Global oil consumption approaches 100 million barrels per day. This review collates the latest data on production, trade, and pricing that defines the current market.
Key Takeaways
- Global oil consumption reached 99.9 million bpd in 2022.
- Brent crude averaged $82.17 per barrel in 2023.
- Global oil production averaged 99.6 million barrels per day (bpd) in 2022, up 4.2% from 2021.
- Global proven oil reserves stood at 1,732.4 billion barrels at end-2022.
- Global seaborne crude oil trade was 62.5 million bpd in 2023.
World Oil Industry data shows production and demand trends shaping prices and investment decisions in 2024.
Related reading
01 · Category
Consumption30 stats
01
Global oil consumption reached 99.9 million bpd in 2022.
02
US consumed 19.0 million bpd of petroleum products in 2023.
03
China’s oil consumption hit 15.1 million bpd in 2023.
04
India consumed 5.4 million bpd in 2023, up 4.5% YoY.
05
Japan’s consumption fell to 3.2 million bpd in 2023 due to efficiency.
06
Russia consumed 3.8 million bpd in 2022.
07
Saudi Arabia used 3.9 million bpd domestically in 2023.
08
Germany’s oil demand was 2.1 million bpd in 2023.
09
South Korea consumed 2.6 million bpd in 2023.
10
Brazil’s consumption rose to 3.5 million bpd in 2023.
11
Global aviation fuel demand recovered to 6.5 million bpd in 2023.
12
Road transport oil use was 46 million bpd globally in 2022.
13
Petrochemical feedstock consumption grew to 15 million bpd in 2023.
14
Europe’s oil consumption dropped 12% in 2023 due to recession.
15
Middle East consumption grew 2.5% to 8.5 million bpd in 2023.
16
Africa oil demand at 4.2 million bpd in 2023.
17
Gasoline demand globally 26 million bpd in 2023.
18
Diesel consumption 30 million bpd worldwide in 2023.
19
Jet fuel demand 7.5 million bpd in 2023 post-COVID recovery.
20
Heating oil use declined to 3.5 million bpd in OECD 2023.
21
Asia-Pacific ex-China consumption 18 million bpd in 2023.
22
Latin America oil demand 6.5 million bpd in 2023.
23
Naphtha for petrochemicals 7 million bpd globally 2023.
24
OECD Americas consumption 24 million bpd 2023.
25
Non-OECD Asia consumption 36 million bpd 2023.
26
Middle East road fuel demand 5 million bpd 2023.
27
Global LPG consumption 12 million boe/d 2023.
28
Bitumen/asphalt use 1.5 million bpd globally 2023.
29
OECD Europe power generation oil use <0.5 million bpd 2023.
30
US jet fuel consumption 1.6 million bpd 2023.
Interpretation
Consumption Interpretation
Despite the noble efforts of efficiency drives and economic downturns, humanity's collective car, plane, and plastic habit still guzzles nearly 100 million barrels of oil every day, proving that our global addiction is in remission for some but far from cured.
02 · Category
Prices27 stats
01
Brent crude averaged $82.17per barrel in 2023.
02
WTI crude price averaged $77.58per barrel in 2023.
03
Dubai crude averaged $81.90per barrel in 2023.
04
OPEC basket price reached $83.38average in 2023.
05
Urals crude (Russia) averaged $62.50per barrel in 2023 post-sanctions.
06
Henry Hub natural gas linked to oil prices averaged $2.54/MMBtu in 2023.
07
Dated Brent spot price peaked at $123.96/bbl on 8 March 2022.
08
Global oil futures trading volume hit 1.5 billion contracts in 2023.
09
Crack spreads for gasoline reached $25/bbl average in Q3 2023.
10
Saudi Aramco’s Arab Light price to Asia was $2.50premium over Oman/Dubai in Jan 2024.
11
WTI front-month futures volatility index averaged 25% in 2023.
12
Brent-WTI spread averaged $4.50/bbl in 2023.
13
Siberian Light crude discounted $30/bbl to Brent in 2023.
14
3-2-1 crack spread averaged $18/bbl for US Gulf Coast 2023.
15
Asian gasoline crack spread $15/bbl average Q4 2023.
16
Murban crude futures launched with Oman/Dubai parity in 2021-2023.
17
Dated Brent to Oman/Dubai spread $1.20/bbl in 2023.
18
NYMEX WTI options open interest 1.2 million contracts Dec 2023.
19
Global LNG-linked oil prices averaged $10/MMBtu equivalent 2023.
