Global Oil Production and Consumption

Oil Reserves - Top 20 Nations (% of Global)

Saudi Arabia has 261,700,000,000 barrels (bbl) of oil, fully 25% of the world's oil. The United States has 22,450,000,000 bbl. The United States government recently declared Alberta's oil sands to be 'proven oil reserves.' Consequently, the U.S. upgraded its global oil estimates for Canada from five billions to 175 billion barrels. Only Saudi Arabia has more oil. The U.S. ambassador to Canada has said the United States needs this energy supply and has called for a more streamlined regulatory process to encourage investment and facilitate development.

Oil Production & Consumption, Top 20 Nations by Production (% of Global)

Here are the top 20 nations sorted by production, and their production and consumption figures. Saudi Arabia produces the most at 8,711,000.00 bbl per day, and the United States consumes the most at 19,650,000.00 bbl per day, a full 25% of the world's oil consumption.

Exports & Imports

Here's export and imports for all the nations listed in the CIA World Factbook, sorted alphabetically as having exports and imports.

Conspicuously missing is the United States, but I can tell you that we consume 19,650,000.00 bbl per day, and produce 8,054,000.00, leaving a discrepancy of 11,596,000.00 bbl per day.

This compares to the European Union, which produces 3,244,000.00 bbl per day and consumes 14,480,000.00 bbl per day for a discrepancy of 11,236,000.00 per day. Basically, about the same.

How long will it last?

Using these data, it looks like planet Earth has have oil for about 10,000 days, i.e. about 27 years. Assuming that consumption does not increase... If consumption increases an average 5% a year, then we have oil for about 15 years. But the US Geological Survey estimates the amount of oil that is still to be found at about 3 trillions, three times the oil reserves known today (it is not clear if "all" that oil can actually be pumped to the surface and therefore used). The real issue is when will production be insufficient to cover demand? That largely depends on demand, not on reserves. World oil consumption has remained constant at an average 4.47 barrels per capita between 1981 and 2001.

USA oil

The USA imports about 55% of its oil needs.

Sources of U.S. Oil Imports (millions of barrels per day, 2001): Canada: 1.79 - Saudi Arabia: 1.66 - Venezuela: 1.54 - Mexico: 1.42 - Nigeria: .86 - Iraq: .78 - Norway: .33 - Angola: .32 - United Kingdom: .31 - Total: 11.62. (Source: Energy Information Administration).

Sources of U.S. Oil Imports (%, 2002): Saudi Arabia: 16.9% - Mexico: 15.1% - Canada: 15.0% - Venezuela: 14.4% - Iraq: 11.4% - Nigeria: 5.9.%.

Only about 30% of the USA's oil imports came from Arab countries in 2002. Since USA oil imports are about 55% of USA oil consumption, only about 15% of USA's oil consumption is provided by Arab countries.

About 40% of oil in the USA is used to produce gasoline.

Source - http://www.marktaw.com/

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