Statistics
Oil & Gas Global Trends
Currently, nearly 4.5 billion metric tons of oil is produced globally per year, with the Middle East region has the biggest share of oil reserves up to 50%. Oil consumption is rising steadily over the last decade.
The USA is by far the biggest consumer guzzling nearly 19.4 million barrels per day. It is also world’s leading oil importers, just behind Singapore.
But in 2020, coronavirus pandemic had great impact on the industry. With mobility restrictions globally, reduced demand for oil, resulted in many oil benchmarks falling to their lowest levels in April 2020. Although recovering, oil prices seeing an annual average of USD $40 per barrel.