GITNUXREPORT 2025

Petroleum Industry Statistics

Global oil demand reached 99.7 million barrels daily in 2022.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Statistic 1

In 2022, the global proven oil reserves stood at approximately 1.75 trillion barrels

Statistic 2

The highest recorded daily oil production was about 102 million barrels in 2018

Statistic 3

The world's top 10 largest oil reserves countries are Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait, UAE, Russia, Libya, and Nigeria

Statistic 4

The proven underground natural gas reserves are estimated at about 7,087 trillion cubic feet globally in 2022

Statistic 5

World oil production declined by approximately 4 million barrels per day during 2020 due to the COVID-19 pandemic

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Approximately 26% of global oil production is associated with natural gas liquids (NGLs), which are used in petrochemicals and refining

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The top five countries by proven natural gas reserves are Russia, Iran, Qatar, Turkmenistan, and the US, with reserves totaling over 10,000 trillion cubic feet

Statistic 8

The world’s largest operational offshore oil field, Ghawar in Saudi Arabia, has estimated remaining recoverable reserves of about 70 billion barrels

Statistic 9

The average daily global offshore oil production was approximately 25 million barrels in 2022

Statistic 10

The global oil transportation industry relies on approximately 8,000 oil tankers

Statistic 11

The global offshore oil and gas spending was estimated at around $100 billion in 2022

Statistic 12

The global oil industry operates over 6,300 active drilling rigs

Statistic 13

The average global well depth is around 7,000 feet, with offshore wells reaching depths of over 30,000 feet

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The average cost of offshore drilling varies from $50 million to over $150 million per well, depending on depth and location

Statistic 15

Approximately 60% of all oil and natural gas production is transported via pipelines, with the remainder moved by tanker ships

Statistic 16

The global oil tanker fleet capacity is approximately 400 million deadweight tons, capable of transporting over 2 billion barrels of oil simultaneously

Statistic 17

The average well depth for onshore oil wells in North America is around 5,000 to 10,000 feet, while offshore wells often exceed 20,000 feet

Statistic 18

The world's largest oil spill was the Deepwater Horizon spill in 2010, releasing an estimated 4.9 million barrels of oil

Statistic 19

The majority of new oil discoveries are now made in ultra-deepwater and frontier areas, accounting for over 70% of total discoveries in 2022

Statistic 20

The maritime shipping industry is responsible for around 90% of global oil transportation, making it crucial for supply chain stability

Statistic 21

The average cost of decommissioning an offshore oil platform ranges from $50 million to $250 million depending on size and location, for example in North Sea fields

Statistic 22

The global oil demand was approximately 99.7 million barrels per day in 2022

Statistic 23

About 38% of the world's oil production in 2022 was consumed by the United States

Statistic 24

About 723 billion barrels of oil are projected to be consumed globally from 2023 to 2040

Statistic 25

The international oil market experienced a price fluctuation of over 30% during 2022

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The global transportation sector accounts for roughly 60% of oil consumption

Statistic 27

The global oil-fired power plants produced approximately 12% of electricity generation in 2022

Statistic 28

The top five oil-consuming countries account for over 60% of global oil demand

Statistic 29

The United States was the world's top net importer of crude oil in 2022, with approximately 7.8 million barrels per day imported

Statistic 30

Approximately 46% of the world's oil is consumed by Europe and North America combined

Statistic 31

The top five countries with the highest oil consumption per capita in 2022 were Qatar, Kuwait, UAE, Brunei, and Norway

Statistic 32

Oil-consuming sectors include not just transportation and industry but also petrochemical manufacturing, which accounts for roughly 20% of global oil consumption

Statistic 33

The total global annual carbon dioxide emissions from oil combustion are estimated at about 11.6 gigatons, constituting roughly one-third of all energy-related CO2 emissions

Statistic 34

The global daily oil consumption in 2022 was roughly equal to the total production of the Middle East, demonstrating region's significance

Statistic 35

The global market for lubricants derived from petroleum was valued at approximately $27 billion in 2022, projected to grow steadily

Statistic 36

The share of biofuels in global transportation fuel mix increased to about 6% in 2022, driven by policies aimed at reducing emissions

