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Oil Extraction Market Outlook 2022 - 2026

Daily Updated Industry Statistics and Top Emerging Trends about the Oil Extraction Industry

Global Oil Extraction Trends in 2022

Oil Extraction is part of Oil and includes a number of sub-sectors such as Oil Drilling and Enhanced Oil Recovery. You may also be interested in Oil Refining and Crude Oil.

Global crude oil production is projected to reach 4 million tonnes of oil equivalent by 2026, with an average yearly growth of 0.3%. This is in contrast to the 0.5% year-on-year decline since 1976. In 2021, Russia was the top producer of crude oil, with 520,570 thousand tonnes of oil equivalent. Saudi Arabia, the United States, and Iraq followed in second, third, and fourth place respectively. Ghana saw a 14.1% year-on-year increase, while Sudan experienced a 24.1% decrease since 1976.

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Top 10 countries

In 2022 major markets in the Oil Extraction Industry were:

Global Oil Extraction Statistics

Global Oil Extraction Industry Database