World oil production hits record in 2018 – The Economic Newspaper


World oil production reached a record high of 75.78 million barrels per day in 2018, up 1.6% from 2017, mainly due to the increase in US extraction.

The report was released Monday by the Organization of Petroleum Exporting Countries (OPEC) and concerns the highest annual growth since 2015, excluding liquefied natural gas.

The United States of America was the world's largest producer with 11 million barrels per day, followed by the Russian Federation (10.5) and Saudi Arabia (10.3).

US production, boosted by shale oil, increased by 1.6 million barrels per day.



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