Statistic 37

The global oil and chemicals industry is expected to grow at a compound annual growth rate of around 3% through 2030, driven by demand in emerging markets

Statistic 38

The global demand for petrochemical feedstocks derived from oil is expected to grow at a CAGR of 4% until 2030, driven by plastic and synthetic fiber markets

Statistic 39

The United States produced about 11.9 million barrels of crude oil daily in 2022

Statistic 40

The top three oil-producing countries in 2022 were the United States, Saudi Arabia, and Russia

Statistic 41

Russia’s oil production in 2022 was around 10.9 million barrels per day

Statistic 42

Approximately 68% of the world's oil is produced in the Middle East

Statistic 43

Oil exports from Saudi Arabia in 2022 totaled about 7.4 million barrels per day

Statistic 44

The largest proven oil discovery in recent years was the Kashagan field in Kazakhstan, with an estimated 13 billion barrels

Statistic 45

The world's top five oil exporters—Saudi Arabia, Russia, Iraq, Canada, and the United Arab Emirates—account for over 40% of global exports

Statistic 46

The world's largest pipeline by capacity is the Druzhba pipeline, which transports over 1 million barrels per day across Eastern Europe

Statistic 47

The petroleum industry contributed roughly $4 trillion to the global economy in 2022

Statistic 48

The global crude oil refining capacity reached about 104 million barrels per day in 2022

Statistic 49

The world's largest oil and gas companies spent around $520 billion on exploration and production in 2022

Statistic 50

The global petroleum industry employed over 4 million people directly in 2022

Statistic 51

The average breakeven price for shale oil in the US was approximately $40 per barrel in 2022

Statistic 52

The average lifespan of an oil well in shale formations is about 5-7 years before significant decline

Statistic 53

The global upstream oil and gas sector invested about $174 billion in 2022 to discover and develop new resources

Statistic 54

The average global oil barrel price was about $100 per barrel in 2022

Statistic 55

The reduction of flaring in oil production sites globally has resulted in saving about 10 billion cubic meters of gas per year since 2019

Statistic 56

The energy return on investment (EROI) for conventional oil is estimated at around 20:1, meaning 20 units of energy are gained per unit invested

Statistic 57

The average recovery rate in mature oil fields globally is about 35%, leaving significant potential for enhanced recovery methods

Statistic 58

The average crude oil transportation cost by pipeline is approximately $2-$4 per barrel globally

Statistic 59

The average global number of active oil rigs was around 700 in 2022

Statistic 60

The global oil refining capacity is roughly 104 million barrels per day as of 2022

Statistic 61

The cumulative investments in renewable energy by oil companies reached approximately $55 billion in 2022, reflecting diversification efforts

Statistic 62

The global upstream sector's average operational efficiency has improved by about 15% over the last decade, according to industry reports

Statistic 63

The energy intensity of oil extraction has decreased by approximately 10% in the past five years due to technological improvements

Statistic 64

The world’s largest oil pipeline network spans over 85,000 miles, primarily in North America

Statistic 65

Investment in digital and automation technology in the oil industry increased by over 20% in 2022, enhancing operational safety and efficiency

Statistic 66

The average cost per barrel of building a new offshore platform is around $1 billion, depending on complexity

Statistic 67

The lifetime of a typical oil well is about 20-30 years before decommissioning or repurposing

Statistic 68

The top three oil and gas mergers in 2022 involved ExxonMobil acquiring Pioneer Natural Resources, TotalEnergies acquiring Eni’s assets in Angola, and Chevron’s acquisition of Hess Corporation

Statistic 69

The global average oil refining margin was approximately $15 per barrel in 2022, influencing profitability

Statistic 70

The number of active drilling rigs worldwide increased by about 5% in 2022, indicating a slight industry recovery

Statistic 71

The world's most expensive offshore oil project was the Kashagan field, with costs exceeding $55 billion

Statistic 72

The global investment in oil and gas exploration has declined by about 20% since 2019 due to market uncertainties

Statistic 73

Oil and gas sector accounts for around 2% of global GDP but significantly influences geopolitical stability

Statistic 74

The development of carbon capture and storage in oil fields could potentially reduce industry CO2 emissions by up to 20% by 2030

