World oil production hit a record of 97 million barrels per day and climbing at the end of 2015, according to the International Energy Agency. That amounts to about 36 billion barrels of oil per year and represents approximately one-third of the world's energy consumption annually.Continue Reading
Total oil production has been growing steadily, as of 2015; in 2014, it was up about 20 percent from the start of the 21st century. North America and the Middle East produce about one-half of the world's oil. The North American region extracts 21 million barrels a day, while Middle Eastern nations produce 27 million barrels. The United States was the world's largest single oil producer at about 12 million barrels a day in 2014, states the BP Statistical Review of World Energy. Just behind the United States was Saudi Arabia, with about 11.5 million barrels a day, and Russia, with about 11 million barrels a day.
Global oil production grew in 2014 at about twice the rate of consumption. This caused the price of oil to enter a steep decline, dropping below $100 per barrel for the first time in several years. Lower oil prices brought a windfall for drivers in the United States and elsewhere.Learn more about Industries