Global Oil Industry and Market - Statistics & Facts
At this time, crude oil is one of the most present and essential resources in everyday life. The oil industry is one of the most powerful branches in the world economy. More than four billion metric tons of oil is produced worldwide annually. Nearly one third of this amount is generated in the Middle East region. Saudi Arabia and the United States are the world’s leading oil producers, each responsible for around 13 percent of the total global production. Russia is the third-largest producer, generating over 12 percent of the world's total oil production.
Oil demand and oil consumption have been rising steadily over the last decades. The United States is by far the top consumer worldwide, responsible for approximately one fifth of the total global oil consumption. Correspondingly, the U.S. is the world’s leading oil importer. Nevertheless, U.S. oil consumption has been in constant decline since 2005, while China as the second-leading consumer reported a rapid increase in recent years. Until June 2014, oil prices remained relatively high, in line with rising global demand (and other crucial factors). A look at some of the most important oil benchmarks – UK Brent, WTI and OPEC basket – shows that while oil prices from 2011 to 2014 were quadruple the 2001 prices, in 2015 and thus far in 2016, prices have significantly decreased. In March 2017, OPEC crude oil prices sat at an average of 50.32 U.S. dollars per barrel, down from an average annual price of 52.03 U.S. dollars per barrel in 2017.
The long-term outlook for the oil industry, however, may be more promising. For example, most of the global top oil producing nations will have distinct higher production maxima in 2020 than in 2011. It is projected that global oil demand will increase until at least 2035. Daily global oil consumption is expected to grow from 89 million barrels in 2012 up to 109 million barrels in 2035. Transportation and industry will continue to be the sectors with the highest demand for oil.
This text provides general information. Statista assumes no
liability for the information given being complete or correct.
Due to varying update cycles, statistics can display more up-to-date
data than referenced in the text.