Charting Oil’s Rise and Fall: Oil Production Levels

7 February 2010 (Last Updated February 7th, 2010 18:30)

Debate rages as to when oil production will start to decline. Here we look at how production levels from the world's top producers are faring.

Charting Oil’s Rise and Fall: Oil Production Levels

There is much debate as to when the world's peak oil level will be reached and how future generations will supplement energy supply. But to date, virtually every forecast predicting supply, demand and price fluctuations has been proved wrong. Although there is general consensus that much more research and development needs to be focused towards renewable technologies, the relatively frequent discovery of new oil field – one offshore Dubai was announced in January 2010 – always allays fears that a shortage is just around the corner.

What is clear, however, is that some major fields and regions the world has relied on to provide energy in the past may not be able to continue to feed demand much longer. The table below uses statistics from the BP World Energy Statistical Review 2009 to see in which year since 1998 the major oil producers topped out their production levels, and how recent output compares.

BP World Energy Statistical Review 2009
Country Year of Peak Production Since 1998 Production in that Year (Thousand barrels per day) 2008 Production Level (Thousand barrels per day)
North America
Canada 2008 3238 3238
Mexico 2004 3824 3157
South America
Brazil 2008 1899 1899
Venezuela 1998 3480 2566
Europe And Eurasia
Norway 2001 3418 2455
Russia 2007 9978 9886
UK 1999 2909 1544
Middle East
Iran 2008 4325 4325
Iraq 2000 2614 2423
Kuwait 2008 2784 2784
Saudi Arabia 2005 11114 10846
UAE 2008 2980 2980
Africa
Algeria 2007 2016 1993
Libya 2007 1848 1846
Nigeria 2005 2580 2170
Asia Pacific
China 2008 3795 3795
Indonesiaa 1998 1520 1004
Source: BP