As global oil production inches toward 100 million barrels per day, the staggering scale of the industry is revealed in a complex dance of geopolitical power, record-breaking outputs from nations like the US and Saudi Arabia, and a vast network of trade that fuels our modern world.
Key Takeaways
- Global oil production averaged 99.6 million barrels per day (bpd) in 2022, up 4.2% from 2021.
- Saudi Arabia produced 10.6 million bpd of crude oil in 2023, accounting for 12.7% of global output.
- United States oil production hit a record 13.3 million bpd in 2023, driven by shale in Permian Basin.
- Global proven oil reserves stood at 1,732.4 billion barrels at end-2022.
- Venezuela holds the largest reserves at 303.3 billion barrels as of 2022.
- Saudi Arabia’s proven reserves are 258.6 billion barrels end-2022.
- Global oil consumption reached 99.9 million bpd in 2022.
- US consumed 19.0 million bpd of petroleum products in 2023.
- China’s oil consumption hit 15.1 million bpd in 2023.
- Brent crude averaged $82.17 per barrel in 2023.
- WTI crude price averaged $77.58 per barrel in 2023.
- Dubai crude averaged $81.90 per barrel in 2023.
- Global seaborne crude oil trade was 62.5 million bpd in 2023.
- Saudi Arabia exported 7.1 million bpd of crude in 2023.
- US crude exports reached 4.1 million bpd record in 2023.
The global oil industry saw record production and trade alongside stable prices in 2023.
Consumption
1Global oil consumption reached 99.9 million bpd in 2022.
Verified2US consumed 19.0 million bpd of petroleum products in 2023.
Verified3China’s oil consumption hit 15.1 million bpd in 2023.
Verified4India consumed 5.4 million bpd in 2023, up 4.5% YoY.
Directional5Japan’s consumption fell to 3.2 million bpd in 2023 due to efficiency.
Single source6Russia consumed 3.8 million bpd in 2022.
Verified7Saudi Arabia used 3.9 million bpd domestically in 2023.
Verified8Germany’s oil demand was 2.1 million bpd in 2023.
Verified9South Korea consumed 2.6 million bpd in 2023.
Directional10Brazil’s consumption rose to 3.5 million bpd in 2023.
Single source11Global aviation fuel demand recovered to 6.5 million bpd in 2023.
Verified12Road transport oil use was 46 million bpd globally in 2022.
Verified13Petrochemical feedstock consumption grew to 15 million bpd in 2023.
Verified14Europe’s oil consumption dropped 12% in 2023 due to recession.
Directional15Middle East consumption grew 2.5% to 8.5 million bpd in 2023.
Single source16Africa oil demand at 4.2 million bpd in 2023.
Verified17Gasoline demand globally 26 million bpd in 2023.
Verified18Diesel consumption 30 million bpd worldwide in 2023.
Verified19Jet fuel demand 7.5 million bpd in 2023 post-COVID recovery.
Directional20Heating oil use declined to 3.5 million bpd in OECD 2023.
Single source21Asia-Pacific ex-China consumption 18 million bpd in 2023.
Verified22Latin America oil demand 6.5 million bpd in 2023.
Verified23Naphtha for petrochemicals 7 million bpd globally 2023.
Verified24OECD Americas consumption 24 million bpd 2023.
Directional25Non-OECD Asia consumption 36 million bpd 2023.
Single source26Middle East road fuel demand 5 million bpd 2023.
Verified27Global LPG consumption 12 million boe/d 2023.
Verified28Bitumen/asphalt use 1.5 million bpd globally 2023.
Verified29OECD Europe power generation oil use <0.5 million bpd 2023.
Directional30US jet fuel consumption 1.6 million bpd 2023.
Single sourceConsumption 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.
Prices
1Brent crude averaged $82.17 per barrel in 2023.
Verified2WTI crude price averaged $77.58 per barrel in 2023.
Verified3Dubai crude averaged $81.90 per barrel in 2023.
Verified4OPEC basket price reached $83.38 average in 2023.
Directional5Urals crude (Russia) averaged $62.50 per barrel in 2023 post-sanctions.
Single source6Henry Hub natural gas linked to oil prices averaged $2.54/MMBtu in 2023.
Verified7Dated Brent spot price peaked at $123.96/bbl on 8 March 2022.
Verified8Global oil futures trading volume hit 1.5 billion contracts in 2023.
Verified9Crack spreads for gasoline reached $25/bbl average in Q3 2023.
Directional10Saudi Aramco’s Arab Light price to Asia was $2.50 premium over Oman/Dubai in Jan 2024.
Single source11WTI front-month futures volatility index averaged 25% in 2023.
Verified12Brent-WTI spread averaged $4.50/bbl in 2023.
