Geo-Economics and Politics

Coronavirus pandemic curtails global oil production

In the course of the coronavirus pandemic, global crude oil production has been majorly curtailed

In the course of the coronavirus pandemic, global crude oil production has been majorly curtailed Image: Unsplash/Timothy Newman

Katharina Buchholz
Data Journalist, Statista
Share:
Our Impact
What's the World Economic Forum doing to accelerate action on Geo-Economics and Politics?
The Big Picture
Explore and monitor how Oil and Gas is affecting economies, industries and global issues
A hand holding a looking glass by a lake
Crowdsource Innovation
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:

Oil and Gas

  • Global production of crude oil was curtailed significantly during the pandemic, a Statista chart shows.
  • This was because lockdowns led to the demand and price of gasoline falling.
  • North America has driven the global increase in its oil production over the past two decades.
  • But the Middle East has consistently produced the most crude oil during the period, according to recent analysis.
  • The biggest growth in oil demand is being seen in the US, China as well India.

In the course of the coronavirus pandemic, global crude oil production has been majorly curtailed as lockdowns led to the demand - and the price - of gasoline falling.

North America has been the main driver behind the global increase in crude oil production over the past two decades, while the Middle East remained the biggest producer. According to analyst Enerdata, both regions saw major dips in oil production in 2020 and 2021, as did Africa and CIS countries. Most of the oil in North America is extracted from shale by a controversial method known as fracking.

The main users of oil around the world are United States and China, which together use about one third of the world’s supply. The biggest growth in oil demand can also be witnessed in the U.S and China well as in India.

Coronavirus pandemic curtails global oil production
Coronavirus pandemic curtails global oil production Image: Enerdata
Have you read?
Don't miss any update on this topic

Create a free account and access your personalized content collection with our latest publications and analyses.

Sign up for free

License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

Related topics:
Geo-Economics and PoliticsHealth and Healthcare Systems
Share:
World Economic Forum logo
Global Agenda

The Agenda Weekly

A weekly update of the most important issues driving the global agenda

Subscribe today

You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.

Deep Dive: Everything you need to know about China and the world at #AMNC24

Spencer Feingold

June 23, 2024

About Us

Events

Media

Partners & Members

  • Join Us

Language Editions

Privacy Policy & Terms of Service

© 2024 World Economic Forum