Global Oil Market Dominated by North America in 2023: US Leads in Crude and Natural Gas Production, While China Accounts for Largest Greenhouse Gas Emissions.

In 2023, the US maintained its dominance in the global oil market, with one fifth of the world’s crude oil production coming from North America. The battle for second place was still between Russia and Saudi Arabia, with shares between eleven and twelve percent. This dominance has allowed North America to have an energy export surplus, despite having the highest per capita energy consumption in the world.

The US also holds a significant lead in natural gas production, with 25.5 percent of the market share. Russia and the Middle East followed with 14.4 percent and 17.6 percent, respectively. While renewable energy generation saw significant increases, fossil fuels still account for 81.5 percent of global primary energy consumption. The transition to renewable energy is progressing slowly, with advanced economies showing signs of reaching peak fossil fuel consumption while demand in the global South continues to grow.

As energy demand has increased, so have greenhouse gas emissions. China accounted for the largest share at 32 percent, followed by the US at 16 percent and Europe at 10 percent. Despite progress in renewable energy, overall emissions increased by two percent compared to the previous year. OPEC’s voluntary production cuts helped aid the US expansion in the global oil market and maintain its dominance in 2023