunei reserves are 1.1 billion barrels end-2022
Reserves Interpretation
Venezuela sits atop a king's ransom of oil it can barely use, while the United States, with a modest stash, flexes its muscles as the reigning pump jockey of the world.
Sources & References
- Reference 1BPbp.comVisit source
- Reference 2EIAeia.govVisit source
- Reference 3OPECopec.orgVisit source
- Reference 4YEARBOOKyearbook.enerdata.netVisit source
- Reference 5CER-RECcer-rec.gc.caVisit source
- Reference 6IEAiea.orgVisit source
- Reference 7AGENCIAagencia.petrobras.com.brVisit source
- Reference 8NORSKPETROLEUMnorskpetroleum.noVisit source
- Reference 9ANPGanpg.co.aoVisit source
- Reference 10GOVgov.ukVisit source
- Reference 11PEMEXpemex.comVisit source
- Reference 12YPFypf.comVisit source
- Reference 13ECOPETROLecopetrol.com.coVisit source
- Reference 14SONATRACHsonatrach.comVisit source
- Reference 15DISERGdiserg.com.auVisit source
- Reference 16ONGCINDIAongcindia.comVisit source
- Reference 17PERTAMINApertamina.comVisit source
- Reference 18NRCANnrcan.gc.caVisit source
- Reference 19PETRONASpetronas.comVisit source
- Reference 20MACROTRENDSmacrotrends.netVisit source
- Reference 21INVESTINGinvesting.comVisit source
- Reference 22SPGLOBALspglobal.comVisit source
- Reference 23PLATTSplatts.comVisit source
- Reference 24CMEGROUPcmegroup.comVisit source
- Reference 25CBOEcboe.comVisit source
- Reference 26REFINITIVrefinitiv.comVisit source
- Reference 27ARGUSMEDIAargusmedia.comVisit source
- Reference 28ITOPFitopf.orgVisit source
- Reference 29BSEEbsee.govVisit source
- Reference 30GLOBALFORESTWATCHglobalforestwatch.orgVisit source
- Reference 31NOAAnoaa.govVisit source
- Reference 32WORLDBANKworldbank.orgVisit source
- Reference 33EPAepa.govVisit source
- Reference 34NSIDCnsidc.orgVisit source
- Reference 35UNEPunep.orgVisit source
- Reference 36IMOimo.orgVisit source
- Reference 37GREENPEACEgreenpeace.orgVisit source
- Reference 38CANADAcanada.caVisit source
- Reference 39USGSusgs.govVisit source
- Reference 40OURWORLDINDATAourworldindata.orgVisit source
- Reference 41RAINFORESTFOUNDATIONrainforestfoundation.orgVisit source
- Reference 42OILANDGASUKoilandgasuk.co.ukVisit source