Global oil production 1998-2021

Global oil production amounted to 89.9 million barrels per day in 2021. The level of oil production reached an all-time high in 2019, at nearly 95 million barrels. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in the following year.

Rising production and consumption

Apart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry.

Production by region and country

While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Even though as a region the Middle East still produces the largest share of oil worldwide, the United States is currently the worl'ds largest producer of oil, followed by Saudi Arabia and Russia.