20
Brent crude low $70.57/bbl on 4 Jan 2023.
21
WTI high $82.64/bbl 3 Sep 2023.
22
Oman crude averaged $78.45/bbl 2023.
23
Global bunker fuel prices $550/MT VLSFO 2023 avg.
24
0# Diesel China avg 6800 RMB/ton 2023.
25
ICE Brent prompt spread $0.50/bbl backwardation Dec 2023.
26
NYMEX RBOB gasoline $2.50/gal avg 2023.
27
ULSD NY Harbor $2.70/gal avg 2023.
Interpretation
Prices Interpretation
Despite a volatile year for crude oil, where geopolitics carved a $30 discount into Russian Urals and natural gas prices whimpered, the relentless global appetite for refined products like gasoline and diesel ensured the refiner's crack spread remained the industry's most reliably cheerful profit margin.
03 · Category
Production30 stats
01
Global oil production averaged 99.6 million barrels per day (bpd) in 2022, up 4.2% from 2021.
02
Saudi Arabia produced 10.6 million bpd of crude oil in 2023, accounting for 12.7% of global output.
03
United States oil production hit a record 13.3 million bpd in 2023, driven by shale in Permian Basin.
04
Russia produced 10.3 million bpd in 2022 before sanctions impacted output.
05
Canada’s oil sands production reached 3.3 million bpd in 2023, primarily from Alberta.
06
Norway produced 2.0 million bpd of oil in 2023, with Brent Blend as key benchmark.
07
Iraq’s oil production averaged 4.5 million bpd in 2023 despite OPEC+ quotas.
08
Brazil’s pre-salt fields boosted production to 3.2 million bpd in 2023.
09
UAE oil output was 3.4 million bpd in 2023, focusing on ADNOC expansions.
10
China produced 4.1 million bpd in 2023, with Daqing field declining.
11
Kazakhstan’s Tengiz field contributed to 1.8 million bpd national production in 2023.
12
Libya produced 1.2 million bpd in 2023 after political stabilization.
13
Kuwait’s Burgan field supported 2.7 million bpd output in 2023.
14
Qatar produced 1.8 million bpd in 2023, shifting towards LNG.
15
Angola’s output fell to 1.1 million bpd in 2023 due to aging fields.
16
Global refinery throughput was 82.5 million bpd in 2023.
17
US shale oil production from Permian Basin was 6.2 million bpd in 2023.
18
Guyana’s oil production ramped to 0.4 million bpd in 2023 from Stabroek block.
19
Australia’s oil production declined to 0.4 million bpd in 2023.
20
Mexico produced 1.8 million bpd in 2023, down from peaks.
21
Oman output was 1.0 million bpd in 2023.
22
Azerbaijan produced 0.7 million bpd in 2023 from Azeri-Chirag-Gunashli.
23
Colombia produced 0.8 million bpd in 2023.
24
Egypt’s production at 0.6 million bpd in 2023.
25
Argentina’s Vaca Muerta shale added to 0.7 million bpd in 2023.
26
UK North Sea production fell to 0.9 million bpd in 2023.
27
Algeria produced 1.0 million bpd in 2023.
28
Global oil production growth forecasted at 1.5 million bpd in 2024.
29
Permian Basin rig count averaged 310 in 2023.
30
Namibia’s offshore discoveries could yield 0.2 million bpd by 2026.
Interpretation
Production Interpretation
The global oil industry is a high-stakes poker game where the usual suspects like the US and Saudi Arabia keep raising the bet, while new players like Guyana go all-in and aging fields in places like Angola are slowly folding their hands.
More related reading
04 · Category
Reserves30 stats
01
Global proven oil reserves stood at 1,732.4 billion barrels at end-2022.
02
Venezuela holds the largest reserves at 303.3 billion barrels as of 2022.
03
Saudi Arabia’s proven reserves are 258.6 billion barrels end-2022.
04
Canada’s oil sands reserves total 167.4 billion barrels recoverable.
05
Iran possesses 208.6 billion barrels of proven oil reserves in 2022.
06
Iraq’s reserves estimated at 145.0 billion barrels end-2022.
07
UAE reserves at 111.0 billion barrels as of 2022.
08
Russia’s proven oil reserves are 107.8 billion barrels in 2022.
09
Kuwait holds 101.5 billion barrels of reserves end-2022.
10
US proven reserves increased to 44.4 billion barrels in 2022 due to shale.
11
Libya’s reserves stand at 48.4 billion barrels as of 2022.
12
Nigeria has 36.9 billion barrels proven reserves end-2022.
