Statistics
World Oil Outlook
The 21st century has witnessed a vast increase in demand for energy. The world economy is based on energy, as we can see that nations which are economic powerhouses are the huge consumers of energy. Future energy demand is expected to rise as economies and population are growing.
Moreover, major energy demand is fulfilled by non-renewable products and among these non- renewables, oil has a major proportion.
Legend:
- Million tonnes of energy
- Years
World Oil Reserves
(Proven as of 2009)
World oil reserves stand at a whopping 1,341 billion barrels of oil with Saudi Arabia accounting for most reserves. Major world oil reserves other than Saudi Arabia are in Canada, Iran, Iraq, Kuwait, Venezuela, UAE, Russia, Libya, Nigeria, Kazakhstan, USA, China, Qatar, Brazil, Algeria, and Mexico.
World Oil
Production
Total world oil supply in 2011 was around 86,992,000 barrels per day. OPEC is a major world oil producer; the majority of countries are from MENA region in OPEC. The most significant non-OPEC contributors to production are Russia, the United States, Brazil, and Canada.
World Oil Consumption
World GDP is a key driver of oil’s demand. United States and China are the world’s biggest consumers of oil.
Developing non-OECD nations, particularly in Asia and the Middle East, experience strong economic growth, which is accompanied by increasing demand for oil in the transportation and industrial sectors.
Strong expansion of oil use is projected for non-OECD countries, fueled by a return to robust economic growth, burgeoning industrial activity, and rapidly expanding transportation use.
The largest increase in regional non-OECD consumption from 2008 to 2035 is projected for non-OECD Asia, at 17.3 million barrels per day. Within non-OECD Asia, the largest increases in demand come from China (9.1 million barrels per day) and India (4.6 million barrels per day), with the increase from China being the largest for any single country worldwide./p>