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
1Global oil demand reached 99.7 million bpd in 2022, up 2.0% year-over-year
Verified2United States consumed 19.0 million bpd of petroleum products in 2022
Verified3China oil consumption hit 14.1 million bpd in 2022, driven by transport fuels
Verified4India consumed 5.0 million bpd in 2022, growing 5.5% annually
Directional5Japan used 3.2 million bpd in 2022, mostly for power generation decline
Single source6Russia consumed 3.8 million bpd domestically in 2022
Verified7Saudi Arabia consumed 3.5 million bpd in 2022, rising with population
Verified8South Korea oil demand was 2.6 million bpd in 2022 for petrochemicals
Verified9Brazil consumed 3.1 million bpd in 2022, led by diesel for trucks
Directional10Germany used 2.1 million bpd in 2022 amid energy transition
Single source11Canada petroleum consumption reached 2.6 million bpd in 2022
Verified12France oil demand fell to 1.6 million bpd in 2022 due to biofuels
Verified13United Kingdom consumed 1.6 million bpd in 2022, down 4% YoY
Verified14Italy used 1.3 million bpd in 2022 for industry and transport
Directional15Mexico consumed 2.0 million bpd in 2022
Single source16Netherlands oil demand was 1.1 million bpd in 2022 as refinery hub
Verified17Spain consumed 1.4 million bpd in 2022 for aviation recovery
Verified18Australia used 1.1 million bpd in 2022
Verified19Singapore consumed 1.3 million bpd in 2022 as trading center
Directional20Thailand oil demand reached 1.2 million bpd in 2022
Single source21Turkey consumed 1.0 million bpd in 2022 for refining imports
Verified22Iran domestic consumption was 1.9 million bpd in 2022
Verified23United Arab Emirates used 0.9 million bpd in 2022
Verified24Kuwait consumed 0.4 million bpd in 2022 domestically
Directional25Nigeria oil demand was 0.5 million bpd in 2022
Single sourceConsumption 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
1Global CO2 emissions from oil combustion totaled 11.6 Gt in 2022
Verified2Oil spills from tankers worldwide released 140,000 tonnes in 2021 (latest full data)
Verified3US offshore oil production caused 1.2 million gallons spill equivalent in 2022 incidents
Verified4Methane emissions from global oil production reached 70 Mt in 2022
Directional5Oil palm plantations drove 6 million hectares deforestation linked to biofuel oil in 2022
Single source6Deepwater Horizon legacy: Gulf of Mexico fisheries still impacted 12 years post-2010 spill
Verified7Flaring from oil fields released 148 bcm of gas globally in 2022
Verified8Permian Basin oil ops emitted 3.5% methane intensity in 2022 US EPA data
Verified9Arctic oil drilling risks: 2022 saw ice melt exposing 30% more potential spill areas
Directional10Nigeria Niger Delta oil spills polluted 1 million hectares over decades, 2022 cleanup ongoing
Single source11Biofuel mandates increased oil crop land use by 5% globally to 150 Mha in 2022
Verified12Oil tanker ballast water discharged 10 billion tonnes seawater in 2022, spreading invasives
Verified13Venezuelan Orinoco heavy oil extraction contaminated 500 km2 wetlands in 2022
Verified14Canada oil sands tailings ponds cover 1 million m3 toxic waste end-2022
Directional15Global upstream oil water use averaged 1-2 barrels per barrel oil in 2022
Single source16Seeps from Gulf of Mexico natural oil releases 500,000 barrels annually ongoing 2022
Verified17Refinery emissions: Global oil refining produced 1.2 Gt CO2 in 2022
Verified18Plastic pollution from oil-derived products: 400 Mt generated globally 2022
Verified19Ecuador Yasuni oil block exploitation threatened 1,000 km2 biodiversity hotspot 2022
Directional20Libya oil field sabotage caused 20 spills totaling 50,000 barrels in 2022
Single source21Hydraulic fracturing for shale oil used 100 billion liters water US 2022
Verified22Air quality impact: Oil refineries contributed 15% VOCs in urban areas 2022
Verified23Ocean acidification from oil CO2 absorption worsened 0.1 pH unit since 2022 baseline
Verified24Indonesian oil palm for biodiesel cleared 2 Mha forest 2010-2022 cumulative
Directional25North Sea oil platforms decommissioned 20 in 2022, reducing seabed impact
Single sourceEnvironmental 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
1WTI crude oil price averaged $94.50 per barrel in 2022
Verified2Brent crude averaged $99.04 per barrel for the year 2022
Verified3Dubai crude price was $97.20 per barrel average in 2022
Verified4West Texas Intermediate peaked at $123.70 on March 8, 2022
Directional5Brent reached $128.00 per barrel high on March 7, 2022 amid Ukraine crisis
Single source6OPEC basket averaged $100.84 per barrel in 2022
Verified7Henry Hub natural gas linked oil equivalent prices influenced WTI in 2022
Verified8Urals crude (Russia) traded at $70-80 discount to Brent in 2022 average
Verified9Dated Brent spot price was $98.50 average in Q4 2022
Directional10WTI Midland averaged $93.20 per barrel in 2022 deliveries
Single source11Tapis crude (Asia) averaged $105.30 per barrel in 2022
Verified12Bonny Light (Nigeria) price hit $110 peak in March 2022
Verified13Arab Light (Saudi) averaged $101.50 per barrel 2022
Verified14Brent futures December 2022 contract settled at $80.50
Directional15WTI front-month futures averaged $93.50 in 2022
Single source16Global oil price volatility index (OVX) averaged 35 in 2022