13
Kazakhstan reserves at 30.0 billion barrels in 2022.
14
Brazil’s pre-salt discoveries added to 15.1 billion barrels reserves 2022.
15
Global technically recoverable tight oil resources estimated at 691 billion barrels.
16
Orinoco Belt in Venezuela has 220 billion barrels extra-heavy oil recoverable.
17
Ghawar field in Saudi Arabia holds 75 billion barrels remaining reserves.
18
Permian Basin US reserves at 46 billion barrels proven.
19
Safaniya field Saudi reserves 5 billion barrels.
20
Baku-Supsa pipeline supports 30 billion barrels Azeri reserves.
21
Eagle Ford shale US reserves 11 billion barrels.
22
Johan Sverdrup Norway reserves 2.7 billion barrels.
23
Tupi pre-salt Brazil reserves 8 billion barrels recoverable.
24
Rabi-Kounga Gabon reserves 2 billion barrels.
25
World’s undiscovered oil resources estimated 565 billion barrels.
26
Global oil reserves-to-production ratio 50 years at current rates 2022.
27
Qatar North Field oil rim 11 billion barrels.
28
Prudhoe Bay Alaska remaining reserves 2 billion barrels.
29
Marlim Brazil deepwater reserves 1.2 billion barrels.
30
Troll Norway reserves 2.3 billion barrels.
Interpretation
Reserves Interpretation
Despite sitting on a vast casino of buried wealth, the world is still counting its chips with the nervous energy of someone who knows the game can't last forever, given we have about fifty years left at this table if we keep playing our current hand.
05 · Category
Trade30 stats
01
Global seaborne crude oil trade was 62.5 million bpd in 2023.
02
Saudi Arabia exported 7.1 million bpd of crude in 2023.
03
US crude exports reached 4.1 million bpd record in 2023.
04
Russia’s crude exports to China surged to 2.1 million bpd in 2023.
05
Iraq exported 3.6 million bpd in 2023 to Asia and Europe.
06
Canada exported 4.2 million bpd mostly to US in 2023.
07
UAE crude exports averaged 2.9 million bpd in 2023.
08
Norway exported 1.9 million bpd to Europe in 2023.
09
Brazil exported 1.5 million bpd in 2023, mainly to China.
10
Kazakhstan exported 1.6 million bpd via CPC terminal in 2023.
11
China imported 11.3 million bpd of crude in 2023, world’s largest.
12
India imported 5.1 million bpd in 2023.
13
EU imported 11.0 million bpd in 2023, down due to sanctions.
14
US imported 6.3 million bpd in 2023 despite production.
15
Japan imported 2.9 million bpd in 2023.
16
South Korea imported 2.6 million bpd in 2023.
17
Iran’s oil exports despite sanctions averaged 1.1 million bpd in 2023.
18
Nigeria exported 1.3 million bpd in 2023 from Bonny Terminal.
19
Angola exports 1.4 million bpd via Punto Fijo 2023.
20
Libya exports recovered to 1.0 million bpd in 2023.
21
Venezuela exports 0.8 million bpd to China/India 2023.
22
Malaysia re-exports 0.6 million bpd Asian cargoes 2023.
23
Global oil tanker fleet capacity 560 million dwt in 2023.
24
Suez Canal oil transit 5.5 million bpd in 2023 pre-Houthi.
25
US Gulf Coast exports to Europe 0.9 million bpd 2023.
26
China’s Teapots imported 1.5 million bpd discounted Russian 2023.
27
Global crude oil imports by sea 42 million bpd 2023.
28
Saudi exports to China 1.7 million bpd 2023.
29
Russian ESPO blend to Asia 0.7 million bpd 2023.
30
US exports to India 0.3 million bpd 2023.
Interpretation
Trade Interpretation
The global oil trade is a high-stakes game of musical tankers where everyone, from superpowers to sanctioned underdogs, scrambles for a seat at the pipeline, proving that even in a world racing toward renewables, old-fashioned barrels still make the world go 'round.
Reference
Cite This Report
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APA
Gabrielle Fontaine. (2026, February 13). World Oil Industry Statistics. Gitnux. https://gitnux.org/world-oil-industry-statistics
MLA
Gabrielle Fontaine. "World Oil Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/world-oil-industry-statistics.
Chicago
Gabrielle Fontaine. 2026. "World Oil Industry Statistics." Gitnux. https://gitnux.org/world-oil-industry-statistics.
Sources & references
63 datasets cited across this report · attribution is report-level