25+ incredible oil industry statistics & facts from 2023
Are you looking to invest in the oil sector now that prices have been oscillating near yearly lows? Oil prices remain near $80 a barrel, but what’s the outlook for the future when it comes to top gas and oil companies, some of which are categorised as Big Oil and includes ExxonMobil, Chevron, BP, and Shell?
Our oil statistics page provides the key trends, facts and figures of world oil reserves, most valuable companies and stocks. There are also supply and demand projections from industry bodies such as the Energy Information Administration (EIA) and Organization of the Petroleum Exporting Countries (OPEC).
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Here you’ll get 25+ incredible oil statistics. Let’s start with our top picks:
Oil statistics – the key facts and trends
- The world’s proven oil reserves of 1.75 trillion barrels could last another 53 years.
- 279 of the world’s largest oil and gas companies had a combined market cap of $6.26 trillion as of 13 December 2022.
- The most valuable oil company by market cap is Saudi Aramco with $1.79 trillion, while Exxon Mobil is second with a $441 billion market cap.
- Oil prices hit $130 per barrel in March, the highest price since 2008.
- Oil prices fell to a low of $71.59 in 2022.
- World Bank projects oil prices will average $92 per barrel in 2023 and $80 per barrel in 2024
- The top publicly traded oil and gas companies recorded a combined revenue of over $6.8 trillion in the 12 months to Q3 2022.
- The US is the world’s leading oil producer as well as consumer, while Venezuela has the largest share of proven oil reserves at over 300 billion barrels.
- Russia was the EU’s biggest supplier of oil prior to 2022, with 20-40% of supply.
Overview of global oil reserves – top statistics
1. There are roughly 1.75 trillion barrels of proven oil reserves in the world
As of 2022, the total proven oil reserves globally stood at roughly 1.75 trillion barrels. According to Oil & Gas Journal the proven reserves have increased from 1.73 trillion barrels a year ago.
2. Global oil consumption is roughly 91 million barrels per day
In 2022, the world’s oil consumption was approximately 91 million barrels per day, with this accounting to about 30% of global energy consumption.
3. The world’s proven oil reserves will last an estimated 53 years
Proven oil reserves, the measure of unmined oil around the world is estimated to last around 53 years if no new reserves are found. This is based on an annual consumption of about 33.2 billion barrels per year, and at 91 million barrels per day.
4. More than 80% of world’s oil reserves are in OPEC countries
According to current estimates, 80.4% of the world’s total oil reserves of about 1.24 trillion barrels are in OPEC countries. Of these, 67% of proven oil reserves worldwide are in the Middle East.
5. OPEC+ countries produces 40% of the world’s oil
OPEC countries, which comprise 15 member nations, account for 30% of the world’s oil production. When expanded to OPEC+ to include Russia Russia, Kazakhstan, Azerbaijan, Mexico, and Oman, the bloc accounts for 40% of global oil production.
6. The United States is the world’s largest producer of crude oil with nearly 12 million barrels per day
The US is currently the largest oil producer in the world, with an output of about 12 million barrels of oil per day. Russia is the second-largest oil producer at 10.5 million barrels a day, and Saudi Arabia ranks third with about 10.2 million barrels per day. The largest oil-producing states in the United States include Texas, New Mexico, and North Dakota. However, the US isn’t home to the largest oil reserves in the world.
7. Venezuela has over 300 billion barrels of oil reserves, the largest in the world
18% of the world’s oil reserves are in Venezuela, which was about 303 billion barrels in reserve as of 2022. Among the world’s oil superpowers, Saudi Arabia has the second-largest reserves at 297 billion barrels.
8. The US consumes 15-20% of global oil output
While 10 of the world’s top oil consumers account for 60%, the United States alone accounts for roughly 15-20% of the global oil consumption with 19 million barrels per day. China and India complete the top three with over 11.5 million and 4.4 million barrels per day respectively. The top 3 countries account for about 30% of global consumption.
9. EU cut consumption of Russian oil by more than 1 million barrels per day in 2022
The EU has reduced its consumption of Russian crude oil after Russia invaded Ukraine. The bloc’s oil consumption had accounted for 20-40% of Russian oil exports in 2021, but that has reduced by more than 1 million barrels per day in 2022.
10. Transport sector accounts for 30% of global oil consumption
Across the globe, the road industry represents the top oil consuming sector, with Statista data showing the sector accounts for more than 30% of oil demand worldwide. This includes use of petroleum, diesel and gasoil products.
Global oil supply and demand – latest facts and projections
11. Global oil output rose by 1% on average in 2021, up from a 7.4% decline in 2020
In 2021, global oil output increased by less than 1%. According to crude oil data from the year, the slight increase followed a 7.4% decline in 2020. Crude oil production in the US rose 1.3%, while Russia saw an increase of 1.5% and overall Middle East production stood at 1.6%.
12. Oil supply outpaced demand by 1.1 million barrels per day in Q3 2022
According to the OPEC Monthly Oil Report for November 2022, the world’s oil inventory levels as observed in Q1 2022 showed global demand outpaced supply by 300,000 barrels per day. However, the trend had reversed by Q3 2022, with supply outpacing oil demand by 1.1 million barrels per day. The trend indicated a move from global oil deficit to surplus oil supply.
13. About 50% of global oil production growth in 2023 could be from the US
Estimates suggest nearly half of the global growth in oil production in 2023 will be from the United States. A recent forecast puts total production in the country to increase by roughly 1 million barrels per day. However, the outlook could still turn out to be too optimistic given the risk of disappointing global production growth.
