Feature Report: Oil Producers and Consumers

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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)

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