Key Takeaways
- Global oil demand averaged 102.6 mb/d in 2023
- Global oil demand is projected to average 102.4 mb/d in 2024
- Global oil demand is projected to average 104.1 mb/d in 2025
- Global proved crude oil reserves were 1,699.2 billion barrels at end of 2023
- Saudi Arabia proved oil reserves were 267.0 billion barrels at end of 2023
- Venezuela proved oil reserves were 303.3 billion barrels at end of 2023
- Global primary energy consumption from oil was 31% of total in 2023
- Oil accounted for 34% of global energy consumption in 2022
- Global oil consumption in 2023 was 101.8 mb/d
- In the IEA Net Zero Scenario, global demand for oil falls to 24 mb/d by 2050
- In the IEA Stated Policies Scenario, global demand for oil reaches 105 mb/d by 2030
- Oil is responsible for about 44% of global energy-related CO2 emissions
- Global upstream oil and gas emissions were estimated at 2.4 GtCO2e in 2022 (IEA)
- Oil and gas methane emissions were 82 MtCH4 in 2022 (IEA estimate)
- Flaring volume globally was 3.9 billion cubic meters in 2022 (IEA/Global Gas Flaring data overview)
Oil demand is near 102 to 104 mb/d as production rises, while stocks tighten and prices stay elevated.
Global Supply & Demand
Global Supply & Demand Interpretation
Reserves, Production, and Field Development
Reserves, Production, and Field Development Interpretation
Refining, Transport, and Consumption
Refining, Transport, and Consumption Interpretation
Economics, Jobs, and Energy Transition
Economics, Jobs, and Energy Transition Interpretation
Climate, Emissions, and Regulation
Climate, Emissions, and Regulation Interpretation
How We Rate Confidence
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
Gabrielle Fontaine. (2026, February 13). Petroleum Industry Statistics. Gitnux. https://gitnux.org/petroleum-industry-statistics
Gabrielle Fontaine. "Petroleum Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/petroleum-industry-statistics.
Gabrielle Fontaine. 2026. "Petroleum Industry Statistics." Gitnux. https://gitnux.org/petroleum-industry-statistics.
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