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Energy Insight: World estimated production of oil (DSS05)
Please note this Insight is no longer being updated. You will find more recent information via our Energy Insight - Sources of energy information - statistics and basic industry facts
World oil production increased by 2.2% in 2018 compared with 2017 - to 4474.3 million tonnes. .
The Middle East remains the area with the highest oil production
10 out of OPEC’s 14 member countries are amongst the top 21 oil producers of the world.
At the 5th OPEC and non-OPEC (including Russia, the 3rd highest producer) ministerial meeting held on 7 December 2018, it was decided to “adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation ’ will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively” in order to address the growing impalance between global oil supply and demand in 2019.
At the 6th OPEC and non-OPEC Ministerial Meeting in July 2019, it was agreed to extend the agreement until 31 March 2020.
Among western, non-OPEC countries, the USA and Canada continued to increase production in 2018 – up 16.6% and 8.5% respectively. Even the UK produced more than in any year since 2011, but nowhere near the levels seen between 1980 and 2005.
The highest percentage increase in production seen was from OPEC’s newest member, the Republic of the Congo who joined in June 2018. They had the stated aim to become sub Saharan Africa’s third-largest oil producer (after Nigeria and Angola) with a target of 350,000 b/d by the end of 2018, which, at their reported 17 million tonnes, they achieved.
The highest percentage increase in production seen was from OPEC’s newest member, the Republic of the Congo who joined in June 2018. They had the stated aim to become sub Saharan Africa’s third-largest oil producer (after Nigeria and Angola) with a target of 350,000 b/d by the end of 2018, which, at their reported 17 million tonnes, they achieved.
Ref: All statistics from BP Statistical review of world energy 2019
Energy Insight details
Physical description: pdf 1p; statistical datasheet, available to logged-in EI members and subscribers
Keywords: Statistics - Oil - Production
Subjects: Statistics, Oil and gas extraction, Crude oil, Oil and gas, Oil, Primary energy production, Oil production