Verified17European diesel (gasoil) crack spread widened to $45 per barrel in 2022 average
Verified18US gasoline retail price averaged $3.95 per gallon in 2022
Verified19Diesel retail in US hit $5.20 peak per gallon March 2022
Directional20Jet fuel prices rose 50% YoY to $3.20 per gallon average 2022 US
Single source21Heating oil NYMEX averaged $3.60 per gallon in 2022
Verified22Global LNG-linked oil prices influenced Asian spot markets in 2022
Verified23Saudi OSP for Asia rose to $5 premium over Oman/Dubai in Jan 2023 reflecting 2022 trends
Verified24WTI/Brent spread narrowed to $2.50 average in 2022
Directional25Global oil inventories fell by 1.4 million bpd in 2022, impacting prices
Single source26Oil sands bitumen prices in Canada averaged $60 per barrel discount to WTI 2022
Verified27Offshore Angola crude Dalia grade averaged $95 in 2022
VerifiedPrices 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
1In 2022, global crude oil production reached 99.4 million barrels per day (bpd), up 3.5% from 2021
Verified2The United States produced 11.96 million bpd of crude oil in 2022, surpassing Saudi Arabia as the top producer
Verified3Saudi Arabia's crude oil production averaged 10.02 million bpd in 2022, including condensates
Verified4Russia produced 10.25 million bpd of crude oil in 2022 before sanctions impacted output
Directional5Canada extracted 4.8 million bpd of crude oil in 2022, largely from oil sands
Single source6Iraq's oil production hit 4.5 million bpd in 2022, driven by southern fields
Verified7China produced 4.1 million bpd of crude oil in 2022, with Daqing field as key contributor
Verified8UAE achieved 3.6 million bpd production in 2022 from Abu Dhabi fields
Verified9Brazil's oil output grew to 3.1 million bpd in 2022, boosted by pre-salt layers
Directional10Norway produced 2.0 million bpd of oil in 2022 from North Sea fields
Single source11Kazakhstan reached 1.8 million bpd in 2022, mainly from Tengiz field
Verified12Qatar produced 1.7 million bpd in 2022, including North Field condensates
Verified13Angola's output was 1.4 million bpd in 2022 from deepwater blocks
Verified14UK North Sea production averaged 0.9 million bpd in 2022
Directional15Libya produced 1.2 million bpd in 2022 despite political instability
Single source16Mexico's crude production fell to 1.9 million bpd in 2022 from Cantarell decline
Verified17Oman achieved 1.0 million bpd in 2022 from Block 6 fields
Verified18Argentina produced 0.7 million bpd in 2022, led by Vaca Muerta shale
Verified19Colombia output was 0.8 million bpd in 2022 from Cusiana field
Directional20Egypt produced 0.6 million bpd in 2022 from Gulf of Suez
Single source21Algeria's production stood at 1.0 million bpd in 2022 from Hassi Messaoud
Verified22Kuwait produced 2.7 million bpd in 2022 from Burgan field
Verified23Iran maintained 3.2 million bpd in 2022 under sanctions
Verified24Venezuela produced 0.8 million bpd in 2022 amid recovery efforts
Directional25Australia output was 0.4 million bpd in 2022 from Bass Strait
Single source26India produced 0.7 million bpd in 2022 from Bombay High
Verified27Indonesia's production declined to 0.6 million bpd in 2022
Verified28Gabon produced 0.2 million bpd in 2022 from Rabi Kounga
Verified29Equatorial Guinea output was 0.1 million bpd in 2022 from Alba field
DirectionalProduction 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
1World proved oil reserves totaled 1,731.9 billion barrels at end-2022
Verified2Venezuela holds 303.3 billion barrels of proved reserves, largest globally in 2022
Verified3Saudi Arabia reserves stood at 258.6 billion barrels end-2022
Verified4Canada has 168.1 billion barrels, mostly oil sands in 2022
Directional5Iran possesses 208.6 billion barrels of reserves in 2022
Single source6Iraq reserves are 145.0 billion barrels end-2022
Verified7UAE holds 111.0 billion barrels in 2022
Verified8Kuwait reserves total 101.5 billion barrels as of 2022
Verified9Russia has 107.8 billion barrels proved reserves in 2022
Directional10Libya possesses 48.4 billion barrels in 2022
Single source11United States reserves reached 47.1 billion barrels end-2022, boosted by shale
Verified12Nigeria holds 36.9 billion barrels in 2022
Verified13Kazakhstan reserves are 30.0 billion barrels end-2022
Verified14China has 26.0 billion barrels reserves in 2022
Directional15Qatar reserves total 25.2 billion barrels in 2022
Single source16Brazil holds 13.0 billion barrels offshore reserves end-2022
Verified17Algeria possesses 12.2 billion barrels in 2022
Verified18Angola reserves are 9.0 billion barrels end-2022
Verified19Azerbaijan has 7.0 billion barrels in 2022
Directional20Oman holds 5.4 billion barrels reserves in 2022
Single source21Mexico reserves declined to 6.0 billion barrels end-2022
Verified22Norway has 6.5 billion barrels in North Sea end-2022
Verified23Argentina reserves are 2.4 billion barrels from Vaca Muerta in 2022
Verified24United Kingdom North Sea reserves at 2.5 billion barrels end-2022
Directional25Indonesia holds 2.5 billion barrels in 2022
Single source26Egypt reserves total 3.2 billion barrels end-2022
Verified27Malaysia has 3.5 billion barrels reserves in 2022
Verified28Brunei reserves are 1.1 billion barrels end-2022
VerifiedReserves 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.
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