Global crude oil output rebounded by more than 5% in 2022, much above its historical trend.
In 2022, global crude oil production increased by a record 5.4% rate, much above its 2021 growth (+1.6%) and its 2010-2019 average (+1.3%/year), in a context of global economic growth and progressive OPEC+ crude oil production adjustment (+0.4 mb/d each month until phasing out the 5.8 mb/d production adjustment). Most of the increase in global oil production occurred in the Middle East (+13%), especially in Saudi Arabia (+16%), the United Arab Emirates (+15%), Kuwait (+8.1%) and Iran (+5.9% despite sanctions). It also increased in North America (+6.5% in the US and +2.6% in Canada) and in Latin America (+3.9%, thanks to a 3.9% growth in Brazil, while production remained stable in Mexico). Despite Western sanctions, crude oil production continued to increase by 2.1% in Russia. It declined in Africa (-1.6%, due to a 14% fall in Nigerian production partly offset by a 11% rise in Algerian production), and in Asia (-0.9%); despite a 2.7% rise in China, production contracted in Indonesia (-7%), Malaysia (-8.6%) and Thailand (-19%). It continued to fall in Europe (-5.3%), with a 4.1% decline in Norway and a 7.5% drop in the UK.
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