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286.4 million cubic metres
- Annual production of crude oil and equivalent products rose for the third consecutive year, up 1.4% to 286.4 million cubic metres in 2023, resulting in the highest volume since the start of this data series in 2016.
www.statcan.gc.ca/o1/en/plus/5781-record-high-crude-oil-production-largely-driven-oil-sands-crude-oil-year-review-2023Record high crude oil production largely driven by oil sands ...
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Mar 26, 2024 · Three Countries Account for 40% of Global Oil Production. In 2023, the United States, Russia, and Saudi Arabia collectively contributed 32.7 million barrels per day to global oil production.
- Evidence of demand destruction is appearing with preliminary September data showing that US gasoline consumption fell to two-decade lows. Buoyant demand growth in China, India and Brazil, nevertheless underpins an increase of 2.3 mb/d to 101.9 mb/d in 2023, of which China accounts for 77%.
- World oil output rose 270 kb/d in September to 101.6 mb/d, led by higher production from Nigeria and Kazakhstan. The Israel-Hamas conflict has not had any direct impact on oil flows.
- Refinery margins fell sharply from near-record levels over the course of September and into October, as gasoline and fuel oil cracks collapsed, but overall remained above the seasonal average.
- Global observed oil inventories tumbled by 63.9 mb in August, led by a massive 102.3 mb draw in crude oil stocks. Preliminary data suggest that on land inventories continued to draw in September, while oil on water rebounded as exports recovered.
- World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
- US oil supply growth continues to defy expectations, with output shattering the 20 mb/d mark. This, combined with record Brazilian and Guyanese production along with surging Iranian flows will lift world output by 1.8 mb/d to 101.9 mb/d in 2023.
- Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December. The lower prices and a 200 kb/d drop in oil shipments pushed November export revenues for crude and products down 17% m-o-m to $15.2 billion, a level not seen since July 2023.
- Refinery margins in Europe and Singapore rebounded marginally in November, but the US Gulf Coast underperformed again, slipping for the third month running.
Mar 7, 2024 · Annual production of crude oil and equivalent products rose for the third consecutive year, up 1.4% to 286.4 million cubic metres in 2023, resulting in the highest volume since the start of this data series in 2016.
Global upstream oil and gas investment is on track to increase by an estimated 11% in 2023 to USD 528 billion, compared with USD 474 billion in 2022. While the impact of higher spending will be partly offset by cost inflation, this level of investment, if sustained, would be adequate to meet forecast demand in the period covered by the report.
Jan 24, 2024 · After a steep decline due to COVID-19, oil demand increased to pre-pandemic levels in 2023 at 101.7 million barrels per day (MMb/d). However, growth may not last long, as peak demand is projected to materialize before 2030 across our four bottom-up energy transition scenarios.
World oil statistics (Edition 2023) This table contains data on world oil statistics while focusing on trade flows amongst countries, oil demand and output. Data are expressed in kilotonnes or kilobarrels per day.
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