Verified13Siberian Light crude discounted $30/bbl to Brent in 2023.
Verified143-2-1 crack spread averaged $18/bbl for US Gulf Coast 2023.
Directional15Asian gasoline crack spread $15/bbl average Q4 2023.
Single source16Murban crude futures launched with Oman/Dubai parity in 2021-2023.
Verified17Dated Brent to Oman/Dubai spread $1.20/bbl in 2023.
Verified18NYMEX WTI options open interest 1.2 million contracts Dec 2023.
Verified19Global LNG-linked oil prices averaged $10/MMBtu equivalent 2023.
Directional20Brent crude low $70.57/bbl on 4 Jan 2023.
Single source21WTI high $82.64/bbl 3 Sep 2023.
Verified22Oman crude averaged $78.45/bbl 2023.
Verified23Global bunker fuel prices $550/MT VLSFO 2023 avg.
Verified240# Diesel China avg 6800 RMB/ton 2023.
Directional25ICE Brent prompt spread $0.50/bbl backwardation Dec 2023.
Single source26NYMEX RBOB gasoline $2.50/gal avg 2023.
Verified27ULSD NY Harbor $2.70/gal avg 2023.
VerifiedPrices 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.
Production
1Global oil production averaged 99.6 million barrels per day (bpd) in 2022, up 4.2% from 2021.
Verified2Saudi Arabia produced 10.6 million bpd of crude oil in 2023, accounting for 12.7% of global output.
Verified3United States oil production hit a record 13.3 million bpd in 2023, driven by shale in Permian Basin.
Verified4Russia produced 10.3 million bpd in 2022 before sanctions impacted output.
Directional5Canada’s oil sands production reached 3.3 million bpd in 2023, primarily from Alberta.
Single source6Norway produced 2.0 million bpd of oil in 2023, with Brent Blend as key benchmark.
Verified7Iraq’s oil production averaged 4.5 million bpd in 2023 despite OPEC+ quotas.
Verified8Brazil’s pre-salt fields boosted production to 3.2 million bpd in 2023.
Verified9UAE oil output was 3.4 million bpd in 2023, focusing on ADNOC expansions.
Directional10China produced 4.1 million bpd in 2023, with Daqing field declining.
Single source11Kazakhstan’s Tengiz field contributed to 1.8 million bpd national production in 2023.
Verified12Libya produced 1.2 million bpd in 2023 after political stabilization.
Verified13Kuwait’s Burgan field supported 2.7 million bpd output in 2023.
Verified14Qatar produced 1.8 million bpd in 2023, shifting towards LNG.
Directional15Angola’s output fell to 1.1 million bpd in 2023 due to aging fields.
Single source16Global refinery throughput was 82.5 million bpd in 2023.
Verified17US shale oil production from Permian Basin was 6.2 million bpd in 2023.
Verified18Guyana’s oil production ramped to 0.4 million bpd in 2023 from Stabroek block.
Verified19Australia’s oil production declined to 0.4 million bpd in 2023.
Directional20Mexico produced 1.8 million bpd in 2023, down from peaks.
Single source21Oman output was 1.0 million bpd in 2023.
Verified22Azerbaijan produced 0.7 million bpd in 2023 from Azeri-Chirag-Gunashli.
Verified23Colombia produced 0.8 million bpd in 2023.
Verified24Egypt’s production at 0.6 million bpd in 2023.
Directional25Argentina’s Vaca Muerta shale added to 0.7 million bpd in 2023.
Single source26UK North Sea production fell to 0.9 million bpd in 2023.
Verified27Algeria produced 1.0 million bpd in 2023.
Verified28Global oil production growth forecasted at 1.5 million bpd in 2024.
Verified29Permian Basin rig count averaged 310 in 2023.
Directional30Namibia’s offshore discoveries could yield 0.2 million bpd by 2026.
Single source31Vostok Oil project Russia targets 1.2 million bpd by 2027.
Verified32Senegal’s Sangomar field started at 0.1 million bpd 2024.
Verified33Suriname’s Block 58 potential 0.7 million bpd peak.
Verified34Argentina Vaca Muerta exports pipeline planned for 0.4 million bpd.
Directional35Indonesia’s oil production at 0.6 million bpd 2023.
Single source36Thailand produced 0.5 million bpd offshore 2023.
Verified37Vietnam output 0.2 million bpd 2023.
VerifiedProduction 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.
Reserves
1Global proven oil reserves stood at 1,732.4 billion barrels at end-2022.
Verified2Venezuela holds the largest reserves at 303.3 billion barrels as of 2022.
Verified3Saudi Arabia’s proven reserves are 258.6 billion barrels end-2022.
Verified4Canada’s oil sands reserves total 167.4 billion barrels recoverable.
