While total production is rising, regional distribution has shifted, with the share of production declining the most in Europe and the Commonwealth of Independent States (CIS) since 2008, and rising the most in North America. Oil and oil products remain invaluable commodities as most transportation fuels are petroleum-based and oil is a major raw material for the chemicals industry. EIA will delay its scheduled data releases November 8-10, 2023, to complete a planned systems upgrade. Oil is extracted from several fields in the Taranaki region and. Similarly, global oil consumption only decreased in 2008, 2009, and 2020, but has otherwise increased to a higher level year after year. producer, and access to foreign customers will create economic opportunities across the country. New Zealand exports local crude and imports refined petroleum products. However, the coronavirus pandemic and its impact on transportation fuel demand led to a notable decline in the following year.Īpart from events surrounding global economic crisis as in the late 2000's and 2020, oil production consistently increased every year for the past two decades. Figure 1 shows the producer and import price indexes for crude petroleum from December 2019 to August 2020. In addition to being the world's largest oil producer, the United States also imports upwards of 8 million barrels. The US also consumes more oil than any other country worldwide.

The level of oil production reached an all-time high in 2019, at nearly 95 million barrels. With a rough estimate of 11,567,000 barrels per day, the United States is the top oil-producing country in the world, as it has been for many years. Reducing emissions from petroleum production is of particular importance, as current transport fleets are almost entirely dependent on. Global oil production amounted to 93.9million barrels per day in 2022. Producing, transporting, and refining crude oil into fuels such as gasoline and diesel accounts for 15 to 40 of the well-to-wheels life-cycle greenhouse gas (GHG) emissions of transport fuels.

Crude oil production by country 2020