20 Incredible Oil And Gas Industry Statistics [2026]: Extraction, Products And Profit

Research Summary. The oil and gas industry continues to be a significant force in the global economy, influencing various sectors and everyday life. As we look toward 2026, the following statistics highlight the current state and trends within the oil and gas sector:

• In 2025, global oil production reached 4.5 billion tonnes (metric tons).

• The global demand for crude oil stands at 99.61 million barrels per day.

• The average cost of oil per barrel is approximately $79.80 as of 2022.

• Worldwide oil consumption is projected to increase steadily, with a recovery from previous declines.

• The annual revenue of the global oil and gas exploration and production industry is estimated at $5 trillion.

For further insights, we have organized the data into the following sections:
Production | Trends and Projections | Consumption | U.S.

Oil And Gas Industry Statistics by Production

• Daily global oil production is approximately 100 million barrels.

  This reflects a steady increase in production rates as demand recovers post-pandemic.

• The U.S. remains the largest oil producer, generating 800 million metric tons in 2022.

  Here are the leading countries in oil production as of 2022:

  Country	Amount of Oil Produced
  United States	800 million metric tons
  Russia	460 million metric tons
  Saudi Arabia	490 million metric tons
  Canada	250 million metric tons
  Iraq	200 million metric tons
  China	190 million metric tons
  United Arab Emirates	160 million metric tons
  Brazil	150 million metric tons
  Iran	140 million metric tons
  Kuwait	130 million metric tons

• ExxonMobil remains the largest oil and gas company globally, with a market capitalization of $400 billion.

  Here are the top five oil and gas companies by market capitalization:

  Company	Country	Market Capitalization
  ExxonMobil	U.S.	$400 billion
  Chevron	U.S.	$350 billion
  Reliance Industries	India	$230 billion
  Royal Dutch Shell	UK	$220 billion
  PetroChina	China	$160 billion

Oil And Gas Industry Trends and Projections

• Global crude oil demand has rebounded significantly, reaching 99.61 million barrels per day in 2022.

  This increase demonstrates the industry’s recovery from earlier declines.

  Here is the past global daily crude oil demand from 2021 and projected demand through 2026:

  Year	Worldwide Daily Crude Oil Demand
  2025	101 million barrels per day
  2024	99 million barrels per day
  2023	98 million barrels per day
  2022	99.61 million barrels per day
  2021	96.5 million barrels per day

• In 2021, the world discovered approximately 3.5 billion barrels of oil equivalent in crude oil and natural gas.

  This marks a decline from previous years, indicating a need for increased exploration efforts.

• The average annual price of Brent crude oil fell to approximately $79.80 per barrel in 2022.

  This reflects ongoing fluctuations influenced by global economic conditions:

  Year	Average Annual Brent Crude Oil Price
  2022	$79.80
  2021	$70.68
  2020	$41.96
  2019	$64.30
  2018	$71.34

Oil And Gas Industry Statistics by Consumption

• The U.S. consumes 17.178 million barrels of oil per day, the highest globally.

  Following the U.S., China consumes 14.225 million barrels per day, and India consumes 4.669 million barrels daily.

• Road transportation accounts for 48.6% of oil consumption.

  Aviation, including both transportation and shipping aviation, contributes 4.4% of the total oil consumption within the OECD countries.

• In 2022, global oil consumption reached 99.61 million barrels per day.

  Estimates suggest this will continue to rise, potentially hitting 101.55 million barrels per day by 2023.

U.S. Oil And Gas Industry Statistics

• The U.S. oil and gas industry generated $110.7 billion in revenue in 2020.

• There are approximately 67,901 oil drilling and gas extraction businesses operating in the U.S.

• Over 218,966 Americans are employed in the oil drilling and gas extraction sectors.

• The U.S. oil and gas industry supports around 10.3 million jobs across various sectors.

• The market size of the U.S. oil drilling and gas extraction industry is estimated at $463.8 billion.

Oil And Gas Industry Statistics FAQ

1. What are the current trends in the oil and gas industry?

   The oil and gas industry is witnessing a resurgence in both demand and prices.

   After a decline in 2020 due to global disruptions, demand has steadily increased, reaching 99.61 million barrels per day in 2022, with projections of hitting 104.1 million barrels per day by 2026.

