Global oil production 1998-2021

Global oil production has been slowly increasing since 1998. In 2021, global crude oil production amounted to approximately 4.2 billion metric tons. Figure peaked in 2018, when the oil production worldwide nearly reached 4.5 billion metric tons.

Where is the oil extracted?

In 2020, the United States was the leading oil producing country worldwide. Other top producers of oil are Saudi Arabia, Russia, and Canada.

Oil production in the United States

The United States has been producing oil since the 1850s. U.S. oil production decreased from 1998 to 2008, but since then it has been steadily increasing. In 2021, the U.S. state that produced the most crude oil was Texas. Not only is the United States the largest producer of oil in the world, they are also the biggest consumer of oil. As a result of their increasing oil production, they are less reliant on foreign oil than previously. However, there is a high cost of oil production in the United States which causes problems for United States-located production projects.