Coronavirus Pandemic Curtails Global Oil Production

In the course of the coronavirus pandemic, global crude oil production has been majorly curtailed as lockdowns led to the demand - and the price - of gasoline falling.

North America has been the main driver behind the global increase in crude oil production over the past two decades, while the Middle East remained the biggest producer. According to analyst Enerdata, both regions saw major dips in oil production in 2020 and 2021, as did Africa and CIS countries. Most of the oil in North America is extracted from shale by a controversial method known as fracking.

The main users of oil around the world are United States and China, which together use about one third of the world’s supply. The biggest growth in oil demand can also be witnessed in the U.S and China well as in India.