Crude oil production

Sluggish crude oil production growth in 2016 (0.8%) amid low price environment

Breakdown by country (Mt)

World

-3.2%

First drop in US crude oil production since 2008.

Sluggish crude oil production growth in 2016 (0.8%) amid low price environment

World crude oil production increased slowly because of low international oil prices and several years of low capital investments in the upstream sector.
Crude oil production has been driven upward mainly by Middle East producers, of which Saudi Arabia accounted for most of the rise, and Russia that both rely on oil revenues to support their economic development.
Iran’s production jumped by an impressive 16% as a result of the lifting of international sanctions.
Conversely, low investment over the two past years in the USA impacted shale oil development, (which previously helped drive low international oil prices), has led to lower production levels. Oil production also dipped in China as well due to the oil price environment.
Venezuela’s crude oil output plunged to its lowest level since 2009 due to the domestic economic and social crisis, while Mexico's production has continued to fall and reached its lowest level since 1980.
Nigerian oil output dipped due to attacks on infrastructure within the country.

Global Energy Trends, 2017 edition

Based on its 2016 data for G20 countries, Enerdata analyses the trends in the world energy markets.

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