World
16.5%
Sharp rise in crude oil production in the US.
Global crude oil production rose (+2%) driven by explosive growth in the United States (+16.5%)
OPEC members in June 2018 agreed to increase oil production to prevent a supply shortage and reduce prices after previous production cuts were deemed excessive and raised prices too much. This stabilised global prices, before rising again on anticipation of US sanctions on Iranian oil exports.
Crude oil production in the United States saw a significant increase as exploration and extraction of oil from its plentiful shale reserves grew, causing the largest ever annual increase by a single country. This was due to new projects coming online, a persistent demand for oil and higher prices (US$14 per barrel higher than 2017). Oil production also continued to increase in Russia, the Middle East (except Iran) and in Africa.
On the other hand, Latin America experienced an overall decline. Political issues mounting in Venezuela and, paired with sanctions from the United States, saw oil production drop 29%, equivalent to one third of the rise in the US. Similarly, Iranian oil production tumbled, down 7%, after international sanctions were reinstated.
Global Energy Trends, 2019 edition
Based on its 2018 data for G20 countries, Enerdata analyses the trends in the world energy markets.
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