Energy experts warn that global oil production could become insufficient to meet demand after 2028, although it is currently in surplus.
Almost 94 barrels of oil per day were produced globally in 2022
According to a market analysis carried out by the Energy Institute based on the data published by the Statistical Review of World Energy for the year 2022, following the invasion of Ukraine by the Russians, the price of oil reached a peak of more than 100 dollars per barrel, reaching a maximum of the last eight years.
Oil companies doubled their profits and the economies of the world’s biggest oil producers got a major boost.
Thus, in a ranking of the largest oil producers in the world published by Visual Capitalist, the USA was in 2022 the largest oil producer in the world with almost 18 million barrels per day (B/D). This represented almost a fifth of the world’s oil supply.
Almost three-quarters of the country’s oil production is concentrated around five states: Texas, New Mexico, North Dakota, Alaska and Colorado.
In second place in the ranking is Saudi Arabia with a production of 12 million B/D, representing approximately 13% of the global supply.
Russia ranked third, with 11 million B/D in 2022. Together, these three major oil producers, along with Canada (4th) and Iraq (5th), account for more than half of the entire world’s oil supply.
Meanwhile, the top 10 oil producers, including those ranked 6th through 10th – China, the United Arab Emirates, Iran, Brazil and Kuwait – are responsible for more than 70% of global oil production.
Notably, all the 10 largest oil giants increased their production between 2021 and 2022, and as a result, global production rose by 4.2% year-on-year.
In this top of global oil producers is also Romania, placed 45th out of 55, with an oil production of 65 thousand barrels per day, equal to Denmark.
Top oil producing regions in 2022
The Middle East accounts for a third of the world’s oil production, and North America accounts for nearly another third. The Commonwealth of Independent States – an organization of post-Soviet countries – is another major regional oil producer, accounting for 15% of world production.
However, what is evident in the data is Europe’s declining share of oil production, now at 3% of global supply. Over the past 20 years, EU oil production has fallen by more than 50% due to various factors, including stricter environmental regulations and the shift to natural gas.
Regional production can also be viewed through the lens of OPEC members, who control about 35% of world oil production and about 70% of world oil reserves.