![]() In terms of potential, Nigeria has proven crude oil reserves of over 37 billion barrels and proven natural gas reserves of 5.85 trillion cubic meters. Oil was first discovered in the African country in 1956 and Nigeria joined OPEC in 1971. Nigeria ranks #15 on our list of 15 Countries That Produce the Most Oil in the World given it produced 1.63 million barrels of oil in 2021. NigeriaĢ021 Oil Production (million barrels per day): 1.63 15 Countries That Produce the Most Oil in the World 15. Excludes oil shales/kerogen extracted in solid form."įor those of you interested, check out Top 20 Oil Producing Countries in 2022. This also excludes liquid fuel adjustment factors such as refinery processing gain. Excludes liquid fuels from other sources such as biofuels and synthetic derivatives of coal and natural gas. Indeed, OPEC+ cut oil production in October although it decided against cutting production further in December.įor our list of 15 Countries That Produce the Most Oil in the World, we took the top 15 countries by oil production in 2021 according to BP's Statistical Review of World Energy 2022.Īccording to BP, "Oil production data includes 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). Given the Federal Reserve has raised interest rates substantially this year, however, economic growth could slow next year and oil demand might not be as strong as expected in 2023. oil production will average 11.7 million barrels per day in 2022 versus 11.25 million barrels per day in 2021. In terms of the United States, the EIA believes that U.S. If total oil production in the world is higher, it is likely that some of the leading nations in OPEC have increased their oil production this year. With the higher prices, oil producing nations have incentive to produce more. According to the EIA in the beginning of December, the WTI spot average could average $95.22 per barrel in 2022 as well. According to a survey of economists and analysts, Brent crude could average $100.5 per barrel this year according to Reuters in November 30. In October, OPEC also forecasted that oil demand to increase 2.64 million bpd in 2022 and another 2.34 million bpd in 2023.įurthermore, oil prices have increased due to the economic recovery from the pandemic and the Russia Ukraine war. According to the International Air Transport Association, passenger traffic was 74% of pre-pandemic levels in September of 2022, a rise of 57% year over year. Given that air travel has recovered further in 2022, it is likely that oil production in 2022 will be higher than it was in 2021. According to BP, aviation related oil demand was 2.5 million barrels per day lower in 2021 than in 2019 as fewer people flew last year given the pandemic. ![]() One reason for the increase in production was that oil prices averaged $70.91 per barrel in 2021, with the price being one of the highest averages for a year since 2015.ĭespite the increase from 2020, however, oil consumption in 2021 was still 3.7 million barrels per day below 2019 levels. OPEC is an organization of some of the world's major oil exporting countries and OPEC+ is the same organization in addition to countries like Russia. In 2021, global oil production increased by 1.4 million barrels per day with OPEC+ countries accounting for over three fourths of the rise. In addition, the world also produced 12.05 million barrels per day of natural gas liquids in 2021, up from 11.70 million barrels per day in 2020 but down from 11.79 million barrels per day in 2019. Given it is essential for a modern economy, the world makes a lot of crude oil.Īccording to BP, the total oil production in the world was 89.88 million barrels per day in 2021, up from 88.49 million barrels per day in 2020 but lower than the oil production of 94.92 million barrels per day in 2019.
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