Beneath the staggering figures of global oil reserves—a vault of 1.7 trillion barrels with Saudi Arabia and Venezuela holding the keys—lies a dynamic, high-stakes industry that powers our world while grappling with its profound environmental and economic footprint.
Key Takeaways
- Global proved oil reserves stood at 1,732.4 billion barrels at the end of 2022
- Saudi Arabia holds the largest proved oil reserves at 267.0 billion barrels in 2022
- Venezuela has the second-largest proved oil reserves at 303.8 billion barrels in 2022
- World oil consumption reached 99.7 mb/d in 2022
- US oil consumption was 19.0 mb/d in 2022
- China's oil consumption hit 15.1 mb/d in 2022
- Brent crude oil price averaged $100 per barrel in 2022
- WTI crude oil averaged $94 per barrel in 2022
- Global oil market saw revenues of $3.2 trillion in 2022
- Global oil spills from tankers totaled 160,000 tonnes in 2022
- Oil industry methane emissions estimated at 70 million tonnes in 2022
- Upstream oil & gas flaring was 148 bcm in 2022
- Global oil industry employs 10.7 million people directly in 2022
- US oil & gas sector supports 10.3 million jobs in 2022
- Saudi Aramco employs 73,000 people in 2022
Despite vast reserves, global oil production and demand were nearly balanced in 2022.
Consumption and Demand
- World oil consumption reached 99.7 mb/d in 2022
- US oil consumption was 19.0 mb/d in 2022
- China's oil consumption hit 15.1 mb/d in 2022
- India's oil demand grew to 5.4 mb/d in 2022
- Europe's oil consumption fell to 13.5 mb/d in 2022
- Japan's oil consumption was 3.3 mb/d in 2022
- Global gasoline demand was 26.1 mb/d in 2022
- Diesel demand worldwide reached 30.6 mb/d in 2022
- Aviation fuel demand recovered to 6.7 mb/d in 2022
- Petrochemical feedstock demand was 15.2 mb/d in 2022
- US gasoline consumption averaged 8.8 mb/d in 2022
- China's gasoline demand was 3.3 mb/d in 2022
- Global LPG consumption reached 11.5 mb/d in 2022
- Middle East oil consumption was 8.9 mb/d in 2022
- Africa's oil demand stood at 4.4 mb/d in 2022
- Global natural gas consumption increased 0.7% to 3,944 billion cubic meters in 2022
- US natural gas consumption was 862 billion cubic meters in 2022
- Europe's natural gas demand fell 11.6% in 2022
- China's natural gas consumption grew 8.7% to 364 billion cubic meters in 2022
- Global refinery runs averaged 80.3 mb/d in 2022
- US refinery utilization rate was 91% in 2022
- China's refinery throughput reached 14.8 mb/d in 2022
- India's refinery capacity expanded to 5.5 mb/d by 2022
- Global jet fuel demand was 65% of pre-pandemic levels in 2022
- Road transport oil demand fell 1% globally in 2022
- Petrochemicals accounted for 12% of global oil demand in 2022
- US distillate fuel oil consumption was 3.9 mb/d in 2022
- Global ethane demand for petrochemicals rose 3% in 2022
Consumption and Demand Interpretation
The world still runs on liquid ambition, but the traffic patterns are shifting: as America and China guzzle gasoline and petrochemicals, Europe's thirst is sobering, jets are limping back to the skies, and the global engine is grudgingly acknowledging that the road ahead might be a bit more winding.
Employment and Infrastructure
- Global oil industry employs 10.7 million people directly in 2022
- US oil & gas sector supports 10.3 million jobs in 2022
- Saudi Aramco employs 73,000 people in 2022
- ExxonMobil workforce 62,000 in 2022
- Global pipeline network spans 2.4 million km for oil & gas
- US has 5.8 million km of energy pipelines
- Permian Basin rig count averaged 320 in 2022
- Global LNG terminals number 170 in operation 2022
- Middle East refineries employ 500,000 workers
- Norway offshore oil platforms 28 active in 2022
- Brazil pre-salt fields require 100,000 skilled workers
- Global tanker fleet 8,200 vessels in 2022
- US Gulf Coast refineries 50 plants processing 17 mb/d
- Qatar LNG expansion creates 10,000 jobs
- Russia oil rig count 1,200 in 2022
- Alberta oil sands mines employ 60,000
- Global FPSO fleet 200 units in 2022
- ADNOC UAE workforce 52,000 in 2022
- Chevron Australia Gorgon LNG project 8,000 peak jobs
- Global oil storage capacity 7 billion barrels
Employment and Infrastructure Interpretation
Beneath every staggering global statistic—from the millions of kilometers of pipeline vein-like across continents to the thousands of workers on a single platform—beats the colossal, labor-intensive heart of an industry that quite literally fuels the modern world.
