Today, the most commonly used tool for meeting the global demand for energy is unquestionably, oil. There is a wide variety of oils – from gasoline and coal to methanol. Of these listed, petroleum is the most used and the most versatile form.
So, it’s not hard to imagine what kind of wealth the nations that possess this precious resource have made over the years. It’s easy to see the important role that oil plays in the global economy and our everyday lives. Where does the oil come from? Which nations make it, and who controls oil?
You will get your answers in the sections below.
Highest Proven Oil Reserves In The World
Oil Reserves refers to the volume of crude oil that is theoretically recoverable at a financially feasible rate. Today, the world’s largest oil reserves are:
- Venezuela – holds 18.3% of the world’s reserves
- Saudi Arabia holds 16.1% of the world’s reserves
- Canada owns 10.3% of the world’s reserves
- Iran holds 9.5% of the world’s reserves
Saudi Arabia has the most active oil fields, while Venezuela holds the world’s largest proven oil reserves, according to the CIA World Factbook.
Biggest Nations Producing Oil
“Production” in the oil industry means the volume of crude oil produced from the reserves, not the actual output and refining of petroleum products such as gasoline, diesel, etc.
- USA: 15.0m barrels per day
- Saudi Arabia: 12.0m barrels per day
- Russia: 10.8m barrels per day
- Iraq: 4.5m barrels per day
- Iran: 4.0m barrels per day
- China: 4.0m barrels per day
- Canada: 3.7m barrels per day
- UAE: 3.2m barrels per day
- Kuwait: 2.9m barrels per day
- India: 2.5m barrels per day
Top countries By Exporting Oil
Oil is often referred to as “Black Gold”, and it controls the global economy and geopolitics in different ways.
Following the Oil Crisis of 1973, the Organization of the Petroleum Exporting Countries or OPEC was established to regulate and manage the global supply of oil and today has become a powerful and significant force in the industry. They account for an estimated 41 percent of global oil output and possess 72.2 percent of “World’s Proven Oil Reserves.” The list of OPEC countries and their percentage of supply from global total exports follows, with the first five nations being the founding members.
- Kuwait: 4.1%
- Saudi Arabia: 16.6%
- Iraq: 7.6%
- Iran: 3.7%
- Venezuela: 2.5%
- Algeria: 1.6%
- Angola: 2.8%
- Congo: 0.0%
- Ecuador: 0.8%
- Gabon: 0.4%
- Libya: 0.8%
- Nigeria: 4.0%
- United Arab Emirates: 4.6%
- Equatorial Guinea: 0.6%
Top Countries By Importing Oil
Oil imports are directly related to the consumption of national oil which is explained below. The European Union is the top region that imports oil, with an estimated 14 million barrels per day. And the following are the top 5 countries which import oil:
- China: 8.4 m barrels per day
- US: 7.9 million barrels per day
- India: 5.1 m barrels a day
- Japan: 3.2 m barrels a day
- South Korea: EUR 3.0 million per day
These nations make up almost 50% of the world’s population and are all developed nations, with China being the largest single nation importing oil and the country with the fastest-growing demand for oil and the United States having the highest domestic oil consumption.
Biggest Countries consume oil
As we described at the outset, oil is the main energy source in many heavy industrial nations around the world. They desperately need oil to keep their hungry factories and machines moving forward. This is why oil is the energy source that is used the most.
- High energy density: this means that a small amount of oil may generate a great deal of energy
- Simple availability, transport infrastructure, and usability infrastructure
- Simple to produce and refine
- A steady source of power and a dependable availability
- Being low cost compared with other sources of renewable energy
There are three major demand centers in today’s Global Oil consumption. Which ones are they?
- European Union
- United States
- Asia-Pacific Region
The EU and the US have experienced a steady rise in oil consumption since the 1980s, yet consumption in the Asia-Pacific region has since almost doubled. In the last 50 years, oil provided approximately 35 percent of the global energy requirement. Every day an estimated 100 million barrels of oil are used – fifty years ago it was less than double, and demand is growing.
The United States is the largest user of oil today. And almost 80 percent of its total energy comes from fossil fuel, the primary source being oil. And the U.S. absorbs nearly 20 percent of global oil demand, nearly 20 million barrels of oil a day. With a 22 percent share of Global GDP and a population of just 4.27 percent of the whole world population.
China is the second-largest market producing about 13 percent of the world’s production and more than 13 million barrels per day. Since China’s population is nearly 20 percent of the world’s population, however, its demand for oil is rising higher than that of the United States.
The 10 main oil consumers and their percentage share of global consumption add.
- United States: 20.0%
- China: 13.3%
- India: 5.0%
- Saudi Arabia: 3.9%
- Japan: 3.9%
- Russia: 3.2%
- Brazil: 3.0%
- South Korea: 2.8%
- Germany: 2.5%
- Canada: 2.5%
Frequently Asked Questions
How many years has the world’s oil got left?
In just 53 years, fossil fuel or oil will run out if we stick at current consumption levels and do not switch to renewable energy sources.
What country got the most oil in 2019?
Saudi Arabia still produces the most oils in 2019 and Venezuela still holds the world’s highest remaining oil reserves.
Are we running out of oil?
We’re going to run out of oil, eventually. Since oil is an almost non-renewable energy source it is considered ‘very slowly regenerating.’ Will it be produced by nature once again? Yes, of course, but in a million more years.
How old is ground oil?
Oil dates back millions of years. Aquatic “Phyto-Planktons” and “Zoo-Planktons” and numerous other Prehistoric life forms died and were wasted/sedimented under the ground under high rates of heat, strain, and fossil fuels were produced as a result of a prolonged cycle of Anaerobic Decomposition.
What is the country which produces the most oil?
The United States is the world’s largest oil-producing country, with an average of 14.86 million b/d, representing 15.3 percent of the world’s production. Oil-producing and oil-exporting are two separate activities.
Will the US import Venezuelan oil?
The US does import oil from Venezuela despite the fact that the US government has economically imposed sanctions on Venezuela. Mostly US imports “crude oil” from Venezuela and in 2018 US refiner Citgo Petroleum imported from Venezuela more than 157,800 barrels per day.
Does the US import oil?
Oil is imported into the US. But the US is the world’s biggest oil user. It accounts for almost 20 percent of the global consumption of fossil fuel.
Who is the biggest oil exporter?
Saudi Arabia is actually the world’s largest oil exporter, but Venezuela has larger reserves if you consider the size of oil reserves.
Does China has oil?
China occupies a vast geographic region dominated by fossil fuels. However, oil is not one of the major economic issues, and it imports all of its oil from the Middle East. In China, the search for new land and sea-based oil reserves is also ongoing.