Which Countries Produced and Consumed the Most Oil in 2023? - Rigzone News

Which Countries Produced and Consumed the Most Oil in 2023? | Rigzone

Which Countries Produced and Consumed the Most Oil in 2023?

The U.S. was the biggest oil producer in 2023, according to the 2024 statistical review of world energy, which was published by the Energy Institute (EI) recently.

The country produced 19.358 million barrels per day of oil last year, which marked an 8.5 percent year on year increase and 20.1 percent of the total oil production in 2023, the review outlined. From 2013 to 2023, U.S. oil production has grown at an average rate of 6.7 percent per year, the review revealed.

Saudi Arabia was the second largest oil producer in 2023, according to the review, which showed that the country produced 11.389 million barrels per day. This figure marked a 6.6 percent year on year decrease and 11.8 percent of the total 2023 oil production share, the review highlighted.

Russia came in third in terms of oil production, the EI review outlined. The country produced 11.075 million barrels per day, which was a 1.1 percent year on year drop and 11.5 percent of total 2023 oil output, the review pointed out.

Total world oil production was 96.376 million barrels per day in 2023, which marked a 2.2 percent year on year increase, the review revealed. From 2013 to 2023, global oil output has grown at an average rate of 1.1 percent per year, according to the review.

EI’s oil production figures include crude oil, shale oil, oil sands, condensates (lease condensate or gas condensates that require further refining), and NGLs (natural gas liquids – ethane, LPG and naphtha separated from the production of natural gas).

They exclude liquid fuels from other sources such as biofuels and synthetic derivatives of coal and natural gas and liquid fuel adjustment factors such as refinery processing gain. The figures also exclude oil shales/kerogen extracted in solid form.

Top Oil Consumers

In addition to being the biggest oil producer in 2023, the U.S. was also the largest oil consumer last year, the EI review showed.

According to the review, the U.S. consumed 18.984 million barrels per day in 2023. This was up 0.6 percent year on year and comprised 18.9 percent of global oil consumption last year, the review showed. From 2013 to 2023, U.S. oil consumption has grown by an average rate of 0.5 percent every year, the review highlighted.

The second biggest oil consumer in 2023 was China, with 16.577 million barrels per day, the review revealed. That figure marked a 10.7 percent year on year increase and 16.5 percent of global oil consumption in 2023, the review outlined. From 2013 to 2023, China’s oil consumption has grown by an average of 4.6 percent every year, according to the review.

India was the country with the third highest oil consumption figure, at 5.446 million barrels per day, the review pointed out. That figure marked a 4.6 percent year on year increase and 5.4 percent of total oil consumption last year, the review showed. From 2013 to 2023, India’s oil consumption has grown by an average of 3.8 percent every year, the review showed.

Total global oil consumption came in at 100.221 million barrels per day in 2023, which marked a 2.6 percent year on year increase, the review outlined. From 2013 to 2023, global oil consumption has grown by an average of 1.1 percent every year, the review revealed.

EI’s oil consumption figures include inland demand, plus international aviation and marine bunkers and refinery fuel and loss. Consumption of biogasoline (such as ethanol) and biodiesel are excluded, while derivatives of coal and natural gas are included.

Record Levels

A foreword on the oil section of the EI’s latest statistical review of world energy stated that, in 2023, “global oil production reached a record level of just over 96 million barrels per day”.

“The U.S. remained the largest producer seeing its output grow by over eight percent. In contrast, the Russian Federation’s production decreased by over one percent as a full year of international sanctions were felt,” it added.

“Southern and Central America continues to grow rapidly post-Covid and recorded the highest growth rate (11 percent) for any region in 2023. In Asia Pacific, China’s production rose by two percent, accounting for around 57 percent of the region’s total production,” it continued.

Looking at demand, the foreword noted that “consumption of oil exceeded 100 million barrels of oil per day for the first time ever”.

“Gasoline, diesel, and kerosene (aviation) use returned to, or beyond, their 2019 levels, but within the data sets there are some national/regional differences,” it added.

“Whilst global gasoline consumption (25 million barrels per day) was just above its 2019 pre-Covid level, kerosene, although growing strongly (17.5 percent in 2023), has yet to return to its 2019 peak,” it continued.

To contact the author, email andreas.exarheas@rigzone.com

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Andreas ExarheasEditor | Rigzone