Statistic 75

The global crude oil storage capacity is approximately 2.7 billion barrels as of 2022, which helps buffer supply fluctuations

Statistic 76

The oil industry invests about 10% of its revenues into safety and environmental mitigation measures, amounting to roughly $50 billion annually

Statistic 77

The annual capex for the global offshore oil industry is projected to be around $40 billion for new projects in 2023, indicating ongoing investment

Statistic 78

The global oil and gas industry faces a projected workforce shortfall of around 10% by 2030 due to aging infrastructure and workforce retirements

Statistic 79

The use of AI and machine learning in exploration has increased efficiency by approximately 15-20%, reducing discovery times

Statistic 80

The average recovery factor for conventional oil fields globally is approximately 35%, with advanced technologies potentially increasing it to over 50%

Statistic 81

The primary sources of secondary recovery techniques include water flooding (about 60%) and gas injection (about 20%), dramatically increasing oil extraction rates

Statistic 82

The average global lifespan of a petroleum reservoir is about 30-40 years, but recovery can be extended significantly with enhanced oil recovery (EOR) methods

Statistic 83

The oil industry spends approximately 5-7% of its total revenue on research and development initiatives annually, amounting to billions of dollars

Statistic 84

The global oil industry is increasingly adopting digital twins technology to simulate and optimize operations, expected to improve efficiency by up to 10-15%

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Key Highlights

The global oil demand was approximately 99.7 million barrels per day in 2022
The United States produced about 11.9 million barrels of crude oil daily in 2022
The top three oil-producing countries in 2022 were the United States, Saudi Arabia, and Russia
In 2022, the global proven oil reserves stood at approximately 1.75 trillion barrels
The petroleum industry contributed roughly $4 trillion to the global economy in 2022
About 38% of the world's oil production in 2022 was consumed by the United States
The average daily global offshore oil production was approximately 25 million barrels in 2022
Russia’s oil production in 2022 was around 10.9 million barrels per day
The global crude oil refining capacity reached about 104 million barrels per day in 2022
About 723 billion barrels of oil are projected to be consumed globally from 2023 to 2040
The world's largest oil and gas companies spent around $520 billion on exploration and production in 2022
The global petroleum industry employed over 4 million people directly in 2022
The average breakeven price for shale oil in the US was approximately $40 per barrel in 2022

Amidst a dynamic landscape of soaring demand, technological innovation, and geopolitical shifts, the petroleum industry remains a cornerstone of the global economy, producing over 99.7 million barrels of oil daily in 2022 and contributing approximately $4 trillion to worldwide GDP.

Global Oil Production and Reserves

In 2022, the global proven oil reserves stood at approximately 1.75 trillion barrels
The highest recorded daily oil production was about 102 million barrels in 2018
The world's top 10 largest oil reserves countries are Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait, UAE, Russia, Libya, and Nigeria
The proven underground natural gas reserves are estimated at about 7,087 trillion cubic feet globally in 2022
World oil production declined by approximately 4 million barrels per day during 2020 due to the COVID-19 pandemic
Approximately 26% of global oil production is associated with natural gas liquids (NGLs), which are used in petrochemicals and refining
The top five countries by proven natural gas reserves are Russia, Iran, Qatar, Turkmenistan, and the US, with reserves totaling over 10,000 trillion cubic feet
The world’s largest operational offshore oil field, Ghawar in Saudi Arabia, has estimated remaining recoverable reserves of about 70 billion barrels

Global Oil Production and Reserves Interpretation

While the world’s vast reserves of oil and natural gas—amounting to trillions of barrels and cubic feet—seem to promise energy security, recent production declines and finite recoverable amounts underscore that our appetite for hydrocarbons must soon be matched with a sustainable appetite for innovation.

