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In 2023, the U.S. led the world in oil production, hitting a remarkable 19.358 million barrels per day and marking an 8.5% increase from the previous year! 🌍 This impressive feat accounted for 20.1% of global oil production. 📈 Meanwhile, Saudi Arabia and Russia followed as the second and third largest producers. On the consumption side, the U.S. also took the top spot with nearly 19 million barrels per day. 🛢️ See the full story: https://lnkd.in/gkfJf7w5 #OilProduction #USOil #GlobalEnergy #EnergyTrends #OilIndustry #EnergyStatistics #SaudiArabia #Russia #OilConsumption #EnergyReport #OilMarket #InnovationInEnergy #EnergyInsights

In 2023, the U.S. led the world in oil production, hitting a remarkable 19.358 million barrels per day and marking an 8.5% increase from the previous year! 🌍 This impressive feat accounted for 20.1% of global oil production. 📈 Meanwhile, Saudi Arabia and Russia followed as the second and third largest producers. On the consumption side, the U.S. also took the top spot with nearly 19 million barrels per day. 🛢️ See the full story: https://lnkd.in/gkfJf7w5 #OilProduction #USOil #GlobalEnergy #EnergyTrends #OilIndustry #EnergyStatistics #SaudiArabia #Russia #OilConsumption #EnergyReport #OilMarket #InnovationInEnergy #EnergyInsights

In 2023, the U.S. led the world in oil production, hitting a remarkable 19.358 million barrels per day and marking an 8.5% increase from the previous year! 🌍 This impressive feat accounted for 20.1% of global oil production. 📈 Meanwhile, Saudi Arabia and Russia followed as the second and third largest producers. On the consumption side, the U.S. also took the top spot with nearly 19 million barrels per day. 🛢️ See the full story: https://lnkd.in/gkfJf7w5 #OilProduction #USOil #GlobalEnergy #EnergyTrends #OilIndustry #EnergyStatistics #SaudiArabia #Russia #OilConsumption #EnergyReport #OilMarket #InnovationInEnergy #EnergyInsights

In 2023, the U.S. led the world in oil production, hitting a remarkable 19.358 million barrels per day and marking an 8.5% increase from the previous year! 🌍 This impressive feat accounted for 20.1% of global oil production. 📈 Meanwhile, Saudi Arabia and Russia followed as the second and third largest producers. On the consumption side, the U.S. also took the top spot with nearly 19 million barrels per day. 🛢️ See the full story: https://lnkd.in/gkfJf7w5 #OilProduction #USOil #GlobalEnergy #EnergyTrends #OilIndustry #EnergyStatistics #SaudiArabia #Russia #OilConsumption #EnergyReport #OilMarket #InnovationInEnergy #EnergyInsights

THE WORLD’S BIGGEST OIL PRODUCERS IN 2023 In 2023, the United States, Russia, and Saudi Arabia collectively contributed 32.8 million barrels per day to global oil production. This three countries account for 40% of global oil production. These three nations have consistently dominated oil production since 1971. The leading position, however, has alternated among them over the past five decades. In contrast, the combined production of the next three largest producers—Canada, Iraq, and China—reached 13.1 million barrels per day in 2023, just surpassing the production of the United States alone. In the near term, no country is likely to surpass the record production achieved by the U.S. in 2023, as no other producer has ever reached a daily capacity of 13.0 million barrels. Picture attached from Visual Capitalist illustrates global crude oil production in 2023, measured in million barrels per day, sourced from the U.S. Energy Information Administration #oilandgas #energy #production #oil #producers

To adequately respond to the growing demand for hydrocarbons, an injection of US$4.3 Trillion will be needed in the upstream sector between 2025 and 2030. This is according to the latest report produced by the International Energy Forum and S&P Global Commodity Insights. Their report states that the growing capital expenditure needs are based on an outlook that sees demand for oil rising from 103 million barrels per day (bpd)in 2023 to nearly 110 million bpd by 2030. The report acknowledged that while the cost of production has risen, the majority of new supplies can be produced at under US$60/bbl Brent. The document was keen to note that the lowest cost supplies are from the Middle East, Guyana, and West Africa. In fact, the average weighted Middle East breakeven price is about $30/bbl Brent, whereas Guyana is US$36/bbl and the average new well in the US requires about US$57/bbl. The highest end of the cost curve includes heavy crudes in Canada and Venezuela. This report underscores once again, Guyana’s growing importance to the world as the demand for low cost and low emission barrels increase. Follow this link for the full report : file:///Users/integratedgroup/Downloads/upstream-oil-gas-investment-outlook-2024.pdf. #hydrocarbons #oil #oilandgas #guyana🇬🇾

