Crude oil production

Global crude oil output grew by 1% in 2023, with higher production in the US, Brazil and Iran offsetting OPEC+ production cuts.

In 2023, global crude oil production slowed to +1%, aligning with its 2010-2019 average, following a 5% growth in 2022, with a significant decline in OPEC+ countries and a strong growth in other countries.
The OPEC+, which had announced a 2 mb/d production cut in November 2022 until the end of 2023, introduced new voluntary oil production cuts of 1.65 mb/d as of May 2023 until the end of 2023, to support the stability of the global oil market in a context of slowing oil demand and declining oil prices. The cuts were extended until the end of 2024 in June 2023. Consequently, crude oil production decreased by 9.3% in Saudi Arabia and by 1.5% in Russia, which both accounted for 12% of global production.
Meanwhile, oil production continued to increase in non-OPEC+ countries such as the United States (+8.5% in 2023), in Brazil (+12 %), in China (+2.1%), in Norway (+6.4%), and even in Iran (exempted from OPEC+ quotas, +10%) or Nigeria (+6%).