How many new oil wells are drilled each year in the world?



  1. 0 Votes

    It varies considerably from year to year, depending mostly on the price of oil, which in turn depends most on global economics and most specifically on driving habits in the US, which is the largest consumer of oil by far with 70% of US consumption in the transportation sector.

    For 2011, World Oil projects a world total wells drilled at about 103,000 wells, of which just over 50,000 will be in the US. This is up from 97,000 wells in 2010 (with 45,000 in the US).

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