Directional5Iran possesses 208.6 billion barrels of proven oil reserves in 2022.
Single source6Iraq’s reserves estimated at 145.0 billion barrels end-2022.
Verified7UAE reserves at 111.0 billion barrels as of 2022.
Verified8Russia’s proven oil reserves are 107.8 billion barrels in 2022.
Verified9Kuwait holds 101.5 billion barrels of reserves end-2022.
Directional10US proven reserves increased to 44.4 billion barrels in 2022 due to shale.
Single source11Libya’s reserves stand at 48.4 billion barrels as of 2022.
Verified12Nigeria has 36.9 billion barrels proven reserves end-2022.
Verified13Kazakhstan reserves at 30.0 billion barrels in 2022.
Verified14Brazil’s pre-salt discoveries added to 15.1 billion barrels reserves 2022.
Directional15Global technically recoverable tight oil resources estimated at 691 billion barrels.
Single source16Orinoco Belt in Venezuela has 220 billion barrels extra-heavy oil recoverable.
Verified17Ghawar field in Saudi Arabia holds 75 billion barrels remaining reserves.
Verified18Permian Basin US reserves at 46 billion barrels proven.
Verified19Safaniya field Saudi reserves 5 billion barrels.
Directional20Baku-Supsa pipeline supports 30 billion barrels Azeri reserves.
Single source21Eagle Ford shale US reserves 11 billion barrels.
Verified22Johan Sverdrup Norway reserves 2.7 billion barrels.
Verified23Tupi pre-salt Brazil reserves 8 billion barrels recoverable.
Verified24Rabi-Kounga Gabon reserves 2 billion barrels.
Directional25World’s undiscovered oil resources estimated 565 billion barrels.
Single source26Global oil reserves-to-production ratio 50 years at current rates 2022.
Verified27Qatar North Field oil rim 11 billion barrels.
Verified28Prudhoe Bay Alaska remaining reserves 2 billion barrels.
Verified29Marlim Brazil deepwater reserves 1.2 billion barrels.
Directional30Troll Norway reserves 2.3 billion barrels.
Single source31Azeri-Chirag-Gunashli cumulative production 4 billion barrels, reserves 0.5B.
Verified32Cantarell Mexico reserves declined to 0.5 billion barrels.
Verified33Dagenham UK reserves small, field maturing.
Verified34Global heavy oil reserves 3,396 billion barrels in place.
DirectionalReserves 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.
Trade
1Global seaborne crude oil trade was 62.5 million bpd in 2023.
Verified2Saudi Arabia exported 7.1 million bpd of crude in 2023.
Verified3US crude exports reached 4.1 million bpd record in 2023.
Verified4Russia’s crude exports to China surged to 2.1 million bpd in 2023.
Directional5Iraq exported 3.6 million bpd in 2023 to Asia and Europe.
Single source6Canada exported 4.2 million bpd mostly to US in 2023.
Verified7UAE crude exports averaged 2.9 million bpd in 2023.
Verified8Norway exported 1.9 million bpd to Europe in 2023.
Verified9Brazil exported 1.5 million bpd in 2023, mainly to China.
Directional10Kazakhstan exported 1.6 million bpd via CPC terminal in 2023.
Single source11China imported 11.3 million bpd of crude in 2023, world’s largest.
Verified12India imported 5.1 million bpd in 2023.
Verified13EU imported 11.0 million bpd in 2023, down due to sanctions.
Verified14US imported 6.3 million bpd in 2023 despite production.
Directional15Japan imported 2.9 million bpd in 2023.
Single source16South Korea imported 2.6 million bpd in 2023.
Verified17Iran’s oil exports despite sanctions averaged 1.1 million bpd in 2023.
Verified18Nigeria exported 1.3 million bpd in 2023 from Bonny Terminal.
Verified19Angola exports 1.4 million bpd via Punto Fijo 2023.
Directional20Libya exports recovered to 1.0 million bpd in 2023.
Single source21Venezuela exports 0.8 million bpd to China/India 2023.
Verified22Malaysia re-exports 0.6 million bpd Asian cargoes 2023.
Verified23Global oil tanker fleet capacity 560 million dwt in 2023.
Verified24Suez Canal oil transit 5.5 million bpd in 2023 pre-Houthi.
Directional25US Gulf Coast exports to Europe 0.9 million bpd 2023.
Single source26China’s Teapots imported 1.5 million bpd discounted Russian 2023.
Verified27Global crude oil imports by sea 42 million bpd 2023.
Verified28Saudi exports to China 1.7 million bpd 2023.
Verified29Russian ESPO blend to Asia 0.7 million bpd 2023.
Directional30US exports to India 0.3 million bpd 2023.
Single sourceTrade 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.
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