Global Oil Statistics

At the end of 2009, there were 1333.1 billion barrels of proved oil reserves (this number doesn’t include Canadian oil sands) according to the BP’s Statistical Review of World Energy.

Russia is currently the world’s largest oil producer. In 2009, Russia produced in average 9.93 million barrels of oil per day for a total of 494.2 million tons, which is around 12% of world’s total oil production.

According to the data from IEA China is currently the world’s largest oil consumer. In 2009 China consumed 2.252 billion tons of oil equivalent, which is about 4% more than the U.S., which consumed 2.170 billion tons of oil equivalent. It is also expected that China’s oil demand will likely rise by more than 5% in 2010.

In 2009, China’s oil consumption increased by 6.7 percent while US oil consumption declined by 4.9 percent (mostly because of recession).

According to the data from the US Energy Information Administration, approximately 4.1 billion barrels of oil are held in strategic reserves, of which 1.4 billion is government-controlled.

International Energy Agency (IEA) predicts that the global oil demand in 2010 would grow by 170,000 barrels a day to 86.5 million barrels, mostly because of developing countries which depend on oil to continue their economic growth.

Besides United States and China, the list of five largest oil consumers in the world also includes Japan, Russia and India.
Saudi Arabia is currently the world’s second largest crude oil producer behind Russia. It is estimated that Saudi Arabia currently produces around 8.5 million barrels of oil per day.

World crude oil demand grew an average of 1.76% per year from 1994 to 2006.

Transportation sector has the highest oil consumption rates, accounting to 55% of oil use worldwide, and for approximately 68.9% of the oil used in the United States.

Saudi Arabia’s largest oil fields are now declining at a rate of around 8% per year. The average global rate of field decline is at about 4.5% per year.

Consider the per capita energy consumption of the US versus other nations:

Source: www.InterestingEnergyFacts.blogspot.com
Source: www.Ritholtz.com

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