Crude oil production by country 202212/7/2023 ![]() Last updated: May 1, 2023, with most recent data available. ![]() Learn more: Energy Explained: Where our oil comes from. Energy Information Administration, International Energy Statistics, Total oil (petroleum and other liquids) consumption, as of December 8, 2022. The 320,000-b/d Shenghong Petrochemical refinery in Lianyungang City began operations in November 2022, and the 400,000-b/d PetroChina Jieyang refinery began trial runs in February 2023. 1Oil includes crude oil, all other petroleum liquids, and biofuels. New refinery capacity was one reason for the record crude oil processing. OPEC+ crude oil production 1 million barrels per day. Key messages World crude oil production increased in 2022 by 3.46 million barrels/day (mb/d) or 5.0, y-o-y, marking the second consecutive annual increase. OPEC+ ramped up total oil production by 530 kb/d in line with higher targets and non-OPEC+ rose by 870 kb/d. A report by the International Energy Agency. Industry analysts said much of the oil that shipped from Iran to China was relabeled as originating from countries such as Malaysia, the United Arab Emirates (UAE), and Oman to avoid sanctions.Īccording to its General Administration of Customs, refiners in China used the crude oil to process a record 14.7 million b/d of crude oil in first-half 2023, an 8% increase from 2022’s annual average of 13.5 million b/d and more than China’s record-high annual average, set in 2021. Oil Market Report - August 2022 - Analysis and key findings. During this period, China's imports from Malaysia exceeded Malaysia's total oil production. China’s imports from the US in first-half 2023 more than doubled from 2022,” EIA said.Ĭustoms data also revealed a 330,000 b/d (46%) increase in imports from Malaysia, reaching 1 million b/d during first-half 2023. The country possesses 17 percent of the world’s proven petroleum reserves and is the. The 2.6 million b/d of crude oil that China imported from Russia in June is the largest volume China has ever imported from any country in any month. Saudi Arabia’s oil output came in at 12,144,000 bpd in 2022. ![]() Compared with 2022 averages, China’s imports from Russia increased by 23% (400,000 b/d), from Saudi Arabia by 7% (130,000 b/d), and from Brazil by 49% (250,000 b/d). “China sourced much of the additional crude oil it imported in first-half 2023 from Russia, Iran, Brazil, and the US. Notably, during first-half 2023, China's crude oil imports increased from eight of the top ten countries it imported crude oil from in 2022, according to China's General Administration of Customs data. In this period, China imported an average of 11.4 million b/d of crude oil, marking a 12% increase compared with the 2022 annual average of 10.2 million b/d. China recorded a surge in crude oil imports during first-half 2023, driven by refinery capacity expansions and efforts to revitalize the economy following the relaxation of COVID-19 mobility restrictions, the US Energy Information Administration (EIA) said, based on analysis of data from China's General Administration of Customs.
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