Who Uses? Who Produces?
The Energy Information Administration (EIA) released its bi-monthly report on world oil inventories at the end of June. It shows world fuel consumption averaged 87.9 million barrels per day over the last two months a jump of more than a half million barrels during the same period last year.
Financial Times recently provided an overall big picture look at world oil. The publication looked at the top five oil consumers, producers and holders of proven reserves. And while there are some overlaps, the chart of 11 countries looks like this:
Of the 11, three are developed countries – the U.S., Canada and Japan. Six are emerging – Brazil, Russia, India, China, Venezuela, and Saudi Arabia. The last two are considered frontier markets – Iran and Iraq.
The further you go to the right of the chart, the more a country consumes – making the U.S. the top consumer, far outpacing China. But, we also hold our own in production, as noted by our position toward the top of the chart. The relatively small size of the U.S. bubble denotes small reserves.
Other interesting notes: Two countries on the chart – Russia and Saudi Arabia – are producing far more than they consume and both have very large oil reserves. Venezuela has taken over from Saudi Arabia as having the biggest reserves and is the 11th highest producer in the world.