PER CAPITA OIL PRODUCTION BY COUNTRY UPDATE

The country had a population of 1.34 billion in 2020 which reached nearly 1.4 billion in 2022. India’s global oil production has remained flat over the years but its population is growing quite fast. IndiaĬrude Oil Production in 2022: 605,186 barrels per day Top 25 Oil Producing Countries in the World 25. Had we used a broader definition of crude oil, the oil production of some countries would have been be higher than what’s on this list. For Russia's production, due to varying figures from multiple sources, we took the country's production figures from S&P Global.įor crude oil, we used a more strict definition of crude oil and did not include NGPL and other liquids. The countries are listed in ascending order of their crude oil production in 2022. A few of these figures might have changed depending on any new data updates or modifications. Top 25 Oil Producing Countries in the Worldįor our list, we calculated the mean value of the monthly production volume of each country from January to December 2022, based on the data taken from the Trading Economics website.

For 2023, the EIA expects the annual average price of Brent Crude oil to be around $83 per barrel and decline to $78 per barrel in 2024. The EIA predicts that the average per-barrel price will show no major changes through the second quarter of 2023 and will start to decline through the end of 2024. The ban was announced in December 2022 and was implemented in February 2023.

PER CAPITA OIL PRODUCTION BY COUNTRY UPDATE

Up until now, the EU has sanctioned around €91.2 billion worth of imports from Russia, and a large part of it consists of oil and gas.Īs of February 5, the EU has banned all seaborne petroleum products from Russia which has led the US Energy Information Administration (EIA) to update its previous outlook to an average Brent Crude oil price forecast of $85 per barrel for the second quarter of 2022 from the prior $83 per barrel. One of the major events that is still affecting the global crude oil market is the Russian invasion of Ukraine, which we discussed in detail in one of our previous articles.

The CAGR of 1.8% may seem slow but it is because the crude oil industry is quite mature and high volatility is expected in the coming years. We previously mentioned that the global crude oil market was worth $1.4 trillion in 2021 and is expected to reach $1.6 trillion by 2029. In 2022, over 246.9 million Futures and Options Contracts of Brent Crude oil were traded on the Intercontinental Exchange, Inc. Currently, Brent Crude oil is the most traded commodity in the world followed by West Texas Intermediate Crude oil. Įven though the world is moving toward renewable energy sources at a fast pace due to climate change issues, crude oil is still essential to the global economy and is here to stay for a long time. To skip the detailed analysis and latest updates on the oil industry, go directly to the Top 5 Oil Producing Countries in the World. In this article, we discuss the top 25 oil-producing countries of the world.

Per capita oil production by country