World Oil Reserves and Production: Key Figures

Oil production has grown dramatically, from 234.95 TWh in 1900 to more than 51,255.57 TWh in 2022. This increase is driven by rapid industrialization, global economic expansion and technological advancements that allowed for more efficient extraction. The 1970s and 1980s particularly marked this growth with production reaching 27,433.89 TWh in 1970 and 35,949.59 TWh in 1980, largely thanks to the increase in global energy demand.

At the same time, proven oil reserves have also increased, from 93 billion barrels in 1980 to around 236 billion barrels in 2020, showing a continued upward trend in available resources despite annual fluctuations. Oil consumption has followed a similar trajectory, increasing from 26,520.38 TWh in 1970 to 52,969.59 TWh in 2022. This increasing consumption reflects the continued importance of oil in the global energy mix, despite recent efforts to diversify energy sources and reduce reliance on fossil fuels. Recent years show a slight decline in 2020, likely due to the economic impacts of the COVID-19 pandemic, followed by a recovery in 2021 and 2022.

Oil field reserves

After sustained growth in the discovery of deposits, it is now stagnating. The peak appears to have been reached in 2018.

The five countries with the largest proven oil reserves in the world at the end of 2015 are:

• the Venezuelan with 300.9 billion barrels of oil, or 17.7% of the world’s proven reserves;
• Saudi Arabia with 266.6 billion barrels (15.7%);
• Canada with 172.2 billion barrels (10.1%);
• Iran with 157.8 billion barrels (9.3%);
• Iraq with 143.1 billion barrels (8.4%).

Let us point out, however, that there are many types of oil (in terms of density, viscosity, etc.) whose extraction costs vary greatly: the vast majority of Venezuelan and Canadian reserves are thus made up of unconventional hydrocarbons (oils extra-heavy in Venezuela, tar sands in Canada) whose extraction is much more expensive than that of “conventional” crude oil extracted in Saudi Arabia.

Venezuela is only on the 10th^e world oil producer. There is thus no direct relationship between the volume of reserves and the level of production (except in OPEC countries when they set production ceilings based on their announced reserves).

Percentage distribution of proven oil reserves in the world at the end of 2015, according to data from the BP Statistical Review (©Connaissance des Énergies)

So-called “conventional” oil reserves are concentrated in a small number of deposits with favorable geological conditions for trapping the oil formed.(5). Unconventional hydrocarbon reserves are, for their part, much better distributed as long as they are located in the source rock and do not require a geological “oil trap”.

Oil reserves are unevenly distributed around the world: the Middle East had 47.3% of global oil reserves at the end of 2015 (this area accounted for 32.4% of global oil production in 2015).

Evolution of oil reserves by geographical area in 1994, 2004 and 2014 (©Connaissance des Énergies)

Production from oil exploitation in the world

Countries with oil resources and knowing how to extract hydrocarbons have their own consumption, and they resell their surpluses to countries that need them.

Oil producers in 2021 (IEA):

• United States: 706 Mt (17% of the world total)
• Russia: 512 Mt (12.4% of the world total)
• Saudi Arabia: 511 Mt (12.3% of the world total)
• Canada: 255 Mt (6.2% of the world total)
• Iraq: 201 Mt (4.9% of the world total)
• Canada: 195 Mt (4.7% of the world total)
• United Arab Emirates: 174 Mt (4.2% of the world total)
• Brazil: 153 Mt (3.7% of the world total)
• Kuwait: 131 Mt (3.2% of the world total)
• Iran: 130 Mt (3.1% of the world total)
• Rest of the world: 1,173 Mt (28.3% of the world total)
• Total mondial : 4 141 Mt (100.0%)

Net oil exporters in 2021 (IEA):

• Saudi Arabia: 352 Mt
• Russia: 269 Mt
• Iraq : 195 Mt
• Canada : 154 Mt
• United Arab Emirates: 148 Mt
• Kuwait: 102 Mt
• Nigeria : 99 Mt
• Kazakhstan: 70 Mt
• Angola: 63 Mt
• Mexico: 59 Mt
• Others: 531 Mt
• Total : 2 042 Mt

Net oil importers in 2021 (IEA);

• Chine : 505 Mt
• Inside : 227 Mt
• United States: 202 Mt
• Japan: 149 Mt
• South Korea: 145 Mt
• Germany: 86 Mt
• Spain: 66 Mt
• Italy: 65 Mt
• Pays-Bas : 62 Mt
• Singapore: 53 Mt
• Others: 509 Mt
• Total : 2 069 Mt

Source : The Energy Institute Statistical Review of World Energy – Graphique : Selectra

Source : The Energy Institute Statistical Review of World Energy – Graphique : Selectra

In 2022, the United States, Russia and Saudi Arabia dominated global oil production, accounting for more than 41% of total production, with the United States leading at 706 Mt (17% of global total). Net oil exporters are mainly Middle Eastern countries, with Saudi Arabia leading the way, exporting 352 Mt, followed by Russia with 269 Mt. On the other hand, China is the largest net importer with 505 Mt , followed by India and the United States, reflecting their high energy demand to support their large economies.

These data show a significant concentration of production in some countries and a geographical distribution of imports which illustrates the varied energy dependencies of the world’s regions.

Oil consumption

In 1970, the global oil consumption was 26,520.38 TWh and almost doubled in 2022 to 52,969.59 TWh. This increase reflects global economic growth, industrialization and population increase. The 2010s saw continued growth in consumption, peaking at 53,512.84 TWh in 2019. However, in 2020 there was a significant drop in consumption to 48,609.65 TWh, due to the effects of the pandemic of COVID-19 which has slowed global economic activities. A partial recovery is observed in 2021 and 2022, with consumption of 51,349.66 TWh and 52,969.59 TWh respectively.

Most of the oil consumed in the world is for transportation.

The distribution of oil consumption by continent reveals significant regional disparities. Asia is the largest consumer with 24,734.36 TWh, representing almost half of global consumption. North America follows with 12,689.96 TWh, while Europe consumes 9,440.40 TWh. Africa and South America consume 2,329.61 TWh and 2,828.62 TWh respectively, showing lower consumption compared to other continents. Oceania has the lowest consumption with 657.77 TWh.

This distribution reflects the different levels of economic development, energy infrastructure, and industrial and transportation needs of each region. The data clearly shows that oil consumption is concentrated in the most industrialized and densely populated regions of the world.

However, we note that consumption is falling in Europe and stagnates overall in North America, while it increases everywhere else. This trend is expected to continue with the electrification of mobility and the anticipated rise of electric vehicles over the coming decades.

The oil consumption in France reached its peak in 1973 with 1506.03 TWh, before experiencing a notable decline following the oil shocks and efforts to diversify energy sources, in particular the creation of the French nuclear fleet to produce electricity. After 1980, when consumption was 1309.01 TWh, a general downward trend continues, marked by a significant reduction in the years 1985 to 2019. The most notable decline occurred in 2020 with consumption falling to 744.66 TWh, probably due to the COVID-19 pandemic and its economic and social impacts.

Consumption then showed a slight recovery in 2021 and 2022, reaching around 810 TWh, but remains below the levels seen in the early 2000s.