Offshore and Maritime Oil Industry Activities

The average daily global offshore oil production was approximately 25 million barrels in 2022
The global oil transportation industry relies on approximately 8,000 oil tankers
The global offshore oil and gas spending was estimated at around $100 billion in 2022
The global oil industry operates over 6,300 active drilling rigs
The average global well depth is around 7,000 feet, with offshore wells reaching depths of over 30,000 feet
The average cost of offshore drilling varies from $50 million to over $150 million per well, depending on depth and location
Approximately 60% of all oil and natural gas production is transported via pipelines, with the remainder moved by tanker ships
The global oil tanker fleet capacity is approximately 400 million deadweight tons, capable of transporting over 2 billion barrels of oil simultaneously
The average well depth for onshore oil wells in North America is around 5,000 to 10,000 feet, while offshore wells often exceed 20,000 feet
The world's largest oil spill was the Deepwater Horizon spill in 2010, releasing an estimated 4.9 million barrels of oil
The majority of new oil discoveries are now made in ultra-deepwater and frontier areas, accounting for over 70% of total discoveries in 2022
The maritime shipping industry is responsible for around 90% of global oil transportation, making it crucial for supply chain stability
The average cost of decommissioning an offshore oil platform ranges from $50 million to $250 million depending on size and location, for example in North Sea fields

Offshore and Maritime Oil Industry Activities Interpretation

Despite draping the globe in a $100 billion tapestry of offshore drilling and transporting over 2 billion barrels via 8,000 tankers, the industry’s reliance on ultra-deepwater discoveries and massive decommissioning costs underscores that beneath the surface, oil’s true depth is matched only by the oceans of capital and risk that keep it flowing.

Oil Demand and Consumption

The global oil demand was approximately 99.7 million barrels per day in 2022
About 38% of the world's oil production in 2022 was consumed by the United States
About 723 billion barrels of oil are projected to be consumed globally from 2023 to 2040
The international oil market experienced a price fluctuation of over 30% during 2022
The global transportation sector accounts for roughly 60% of oil consumption
The global oil-fired power plants produced approximately 12% of electricity generation in 2022
The top five oil-consuming countries account for over 60% of global oil demand
The United States was the world's top net importer of crude oil in 2022, with approximately 7.8 million barrels per day imported
Approximately 46% of the world's oil is consumed by Europe and North America combined
The top five countries with the highest oil consumption per capita in 2022 were Qatar, Kuwait, UAE, Brunei, and Norway
Oil-consuming sectors include not just transportation and industry but also petrochemical manufacturing, which accounts for roughly 20% of global oil consumption
The total global annual carbon dioxide emissions from oil combustion are estimated at about 11.6 gigatons, constituting roughly one-third of all energy-related CO2 emissions
The global daily oil consumption in 2022 was roughly equal to the total production of the Middle East, demonstrating region's significance
The global market for lubricants derived from petroleum was valued at approximately $27 billion in 2022, projected to grow steadily
The share of biofuels in global transportation fuel mix increased to about 6% in 2022, driven by policies aimed at reducing emissions
The global oil and chemicals industry is expected to grow at a compound annual growth rate of around 3% through 2030, driven by demand in emerging markets
The global demand for petrochemical feedstocks derived from oil is expected to grow at a CAGR of 4% until 2030, driven by plastic and synthetic fiber markets

Oil Demand and Consumption Interpretation

As the world's oil appetite burned through nearly 100 million barrels daily—fueling transportation, petrochemicals, and power—while fluctuating prices and geopolitical shifts underscore the volatile yet indispensable role of petroleum in sustaining global demand, the industry’s staggering consumption underpins both economic vitality and environmental challenges, highlighting the urgent need for a balanced transition amidst rising biofuels and decarbonization efforts.

Oil Export and Production Countries

The United States produced about 11.9 million barrels of crude oil daily in 2022
The top three oil-producing countries in 2022 were the United States, Saudi Arabia, and Russia
Russia’s oil production in 2022 was around 10.9 million barrels per day
Approximately 68% of the world's oil is produced in the Middle East
Oil exports from Saudi Arabia in 2022 totaled about 7.4 million barrels per day
The largest proven oil discovery in recent years was the Kashagan field in Kazakhstan, with an estimated 13 billion barrels
The world's top five oil exporters—Saudi Arabia, Russia, Iraq, Canada, and the United Arab Emirates—account for over 40% of global exports
The world's largest pipeline by capacity is the Druzhba pipeline, which transports over 1 million barrels per day across Eastern Europe

Oil Export and Production Countries Interpretation

With nations like the U.S., Russia, and Middle Eastern giants commanding the global oil stage—drilling, exporting, and piping over 68% of the world's black gold—the planet’s energy future remains a high-stakes game of monopoly and geopolitics.

