Who is producing, who is consuming?
Oil- A Global Market for Local Resources
09/08/2010
The oil industry today provides most of the planet's fuel and 5.5%1 of the world's electricity. While oil production varies considerably from one producing country to another, emerging countries are driving oil consumption.
Production- Three Leading Countries, but Unequal Variations
The trio of Saudi Arabia, Russia, and the United States produce far more than the other producing countries. NB: neither Russia nor the United States are members of OPEC.
Consumption- A Marked Rise in Emerging Countries
The countries that consume the most oil are developed countries in North America, Europe, and Asia. The United States consumes almost a quarter of the oil produced every year. Consumption in China and India is growing fast. The most dynamic uses of oil are transport and petrochemicals.
Reserves- The Persian Gulf in the Lead
There are different types of oil- conventional oil in liquid form and heavy oil, known as non-conventional oil, in bitumen form.
Proven oil reserves (i.e. those that are highly likely to be mined in the future, from known reservoirs and under current technical and economic conditions) are unevenly distributed.
The Middle East has two thirds of conventional oil reserves, most of it in Saudi Arabia. Heavy oil reserves are located mainly in Canada and Venezuela.
Some major conventional oil producers, such as the United States and China have limited reserves.
[1] Source: Key World Energy Statistics, International Energy Agency
[2] Source: U.S. Department of Energy (http://tonto.eia.doe.gov/country/index.cfm)
[3] Source: U.S. Department of Energy (http://tonto.eia.doe.gov/country/index.cfm)
[4] Source: U.S. Department of Energy (http://tonto.eia.doe.gov/country/index.cfm?view=reserves)