Angola, Africa's second-largest oil producer, maintains its crude oil production at 1.1 million barrels per day (bpd), aiming to sustain this level until at least 2027. Despite a decline from its peak of 2 million bpd in 2008, the country is prioritising natural gas production to offset oil declines. Constance Makungu Carlos Manuel Simões Márcio Pedro Petlong Dakhling Dakim Dung Ikechukwu Promise Obialor Follow The African Energy Council for more energy news #angolaoil #oilproduction #aecouncil #energystrategy #crudeoil #NaturalGas #EnergyIndustry #OilandGas #EnergyInvestment #OPECExit

#us #oilproduction For the first time, global oil consumption surpassed 100 million barrels per day in 2023. The demand for gasoline, diesel, and kerosene has returned to or exceeded pre-2019 levels, although there are variations across different regions. Global gasoline consumption slightly exceeded its pre-COVID level at 25 million barrels per day, while kerosene, despite showing strong growth of 17.5% in 2023, has not yet returned to its peak levels from 2019. Global oil production reached a record high of over 96 million BPD in 2023. The United States retained its position as the top producer, with an output increase exceeding 8.5%. This was a new record for U.S. oil production, smashing the previous record set in 2022. Russia experienced a decline in production by more than 1% due to the ongoing impact of international sanctions. Saudi Arabia, the other major global oil producer besides the U.S. and Russia, experienced an 8.6% decline from the previous year. This was attributed to ongoing voluntary production cuts from OPEC members. In both the conventional categories of crude plus condensate — as well as the category that includes NGLs — the United States was the world’s top oil producer in 2023. The U.S. produced 15.6% of the world’s oil in 2023, extending its lead over Saudi Arabia and Russia. Although the U.S. enjoys a lead over Saudi Arabia and Russia of more than 2.4 million BPD, that lead is far greater when NGLs are considered. With NGLs included U.S. production in 2023 was 19.4 million BPD. That’s 8.0 million BPD ahead of Saudi Arabia and 8.3 million BPD ahead of Russia’s numbers in that category. Those are massive leads driven by the increase in U.S. natural gas production over the past two decades, which substantially boosted U.S. NGL production. Source: #forbes 👇 👇👇 https://lnkd.in/dmJ5kN5u

Global oil production reached a record high of over 96 million BPD in 2023. The United States retained its position as the top producer, with an output increase exceeding 8.5%. This was a new record for U.S. oil production, smashing the previous record set in 2022. However, Russia experienced a decline in production by more than 1% due to the ongoing impact of international sanctions. Saudi Arabia, the other major global oil producer besides the U.S. and Russia, experienced a 6.6% decline from the previous year. This was attributed to ongoing voluntary production cuts from OPEC members. The Southern and Central American regions saw significant growth in their oil production, with an 11% increase, marking the highest growth rate of any region in the year as they continued to recover from the effects of the COVID-19 pandemic. In the Asia-Pacific region, China’s oil production grew by 2%, contributing to about 57% of the total production in the region. China surpassed the U.S. as the largest oil refining market by capacity, reaching 18.5 million barrels per day, although its refinery utilization rate of nearly 82% was still lower than the U.S. rate of around 87%. https://lnkd.in/gtynxY2Y #unitedstates #oilproduction #position #topproducer #output #increase #record #american #production #opec #oilmarkets #energyinstitute #statisticalreviewworldenergy #2024report

Saudi Arabia's Oil Production, Consumption, and Refining Capacity (2013–2023) Saudi Arabia has consistently been one of the leading oil producers globally, with significant growth in oil consumption and refining capacity over the past decade. Oil Production: The production peaked at 12,406 thousand barrels/day in 2016 but fluctuated over the years, closing at 11,389 thousand barrels/day in 2023. Oil Consumption: Consumption saw steady growth from 3,468 thousand barrels/day in 2013 to 4,052 thousand barrels/day in 2023, reflecting economic growth. Refining Capacity: The country has invested in refining infrastructure, with capacity rising from 2,507 thousand barrels/day in 2013 to 3,289 thousand barrels/day in 2023. Conclusion: Despite some fluctuations, Saudi Arabia has maintained a high production level over the decade. Oil consumption has grown steadily, reflecting domestic economic growth. Source : Statistical Review of World Energy 2024 by Energy Institute #EnergyInstitute #EnergySector #CarbonEmissions #ClimateChange #KSA #Oil ##SaudiArabiaOilProduction #OilIndustryAnalysis #MiddleEastOil