In 2022, the country produced 10.4 million barrels each day, accounting for almost a third of OPEC’s total daily. With an average of 99.67 mb/d in 2019, world oil demand grew by 0. 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. Notably, Saudi Arabia’s oil production dwarfs that of its fellow members. OPEC crude oil production declined sharply year-on-year by 1.86 mb/d, or 6.0 per cent, while crude production by non-OPEC countries grew by 1.30 mb/d, or 2.9 per cent. 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. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in the following year.Īpart 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.

shale oil output, OPEC signed an agreement with 10 other oil-producing countries to create what is now known as. In 2016, largely in response to dramatically falling oil prices driven by significant increases in U.S. The level of oil production reached an all-time high in 2019, at nearly 95 million barrels. OPEC regularly meets to set oil production targets and coordinate output to help manage global oil prices for the entire group. Global oil production amounted to 93.9million barrels per day in 2022.

Opec daily oil production by country