All Crude Oil ProducedBarrels of oil pumped since the beginning of oil production:This corresponds to a cube with an edge length of
Live Oil Production in Cubic Metres:
World Oil ConsumptionCurrently some 34 billion barrels of crude oil are produced annually, which is equivalent to 5.4 cubic kilometers.93 million 159 litre barrels are produced each day. 171 cubic meters of oil are consumed per second, mostly by burning.Petroleum products such as plastic will usually also eventually be burned.
The Peak Oil Theory (Peak Oil) A few years ago it looked as if peak global oil production had been reached.In February 2008, daily oil production was 85.8 million barrels. This was the peak amount of daily production and for some time this rate could not be exceeded.At that time oil prices jumped to a record high of more than $140, and it might havebeen expected that the price would continue to increase throughout the growing shortage of crude oil.Thanks to new technologies however,it is now possible to squeeze more oil out of the ground, and oil production in 2016 exceeded 90 million barrels, setting a new record high.