Crude Oil

Wordwide, crude oil is currently still the most important primary energy source. Petroleum products are primarily used as fuel in the transport sector and as a raw material in the chemical industry. Both, oil production and consumption, continued to rise in 2022, almost returning to pre-pandemic levels.

The United States remained to be the largest oil producer, increasing oil production by 7% to a record high of 796 Mt, followed by Saudi Arabia (573 Mt) and the Russian Federation (535 Mt). Around 55% of global oil is produced by the OPEC+ states, which also account for 68% of oil exports. The remaining total oil potential (reserves and resources) amounts to 752 Gt. The reserves of conventional crude oil, which make up the majority of the global supply of liquid hydrocarbons, amount to 183 Gt. The majority of conventional crude oil reserves are located in the Middle East.

Regional distribution of total crude oil potentiali in 2022 Source: BGR

As a reaction to the Russian invasion and war of aggression against Ukraine, the EU adopted an import embargo on Russian crude oil and petroleum products, which came into effect on December 5th, 2022 with a transitional period until February 5th, 2023. Russian oil exports to Europe already fell significantly in the course of 2022. However, the Russian Federation increased its deliveries to China, India and Saudi Arabia.