MIDLAND, TEXAS – JULY 7: Pumpjacks operate as a flare burns a few hundred yards from apartments Thursday, July 7, 2022, in Midland. (Jon Shapley/Houston Chronicle via Getty Images)
Houston Chronicle via Getty Images
The newly released 2026 Statistical Review of World Energy reinforces a point that sometimes gets lost in political discussions about energy: the United States remains the world’s largest oil producer.
But the size of the U.S. lead depends on what is being counted.
When most people talk about “oil production,” they generally mean crude oil and condensate. That is the narrow measure most closely aligned with what the public thinks of as oil. But another important measure is total liquids, which includes natural gas liquids, or NGLs. That broader category makes the U.S. lead look much larger, because the shale boom did not just increase crude oil production. It also made the U.S. the world’s dominant producer of NGLs.
The same data set also shows the other side of the story. The U.S. is not only the world’s largest oil producer. It is also still the world’s largest oil consumer.
That combination is the central lesson from this year’s oil data. The U.S. dominates current oil production, but it also remains deeply dependent on oil consumption. Meanwhile, most demand growth now comes from the non-OECD world, especially Asia.
Crude Plus Condensate: The Basic Oil Measure
The Statistical Review’s crude plus condensate data is the cleanest place to start. This category includes crude oil, shale and tight oil, oil sands, lease condensate, and gas condensates that require further refining. It excludes liquid fuels from biomass, synthetic fuels, and natural gas liquids.
On this basis, global crude plus condensate production reached 85.8 million barrels per day in 2025, up 2.8 million barrels per day from 2024. That was a 3.4% increase, well above the 10-year average annual growth rate of 0.5%.
The U.S. remained the world’s largest producer, averaging 13.6 million barrels per day of crude plus condensate in 2025. That represented 15.8% of global production, a 2.7% gain from the previous year, and yet another record high. Russia ranked second at 10.2 million barrels per day, followed by Saudi Arabia at 9.7 million barrels per day.
This is an important point because U.S. oil production is sometimes discussed as if American output has been diminished or displaced. But U.S. oil production has been steadily expanding for nearly 20 years. The U.S. is still the largest producer in the world, even under the narrower definition of oil production.
The year-over-year growth was also notable. U.S. crude plus condensate output rose by about 351,000 barrels per day in 2025. That was one of the largest increases in the world, behind Saudi Arabia and Brazil, and ahead of several other major producers.
But 2025 was not simply a U.S. shale story. Saudi Arabia increased production by about 524,000 barrels per day. Brazil added about 412,000 barrels per day. Kazakhstan, Libya, Canada, Argentina, the United Arab Emirates, Venezuela, and Iran also posted notable increases.
Regionally, the Middle East remained the largest producing region at 27.0 million barrels per day, or 31.5% of global crude plus condensate output. North America ranked second at 20.6 million barrels per day, or 24.0% of the total. South and Central America delivered the fastest regional growth, rising more than 10% as Brazil, Argentina, Guyana, and Venezuela all contributed to higher output.
Total Liquids: The U.S. Lead Gets Much Larger
The broader total liquids category changes the picture in a major way.
Total liquids includes crude oil, condensates, and natural gas liquids such as ethane, propane, butane, and natural gasoline separated from natural gas production. This category excludes biofuels and some other non-petroleum liquids, but it captures a broader slice of what comes out of the oil and gas system.
On this basis, global liquids production reached 100.6 million barrels per day in 2025, up 3.4 million barrels per day from 2024. The U.S. produced 21.1 million barrels per day, equal to 20.9% of the global total.
That is a staggering number. The U.S. produced nearly 1.9 times as much total liquids as Saudi Arabia, which ranked second at 11.4 million barrels per day. Russia ranked third at 10.7 million barrels per day, followed by Canada at 6.2 million barrels per day and Iran at 5.2 million barrels per day.
The difference between the two production measures is especially revealing. The U.S. produced 13.6 million barrels per day of crude plus condensate, but 21.1 million barrels per day of total liquids. That gap of roughly 7.5 million barrels per day is largely the natural gas liquids story.