14. OPEC+ production is subject to a 2 mb/d quota in 2023
Despite oil production being projected to rise by 240,000 b/d over the next two years, global supply will continue to be subject to an OPEC+ quota agreed on in 2022. From November 2022 and throughout 2023, OPEC+ members will cut their production by 2 million barrels per day.
15. Oil production will rise another 240,000 barrels per day in 2024
The EIA predicts that global oil output will rise throughout 2023, hitting over 240,000 barrels per day in 2024. The forecast gives an outlook of 2% increase in output for the year ending September 2024.
16. OPEC forecasts global demand for oil products to hit 109 mb/d by 2045
According to OPEC, the global oil product demand will rise significantly through 2045. Per the organisation, the next 20 or so years will see demand reach over 109 million barrels per day.
17. EIA estimates global oil consumption to hit 125 million barrels per day in 2050
While future demand for oil might yet slow with greater adoption to electric vehicles, projections still put oil consumption across the world at 125 million barrels per day in 2050.
18. Russian oil exports rose in 2022 despite sanctions and price cap
The EU agreed a $60 per barrel price cap for Russian oil exports in 2022 as part of the sanctions for Russia’s invasion of Ukraine. Despite these developments and the broader macroeconomic constraints, Russian oil exports jumped by 165,000 barrels per day to 7.7 million barrels per day in October. The country’s revenue from oil exports increased $1.7 billion to $17.3 billion.
Oil market statistics
19. A total of 279 oil and gas companies have a market cap of $6.2 trillion
Companiesmarketcap lists a total of 279 largest oil and gas companies in the world, which have a combined market cap of $6.26 trillion as of 13 December 2022. US-based companies make up 30% of the top ten, led by the multinational oil and gas company Exxon Mobil (NYSE: XOM) that has a market cap of over $441 billion.
20. Saudi Aramco is the largest oil company with a market cap of $1.79 trillion
As of December 2022 Saudi Arabian petroleum and natural gas giant Saudi Aramco has a market capitalization of $1.79 trillion. The market cap puts Saudi Aramco in third spot among the world’s most valuable companies by market cap, behind Apple Inc (NASDAQ: AAPL) with a market cap of $2.3 trillion and Microsoft Corp (NASDAQ: MSFT) with a market cap of $1.9 trillion.
21. The top publicly traded oil and gas companies had combined revenue of over $6.8 trillion in 2022
According to data from Companiesmarketcap, the 279 largest publicly-traded companies in the oil and gas industry had a trailing twelve month revenue of $6.83 trillion as of December 2022. Saudi Aramco, PetroChina, Sinopec, Exxon Mobil and Shell were the top five in terms of revenue.
22. Crude oil prices (WTI) closed around $77 per barrel in 2022
The price of crude oil as of 13 December, 2022 is $77 per barrel. The WTI crude price is up more than 8% year-to-date and more than 11% higher over the past year.
23. Oil prices are projected to average $92/bbl in 2023 and $80/bbl in 2024
According to a report by the World Bank, concerns over slowing global growth and recession are outweighing market uncertainties about inadequate oil supply. But despite this, the forecast is that oil prices will average $92 per barrel in 2023 and $80 per barrel in 2024. These projections are down from the $100 per barrel for 2022, but suggest oil will trade well above its five-year average of $60 per barrel.
24. Crude oil prices have closed higher in 6 of the past 10 years
Since 2013, oil prices have ended the year higher in six of the ten years, with the best years being 2021 (+55%) 2016 (+44%) and 2019 (+35%). According to historical data, oil prices fell 45% in 2014, more than 30% in 2015 and over 25% in 2018.
25. Oil price hit $130 a barrel in 2022, the second highest price compared to the all-time high of $147
Oil prices rose to a peak of $130 a barrel in March 2022, with crude oil going up following the Russia-Ukraine war. Prices also peaked above $120 a barrel in June, but did not rally to the all-time high levels of $147 a barrel reached in 2008.
26. Oil prices touched a yearly low of $71.59 in 2022
Oil prices skyrocketed in early 2022, rising to highs near $140 in March in the aftermath of Russia’s invasion of Ukraine. However, prices fell to lows of $71.59 in early December.
27. WTI crude prices fell below $80 after OPEC cut supply by 2 million barrels a day
The West Texas Intermediate (WTI) crude oil prices dropped below $80 in late October as OPEC announced plans to cut output by about 2 million barrels per day. The drop also followed the EU’s price cap on Russian oil exports. As noted above, the low for 2022 was $71.59.
28. Oil prices rose more than 55% in 2021, the second-biggest gain margin since 2009
The average gains for oil prices in 2021 was 55%, up from a 20.6% loss in 2020. Oil prices were up 44% annually in 2016, but the largest percentage increase over the past decade was +78% notched in 2009. The biggest price jump was in 1999 when oil prices closed the year 112% higher.
29. Oil prices averaged $70.91 per barrel in 2021, the second highest level since 2015
While oil prices hit highs above $130 a barrel in 2022 and were forecast to hit an all-time high before retreating below $100, 2021 oil price averages of $70.91 per barrel was the second highest annual average since 2015.
30. Open interest in oil futures rose in November 2022 after 7 consecutive months of declines
Total open interest (OI) in crude oil rose 0.9% month-on-month in November 2022, snapping a seven month streak of declines. Oil also saw money managers increase their net length for a second straight month with +4.8%.
Oil statistics – The key takeaway
Oil and gas remain central to the world’s energy economy, helping power the globe in various ways. Because it’s one of the most important commodities, its supply and demand dynamics also continue to dictate price movements – while global trends and macroeconomic factors also impact. As for what the industry holds for investors, opportunities abound in some of the leading companies, the likes of Exxon Mobil, Shell and BP.