   Prices have also risen, influenced by geopolitical factors and economic recovery, leading to average prices of $79.80 per barrel in 2022, up from $41.96 in 2020.

2. Is the oil and gas industry on a decline?

   No, the oil and gas industry is not in decline. Demand has rebounded and is expected to continue increasing. By 2026, it is projected to reach 104.1 million barrels per day.

   While discoveries have fluctuated, the need for exploration remains critical.

3. How big is the oil and gas industry?

   The global market value of the oil and gas industry is $5 trillion. This encompasses all aspects from exploration to production.

   In the U.S., it supports over 10.3 million jobs and contributes $463.8 billion to the economy.

4. Is oil and gas the biggest industry in the world?

   No, the oil and gas industry ranks among the largest but is not the biggest. It stands as the eighth-largest industry globally, valued at $4.6 trillion, making up 3.8% of global GDP.

5. How much profit does the oil and gas industry make?

   The average profit margin in the oil and gas industry is around 4.7%. This reflects the industry’s profitability, although fluctuations can occur due to market dynamics.

6. How much oil is consumed each day?

   Approximately 97.39 million barrels of oil are consumed daily worldwide. The U.S. leads with 17.178 million barrels per day, followed by China at 14.225 million barrels.

   Road transportation accounts for nearly half of this consumption, emphasizing the sector’s reliance on oil.

Conclusion

The oil and gas industry remains crucial, fulfilling a global demand of approximately 99.61 million barrels of crude oil daily, with a total industry value of $5 trillion. While the sector faced challenges in the past, it has shown resilience and is expected to grow, potentially reaching 104.1 million barrels per day by 2026.

The fluctuations in consumption and production underscore the industry’s dynamic nature, influenced by global economic shifts and increasing energy needs. As we move forward, the oil and gas sector will continue to play a pivotal role in the global economy.

References

1. BP. “Statistical Review of World Energy.” Accessed on May 12, 2022.

2. IBISWorld. “Global Oil and Gas Exploration and Production Industry – Market Research Report.” Accessed on May 12, 2022.

3. EIA. “Short-Term Energy Outlook.” Accessed on May 12, 2022.

4. Statista. “Leading Countries Based on Oil Production in 2020.” Accessed on May 12, 2022.

5. Statista. “Leading Oil and Gas Companies Worldwide Based on Market Capitalization as of April 2022.” Accessed on May 12, 2022.

6. Statista. “Daily Demand for Crude Oil Worldwide From 2006 to 2020, with a Forecast Until 2026.” Accessed on May 12, 2022.

7. Statista. “Volume of Crude Oil and Natural Gas Discoveries Worldwide From 2015 to 2021.” Accessed on May 12, 2022.

8. Statista. “Average Annual Brent Crude Oil Price From 1976 to 2022.” Accessed on May 12, 2022.

9. Statista. “Leading Countries by Oil Consumption Worldwide in 2020.” Accessed on May 12, 2022.

10. Statista. “Distribution of Oil Demand in the OECD in 2020, by Sector.” Accessed on May 12, 2022.

11. Statista. “Oil and Gas Industry Revenue in the United States From 2010 to 2020.” Accessed on May 12, 2022.

12. IBISWorld. “Oil Drilling and Gas Extraction in the U.S. – Number of Businesses 2002-2028.” Accessed on May 12, 2022.

13. IBISWorld. “Oil Drilling and Gas Extraction in the U.S. – Employment Statistics 2002-2028.” Accessed on May 12, 2022.

14. API. “Oil and Natural Gas Contribution to U.S. Economy Fact Sheet.” Accessed on May 12, 2022.

15. IBISWorld. “Oil Drilling and Gas Extraction in the U.S. – Market Size 2002-2028.” Accessed on May 12, 2022.

16. Insider Monkey. “10 Biggest Industries in the World in 2021.” Accessed on May 12, 2022.

17. Insider Monkey. “5 Biggest Industries in the World in 2021.” Accessed on May 12, 2022.

18. Investopedia. “What Is the Average Profit Margin for a Company in the Oil and Gas Drilling Sector?” Accessed on May 12, 2022.

Author

Abby McCain

Abby is a writer who is passionate about the power of story. Whether it’s communicating complicated topics in a clear way or helping readers connect with another person or place from the comfort of their couch. Abby attended Oral Roberts University in Tulsa, Oklahoma, where she earned a degree in writing with concentrations in journalism and business.