article thumbnail

OPEC Reports a Global Oil Production Decline in 2024

OilPrice

Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in line with analyst predictions and relatively healthy oil prices.

Oil
article thumbnail

Global Oil Consumption Reaches All-Time High

OilPrice

Now published by the Energy Institute in collaboration with KPMG and Kearney, the 2025 edition—reflecting full-year 2024 data—reveals that global oil production and consumption remained relatively steady, but there are meaningful shifts underway.

Oil
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Canada’s Oil Sands Production Set for Record High in 2025

OilPrice

Despite lower oil prices, Canada’s oil sands production is expected to reach an annual all-time high of 3.5 Output from Canada’s oil sands will continue to rise beyond this year, according to S&P Global Commodity Insights’ 10-year production outlook. million bpd, up by 5% compared to the 2024

Oil
article thumbnail

Russia’s Oil and Gas Revenues Dip to January 2023 Low

OilPrice

Russia saw its revenues from oil and gas for the budget crash by 33.7% For June, total budget revenues from oil and gas dipped to $6.3 For June, total budget revenues from oil and gas dipped to $6.3 Revenues for the first half of the year also fell compared to the same period of 2024. billion (494.8 billion (494.8

Gas
article thumbnail

OPEC: The World Will Need an Extra 19.5 Million Bpd Refining Capacity by 2050

OilPrice

million barrels per day (bpd) of new refining capacity by 2050 to meet rising global oil demand, OPEC said in its 2025 World Oil Outlook (WOO) with forecasts through the middle of the century. India, Other Asia, the Middle East, and Africa are set to be the primary sources of long-term oil demand growth. Combined demand…

article thumbnail

Hedge Funds Abandon Energy Stocks Amid Oil Price Slump

OilPrice

Hedge funds last week sold off stocks of energy companies at the quickest pace in 10 months as oil prices slumped following the announcement of a ceasefire in the 12-day Iran-Israel war. Last week’s selloff was at the fastest pace since September 2024 and at the second-fastest pace in ten years, according to the U.S.

article thumbnail

U.S. Onshore Oil Production Soars to Record Highs

OilPrice

crude oil production from onshore federal lands hit a record 1.7 million barrels per day (bpd) in 2024, according to the EIA and the Department of the Interior. That’s a sixfold jump since 2008—far outpacing the broader rise in national crude output, which nearly tripled to 13.2 million bpd over the same period. The driver?

Oil