Environmental Impact
- Global oil spills from tankers totaled 160,000 tonnes in 2022
- Oil industry methane emissions estimated at 70 million tonnes in 2022
- Upstream oil & gas flaring was 148 bcm in 2022
- CO2 emissions from oil use reached 11.6 Gt in 2022
- Permian Basin methane intensity 1.7% of production in 2022
- Global offshore oil spills decreased 20% in 2022
- Nigeria's Niger Delta oil spills totaled 240,000 barrels since 2011
- Oil sands tailings ponds cover 220 km² in Alberta 2022
- US fracking wastewater 55 billion barrels since 2011
- Arctic oil drilling risks 95% wildlife impact per study
- Deepwater Horizon spill released 4.9 million barrels in 2010
- Global refinery emissions 1.2 Gt CO2 annually
- LNG liquefaction process emits 2-5% methane slip
- Venezuelan oil spills contaminated 40% of Orinoco Belt
- North Sea oil fields decommissioning costs $50 billion
- Biofuel blending reduced emissions by 50 Mt CO2 in 2022
- Oil tanker CO2 emissions 200 Mt annually
- Methane from abandoned wells 1.2 Mt/year in US
- Saudi Aramco flare reduction 75% since 2017
- Global plastic waste from oil 400 Mt in 2022
- Refinery particulate matter emissions 1.5 Mt/year globally
- Oil seeps naturally release 600,000 tonnes/year
- CCS projects in oil sector capture 45 Mt CO2/year 2022
- Ecuador Amazon oil contamination affects 1 million hectares
- US Gulf of Mexico spill response costs $65 billion cumulative
- Hydrogen from natural gas reforming emits 9-12 kg CO2/kg H2
- Petroleum industry water use 70 billion m³/year globally
- Petroleum coke emissions contribute 0.3 Gt CO2/year
Environmental Impact Interpretation
The petroleum industry's 2022 environmental scorecard presents a grim irony: as it meticulously measures its colossal annual contributions to atmospheric and aquatic pollution—from millions of tonnes of methane and gigatonnes of CO2 to vast lakes of toxic tailings—it simultaneously, and with sober precision, documents the mounting bill for its own ecological and financial decommissioning.
Prices and Economics
- Brent crude oil price averaged $100 per barrel in 2022
- WTI crude oil averaged $94 per barrel in 2022
- Global oil market saw revenues of $3.2 trillion in 2022
- Saudi Arabia's oil export revenues exceeded $200 billion in 2022
- US upstream oil investment was $140 billion in 2022
- Global LNG spot prices peaked at $70/MMBtu in 2022
- Russia's Urals crude discount to Brent averaged $30/bbl in 2022
- OPEC basket price averaged $100.04/bbl in 2022
- Dubai crude averaged $98.7/bbl in 2022
- Gasoline retail price in US averaged $3.95/gallon in 2022
- Diesel retail price in US was $5.15/gallon in 2022 average
- Global oil trade volume was 63.5 mb/d in 2022
- Saudi Arabia exported 7.1 mb/d of crude in 2022
- US crude exports reached 3.6 mb/d in 2022
- China's crude imports averaged 11.0 mb/d in 2022
- EU crude imports from Russia fell 90% in 2022
- Global LNG trade grew 6% to 404 billion cubic meters in 2022
- Qatar exported 77 billion cubic meters of LNG in 2022
- Australia's LNG exports were 81 billion cubic meters in 2022
- Oil majors' profits reached $200 billion combined in 2022
- ExxonMobil reported $55.7 billion profit in 2022
- Chevron earned $35.5 billion in 2022
- Shell's profit was $39.9 billion in 2022
- TotalEnergies profit hit 20.5 billion euros in 2022
- BP profit reached 27.7 billion dollars in 2022
- Global oil demand expected to rise 1.2 mb/d in 2023 per IEA
- WTI futures price settled at $75/bbl end-2022
- Petrochemical margins doubled in 2022
Prices and Economics Interpretation
In 2022, the world paid a staggering $3.2 trillion for its oil addiction, a bill that funded both geopolitical gambles and record corporate profits while punishing ordinary consumers at the pump.
Reserves and Production
- Global proved oil reserves stood at 1,732.4 billion barrels at the end of 2022
- Saudi Arabia holds the largest proved oil reserves at 267.0 billion barrels in 2022
- Venezuela has the second-largest proved oil reserves at 303.8 billion barrels in 2022
- Global oil production reached 99.0 million barrels per day (mb/d) in 2022
- US oil production hit a record 12.9 mb/d in 2022
- Saudi Arabia produced 10.7 mb/d of oil in 2022
- Russia oil production was 10.1 mb/d in 2022
- Canada's oil sands production contributed 4.7 mb/d in 2022
- Iraq's oil production increased to 4.4 mb/d in 2022
- UAE oil production was 3.4 mb/d in 2022
- Global proved natural gas reserves were 187 trillion cubic meters in 2022
- Russia holds 38 trillion cubic meters of proved natural gas reserves in 2022
- Iran has 34 trillion cubic meters of natural gas reserves in 2022
- Qatar's natural gas reserves stand at 24 trillion cubic meters in 2022
- US natural gas production reached 1,030 billion cubic meters in 2022
- Russia's natural gas production was 598 billion cubic meters in 2022
- Iran's natural gas production hit 256 billion cubic meters in 2022
- China's oil production was 4.2 mb/d in 2022
- Brazil's oil production reached 3.1 mb/d in 2022
- Norway's oil production was 2.0 mb/d in 2022
- Global oil refinery capacity was 102 million b/d in 2022
- US proved crude oil reserves increased 9% to 44.4 billion barrels in 2021
- Permian Basin accounted for 46% of US oil production in 2022
- OPEC+ countries produced 40.5 mb/d of crude oil in 2022
- Non-OPEC production grew by 1.2 mb/d in 2022
- Guyana's oil production surged to 0.4 mb/d in 2022
- Kazakhstan oil production was 1.8 mb/d in 2022
- Algeria's proved oil reserves are 12.2 billion barrels in 2022
- Libya holds 48.4 billion barrels of proved oil reserves in 2022
- Global natural gas production grew 0.4% to 4,048 billion cubic meters in 2022
Reserves and Production Interpretation
The world's oil treasure map is currently a tale of two realities: Saudi Arabia and Venezuela sit on mountainous reserves they're barely touching, while the United States, with comparatively modest holdings, is pumping at a record-breaking pace to keep the global engine humming.
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