Featured Figures
Global Oil Production
The year 2018 was marked by a significant surge in U.S. shale oil production, which witnessed record growth of nearly 17% from the year before. The United States thus confirmed its position as the world’s foremost oil producer, in front of Saudi Arabia and Russia. Brent crude traded at $70 per barrel on average in 2018 (versus $55 in 2017), but prices dropped precipitously in the last two months of the year.
Global Oil Production (in thousands of barrels/day)
Global Oil Production (in thousands of barrels/day)
| Country | 2017 | 2018 | Change 2018 over 2017 | Share of Global Production |
| United States | 13,135 | 15,311 | 16.57% | 16,16% |
| Saudi Arabia | 11,892 | 12,287 | 3.32% | 12.97% |
| Russia | 11,255 | 11,438 | 1.63% | 12.08% |
| Iran | 5,024 | 4,715 | -6.15% | 4.98% |
| Canada | 4,798 | 5,208 | 8.55% | 5.50% |
| Iraq | 4,533 | 4,614 | 1.79% | 4.87% |
| United Arab Emirates | 3,910 | 3,942 | 0.82% | 4.16% |
| China | 3,846 | 3,798 | -1.25% | 4.01% |
| Kuwait | 3,001 | 3,049 | 1.60% | 3.22% |
| Brazil | 2,721 | 2,683 | -1.40% | 2.83% |
| Mexico | 2,224 | 2,068 | -7.01% | 2.18% |
| Venezuela | 2,096 | 1,514 | -27.77% | 1.60% |
| Nigeria | 1,991 | 2,051 | 3.01% | 2.17% |
| Norway | 1,963 | 1,844 | -6.06% | 1.95% |
| Qatar | 1,874 | 1,879 | 0.27% | 1.98% |
| Kazakhstan | 1,838 | 1,927 | 4.84% | 2.03% |
| Angola | 1,676 | 1,534 | -8.47% | 1.62% |
| Rest of the World | 14,725 | 14,856 | 0.89% | 15.68% |
| Total World | 92,502 | 94,718 | 2.40% | 100.0% |
Source: BP Statistical Review 2018