This is one of the defining features of the shale era. The U.S. shale boom increased crude production, but it also unlocked enormous volumes of associated natural gas and NGLs. Those liquids are not interchangeable with crude oil. Ethane is not gasoline. Propane is not diesel. But NGLs are valuable feedstocks and fuels, and they do feed into the refining system with a portion ending up in the fuel supply. They are a major reason U.S. total liquids production towers over every other country.
The U.S. also accounted for a large share of global liquids growth in 2025. Total U.S. liquids production rose by about 790,000 barrels per day, accounting for roughly 23% of the global increase.
That distinction explains why different sources sometimes give different answers to the question, “How much oil does the U.S. produce?” They may not be contradicting each other. They may simply be using different definitions.
Consumption: The U.S. Still Uses More Oil Than Anyone
The production story is only half the picture. Global oil consumption reached 103.0 million barrels per day in 2025, up 1.3 million barrels per day from 2024.
Global Oil Consumption 1965-2025.
Robert Rapier
The U.S. remained the world’s largest consumer at 19.4 million barrels per day, equal to 18.8% of global oil demand. However, that remains below the record highs of 20 years ago, which were above 20 million barrels per day.
China ranked second at 17.4 million barrels per day, or 16.8% of global demand. India was a distant third at 5.6 million barrels per day.
Together, the U.S. and China consumed 35.7% of the world’s oil in 2025. They also accounted for most of the annual increase in consumption. China added about 459,000 barrels per day of demand, the largest increase in the world. The U.S. added about 253,000 barrels per day. Combined, those two countries accounted for roughly 54% of global oil demand growth in 2025.
This is a reminder that energy transitions do not happen evenly. Oil demand has matured in many developed economies, but it has not disappeared. The U.S. remains an oil-intensive economy because of transportation, petrochemicals, aviation, freight, agriculture, industry, and consumer behavior.
At the same time, long-term demand growth has shifted toward the developing world. Non-OECD countries consumed 57.9 million barrels per day in 2025, or 56.1% of the global total. Their consumption rose 2.0% for the year. OECD countries consumed 45.2 million barrels per day and grew only 0.4%.
The demand growth split was even more striking. Non-OECD countries accounted for about 88% of global oil consumption growth in 2025. Asia Pacific alone consumed 39.7 million barrels per day, or 38.5% of the global total, and accounted for roughly half of the year’s demand growth.
Europe, by contrast, was essentially flat, while European Union oil demand declined slightly. Japan and South Korea also posted declines. The growth is increasingly concentrated in emerging markets, where rising incomes, industrialization, vehicle ownership, air travel, and petrochemical demand continue to support oil consumption.
The Big Picture
The 2026 Statistical Review makes several things clear.
First, the U.S. remains the world’s top oil producer under both major production definitions. Second, the U.S. lead becomes much larger when total liquids are counted, because American shale production has made the country the dominant global producer of natural gas liquids. Third, the U.S. is still the world’s largest oil consumer, even as demand growth increasingly shifts toward non-OECD countries.
The U.S. is an oil superpower. It produces more crude plus condensate than any other country. It produces far more total liquids than any other country. It exports large volumes of petroleum and petroleum products. It also consumes more oil than any other country.
That dual role is why U.S. oil data can be so easily misunderstood. Production records do not mean the U.S. is insulated from global oil prices. High domestic output does not eliminate exposure to global supply disruptions. Likewise, continued high consumption does not negate the scale of the U.S. production boom.
The more accurate conclusion is that the U.S. is central to both sides of the oil market. It is a leading supplier and the leading consumer. It is both a stabilizing force and a major source of demand.
Crude plus condensate tells us who is producing the oil most people think of when they hear the word. Total liquids captures the broader hydrocarbon production system, including the NGLs that have become such a large part of the U.S. energy story. Consumption shows where demand is still rising and where the next pressure points may emerge.
The world is not moving away from oil yet. The U.S. remains at the center of that story.
