Oil production in the European Union 2000-2023

Since the turn of the century, the production of oil in the European Union has seen a significant decline. In 2000, approximately 852 thousand barrels per day were produced, but by 2019 this had fallen to 414 thousand barrels per day. Until here, the United Kingdom was the EU’s main oil producing country, followed by Denmark and Italy. Whilst these nations produce significantly less than the UK, all pale in comparison to the oil production of countries such as the United States and Saudi Arabia. In 2023, the EU oil production, excluding the UK, amounted to 328 thousand barrels per day. 

Oil reserves in decline

  Much like production, the oil reserves of EU nations have also been in decline. As the North sea’s resources deplete, the UK has seen reserves drop from 2.8 billion barrels worth in 2010 to 2.5 billion barrels by 2020. In comparison, oil reserves in Russia amounted to 107.8 billion barrels in 2020.

Oil consumption highest in Germany

Of all European Union nations, Germany had the highest level of oil consumption in 2022, at 2.1 million barrels per day. This was followed by France and the United Kingdom, with consumptions of approximately 1.4 and 1.3 million barrels per day, respectively.