In 2023, the US maintained its position as a top producer of crude oil, accounting for one fifth of the global production. When including Canada and Mexico, North America’s share of oil production reached 28 percent. The battle for second place in oil production is between Russia and Saudi Arabia, with shares between eleven and twelve percent each. The US also dominates natural gas production, leading with 25.5 percent.
The USA was able to increase its oil production by 8.5 percent and expand its market share largely thanks to support from Saudi Arabia through OPEC production cuts. Despite high per capita consumption, North America has an energy export surplus while Asia and Europe remain net importers. Renewable energy sources saw significant increases last year, but oil, natural gas, and coal still account for 81.5 percent of global primary energy consumption.
The record fossil fuel consumption and emissions from energy in 2023 were accompanied by record renewable energy generation, according to the Energy Institute President Juliet Davenport. Greenhouse gas emissions from the energy sector increased by two percent, with China, the USA, and Europe contributing the most. As the world transitions to cleaner energy sources, advanced economies are showing signs of reducing fossil fuel demand while developing regions continue to increase energy consumption. The shift is crucial as global energy demand continues to grow, driving up emissions and emphasizing the need for sustainable energy solutions.
