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Global oil production at record levels

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The worldwide oil industry now produces over 100 million barrels per day, according to the latest oil market report by the International Energy Agency. 

Oil industry reached a record production level of 100 mbpd

This record breaking output is led by a combination of the shale boom in the US and expanded production for OPEC (Organisation of the Petroleum Exporting Countries), particularly in Libya, Nigeria, Iraq and Saudi Arabia.

The reported output takes in to account crude oil, natural gas liquids, biofuels and refinery processing gains from around the world.

IEA's oil supply/demand graph shows record high for production in Q3 2018
(Oil output graph produced by IEA)

The IEA report shows that between the second and third quarter of 2018, production went up by 500,000bpd from OPEC and 400,000bpd from the Americas. It also showed an increase of 300,000bpd in biofuel production from the previous quarter.

It also predicts further increases from other sources in the near future, with production from outside OPEC expected to rise by another 1.7 million bpd next year.

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Tags: Oil & Gas
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