Yearly global oil production
World Oil Production Statistics By Euan Mearns - Jan 08, 2015, 2:59 PM CST This is the first in a monthly series of posts chronicling the action in the global oil market in 12 key charts. Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). Values shown are in thousands of barrels produced per day. The current level of U.S. crude oil production as of March 2020 is 13,000.00 thousand barrels per day. Crude oil production is defined as the quantities of oil extracted from the ground after the removal of inert matter or impurities. It includes crude oil, natural gas liquids (NGLs) and additives. This indicator is measured in thousand tonne of oil equivalent (toe).Crude oil is a mineral oil consisting of a mixture (thousand barrels per day) The United States of America is the top country by production of crude oil in the world. As of June 2019, production of crude oil in the United States of America was 12,613.57 thousand barrels per day. The top 5 countries also includes Russian Federation, Saudi Arabia, Iraq, and China. Iraq’s cumulative oil production up to 2017 was 5.8 billion metric tons (cumulative production up to 2007 is from BGR 2009, Table A 3-2, extended to 2017 using annual production data from BP 2018). Iraq’s official oil reserves at the end of 2017 were reported to be 20.1 billion metric tons (BP 2018). Crude Oil Production in the United States is expected to be 13000.00 BBL/D/1K by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Crude Oil Production in the United States to stand at 13700.00 in 12 months time. Figure 17 shows rest of the world's historical and projected oil production. Figure 18 shows the historical and projected world oil production. World cumulative oil production up to 2017 was 192 billion metric tons. World ultimately recoverable oil resources are estimated to be 468 billion metric tons.
Under this definition, total world oil production in 2019 averaged 80,622,000 barrels per day. Approximately 68% came from the top ten countries, and an overlapping 44% came from the fourteen current OPEC members, in the table below.
Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). Values shown are in thousands of barrels produced per day. The current level of U.S. crude oil production as of September 2019 is 12,400.00 thousand barrels per day. Global crude oil production rose (+2%) driven by explosive growth in the United States (+16.5%) OPEC members in June 2018 agreed to increase oil production to prevent a supply shortage and reduce prices after previous production cuts were deemed excessive and raised prices too much. This "Atlas der Globalisierung"-inspired visualization, based on 2013 data by BP, allows the reader to quickly grasp the temporal and spatial differences in oil consumption and production. On one hand, during certain periods of history, some nations consumed almost as much oil as the rest of the world together. World Crude Oil Production is at a current level of 81.38M, down from 81.89M last month and down from 82.73M one year ago. This is a change of -0.62% from last month and -1.63% from one year ago. However, EIA estimates that Saudi Arabia’s crude oil production returned to pre-outage levels as of October 3. EIA forecasts that annual average OPEC crude oil production will average 29.8 million b/d in 2019, down by 2.1 million from 2018, and 29.6 million b/d in 2020.
4 Feb 2020 But oil is a global commodity, and benchmark prices are set on world markets, not domestically. Lower prices mean lower profits. “It's a blow,” said Steven Pruett , chief executive of Elevation Resources
Crude oil production in the United States saw a significant increase as exploration and extraction of oil from its plentiful shale reserves grew, causing the largest ever annual increase by a single country. This was due to new projects coming Chart and table showing yearly production of crude oil by country (World). Data obtained from the US Energy Information Administration. In depth view into World Crude Oil Production including historical data from 1973, charts and stats. 11 Mar 2020 EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020. EIA forecasts OPEC crude oil consumers of oil? The 10 largest oil1 producers and share of total world oil production2 in 20183 2 Production includes domestic production of crude oil, all other petroleum liquids, biofuels, and refinery processing gain. 3 Most recent year A look at regional supply of – and demand for – oil and gas the world over.
consumers of oil? The 10 largest oil1 producers and share of total world oil production2 in 20183 2 Production includes domestic production of crude oil, all other petroleum liquids, biofuels, and refinery processing gain. 3 Most recent year
9 Nov 2019 new discoveries and a global economic slowdown is beginning to weigh on global crude production growth. Using 15,000 kb/d/yr as a reference and the higher decline rate, the yearly decline for these Non-OPEC 6 Dec 2019 ** “A tight crude oil market, weak refining margins environment, no excess inventory as such which Saudi Arabia was acutely aware of and yet it also knew the pervasive bearish sentiment that is prevalent, which meant without a
9 Nov 2019 new discoveries and a global economic slowdown is beginning to weigh on global crude production growth. Using 15,000 kb/d/yr as a reference and the higher decline rate, the yearly decline for these Non-OPEC
Crude oil production in the United States saw a significant increase as exploration and extraction of oil from its plentiful shale reserves grew, causing the largest ever annual increase by a single country. This was due to new projects coming Chart and table showing yearly production of crude oil by country (World). Data obtained from the US Energy Information Administration. In depth view into World Crude Oil Production including historical data from 1973, charts and stats. 11 Mar 2020 EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020. EIA forecasts OPEC crude oil
Chart and table showing yearly production of crude oil by country (World). Data obtained from the US Energy Information Administration. In depth view into World Crude Oil Production including historical data from 1973, charts and stats. 11 Mar 2020 EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020. EIA forecasts OPEC crude oil consumers of oil? The 10 largest oil1 producers and share of total world oil production2 in 20183 2 Production includes domestic production of crude oil, all other petroleum liquids, biofuels, and refinery processing gain. 3 Most recent year A look at regional supply of – and demand for – oil and gas the world over.