Oil Industry Economics and Spending

The petroleum industry contributed roughly $4 trillion to the global economy in 2022
The global crude oil refining capacity reached about 104 million barrels per day in 2022
The world's largest oil and gas companies spent around $520 billion on exploration and production in 2022
The global petroleum industry employed over 4 million people directly in 2022
The average breakeven price for shale oil in the US was approximately $40 per barrel in 2022
The average lifespan of an oil well in shale formations is about 5-7 years before significant decline
The global upstream oil and gas sector invested about $174 billion in 2022 to discover and develop new resources
The average global oil barrel price was about $100 per barrel in 2022
The reduction of flaring in oil production sites globally has resulted in saving about 10 billion cubic meters of gas per year since 2019
The energy return on investment (EROI) for conventional oil is estimated at around 20:1, meaning 20 units of energy are gained per unit invested
The average recovery rate in mature oil fields globally is about 35%, leaving significant potential for enhanced recovery methods
The average crude oil transportation cost by pipeline is approximately $2-$4 per barrel globally
The average global number of active oil rigs was around 700 in 2022
The global oil refining capacity is roughly 104 million barrels per day as of 2022
The cumulative investments in renewable energy by oil companies reached approximately $55 billion in 2022, reflecting diversification efforts
The global upstream sector's average operational efficiency has improved by about 15% over the last decade, according to industry reports
The energy intensity of oil extraction has decreased by approximately 10% in the past five years due to technological improvements
The world’s largest oil pipeline network spans over 85,000 miles, primarily in North America
Investment in digital and automation technology in the oil industry increased by over 20% in 2022, enhancing operational safety and efficiency
The average cost per barrel of building a new offshore platform is around $1 billion, depending on complexity
The lifetime of a typical oil well is about 20-30 years before decommissioning or repurposing
The top three oil and gas mergers in 2022 involved ExxonMobil acquiring Pioneer Natural Resources, TotalEnergies acquiring Eni’s assets in Angola, and Chevron’s acquisition of Hess Corporation
The global average oil refining margin was approximately $15 per barrel in 2022, influencing profitability
The number of active drilling rigs worldwide increased by about 5% in 2022, indicating a slight industry recovery
The world's most expensive offshore oil project was the Kashagan field, with costs exceeding $55 billion
The global investment in oil and gas exploration has declined by about 20% since 2019 due to market uncertainties
Oil and gas sector accounts for around 2% of global GDP but significantly influences geopolitical stability
The development of carbon capture and storage in oil fields could potentially reduce industry CO2 emissions by up to 20% by 2030
The global crude oil storage capacity is approximately 2.7 billion barrels as of 2022, which helps buffer supply fluctuations
The oil industry invests about 10% of its revenues into safety and environmental mitigation measures, amounting to roughly $50 billion annually
The annual capex for the global offshore oil industry is projected to be around $40 billion for new projects in 2023, indicating ongoing investment
The global oil and gas industry faces a projected workforce shortfall of around 10% by 2030 due to aging infrastructure and workforce retirements
The use of AI and machine learning in exploration has increased efficiency by approximately 15-20%, reducing discovery times
The average recovery factor for conventional oil fields globally is approximately 35%, with advanced technologies potentially increasing it to over 50%
The primary sources of secondary recovery techniques include water flooding (about 60%) and gas injection (about 20%), dramatically increasing oil extraction rates
The average global lifespan of a petroleum reservoir is about 30-40 years, but recovery can be extended significantly with enhanced oil recovery (EOR) methods
The oil industry spends approximately 5-7% of its total revenue on research and development initiatives annually, amounting to billions of dollars
The global oil industry is increasingly adopting digital twins technology to simulate and optimize operations, expected to improve efficiency by up to 10-15%

Oil Industry Economics and Spending Interpretation

While the petroleum industry fuels a $4 trillion global economy, employs over 4 million people, and boasts a refining capacity of 104 million barrels per day, its investments in innovation, environmental mitigation, and diversification—like $55 billion into renewables and digital technologies—highlight a sector balancing historic energy dominance with a cautious pivot toward sustainable growth amid rising efficiencies and declining exploration investments.