Feature Report: Oil Producers and Consumers

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Featured Figures

Global Oil Production

The United States continued to ride the wave of shale oil production, increasing output by more than 10% between 2018 and 2019, after a jump of nearly 17% from 2017 to 2018. This confirmed the country’s position as the world’s foremost oil producer, ahead of Saudi Arabia and Russia, which were neck and neck. The United States was also the world’s leading gas producer. In 2019, Brent crude traded at an average price of $64 a barrel, down nearly 10% on 2018.

Global Oil Production (in thousands of barrels/day)

 
Country 2018 2019 2018-2019 Change Share of Global Production
United States 15,360 17,045 +10.97 % 17.91 %
Saudi Arabia 12,261 11,832 -3.50 % 12.43 %
Russia 11,438 11,540 +0.89 % 12.12 %
Iran 4,801 3,535 -26.37 % 3.71 %
Canada 5,501 5,651 +2.73 % 5.94 %
Iraq 4,632 4,779 +3.17 % 5.02 %
United Arab Emirates 3,912 3,998 +2.20 % 4.20 %
China 3,798 3,836 +0.03 % 4.03 %
Kuwait 3,050 2,996 -1.77 % 3.15 %
Brazil 2,679 2,877 +7.39 % 3.02 %
Mexico 2,068 1,918 -7.25 % 2.01 %
Venezuela 1,475 918 -37.76 % 0.96 %
Nigeria 2,007 2,109 +5.08 % 2.22 %
Norway 1,845 1,731 -6.18 % 1.82 %
Qatar 1,900 1,883 -0.89 % 1.98 %
Kazakhstan 1,927 1,931 +0.21 % 2.03 %
Angola 1,534 1,417 -7.63 % 1.49 %
Rest of the World 15,066 15,234 +1.12 % 16.00 %
Total World 95,254 95,192 -0.07 % 100.00 %

 

Source: BP Statistical Review 2020