Stockerati

Given Oil’s the buzz word of 2008, I decided to dedicate this post to highlight the global oil production, consumption profiles along with where the new Oil would come from in the next few years.

Oil, or black gold, is indisputably the most important commodity in the world today.

The commonly held theory is that the world’s oil reserves could run dry over the next 30 to 50 years. What comes after is anybody’s guess. As you are aware there’s a ton of speculation around whether or not we are at peak oil today. Peak Oil means the world’s production of oil is maxed out and there are no credible oil reserves available to meet the demand. This implies either new oil reserves will have to be found, or alternative sources of energy will have to be developed, or the consumption of oil will have to drastically reduced.

The world uses up almost 82 million barrels of oil every day (per recent estimates), or 30 billion barrels per year, and the consumption is constantly growing by the day. The biggest concern for speculators is the growing consumption in economies like India and China.

Top consumers of Oil globally (over 1M bbl/day)

Rank Country Oil - consumption(bbl/day) 
1 World         80,290,000 
2 USA         20,800,000  
3 EU         14,550,000  
4 China          6,930,000  
5 Japan          5,353,000  
6 Russia          2,916,000  
7 Germany          2,618,000  
8 India          2,438,000  
9 Canada          2,290,000  
10 S.Korea          2,130,000  
11 Brazil          2,100,000  
12 Mexico          2,078,000  
13 Saudi Arabia           2,000,000  
14 France          1,999,000  
15 UK          1,820,000  
16 Italy          1,732,000  
17 Iran          1,630,000  
18 Spain          1,600,000  
19 Indonesia               1,100,000  
20 Netherlands            1,011,000  

Top Producers of Oil globally (1 M or more bbl/day)

Rank 	 Country 	 Oil - production(bbl/day)
1 	 World 	        78,900,000
2 	 Saudi Arabia    11,000,000
3 	 Russia 	         9,870,000
4 	 USA 	         8,322,000
5 	 Iran 	         4,150,000
6 	 Mexico 	         3,784,000
7 	 China 	         3,730,000
8 	 Canada 	         3,092,000
9 	 Norway 	         2,978,000
10 	 EU 	         2,874,000
11 	 Venezuela        2,802,000
12 	 Kuwait 	         2,669,000
13 	 UAE 	         2,540,000
14 	 Nigeria 	         2,440,000
15 	 Iraq 	         2,110,000
16 	 Algeria 	         2,090,000
17 	 UK 	         1,861,000
18 	 Libya 	         1,720,000
19 	 Brazil 	         1,590,000
20 	 Kazakhstan       1,338,000
21 	 Angola 	         1,260,000
22 	 Qatar 	         1,111,000
23 	 Indonesia        1,070,000 	 

Top Proved Oil  resources  (with over 1B bbl or more)

Rank Country Oil – proved reserves (B bbls)

1 	 World 	   1,331,000,000,000
2 	 Saudi       264,300,000,000
3 	 Canada 	    178,800,000,000
4 	 Iran 	    138,400,000,000
5 	 Iraq 	    115,000,000,000
6 	 Kuwait 	    101,500,000,000
7 	 UAE 	     97,800,000,000
8 	 Venezuela    79,140,000,000
9 	 Russia 	     60,000,000,000
10 	 Libya 	     45,000,000,000
11 	 Nigeria 	     37,250,000,000
12 	 Angola 	     25,000,000,000
13 	 USA	     21,760,000,000
14 	 Qatar 	     15,200,000,000
15 	 Mexico 	     14,700,000,000
16 	 Algeria 	     14,680,000,000
17 	 Brazil 	     13,900,000,000
18 	 China 	     12,800,000,000
19 	 Kazakhstan    9,000,000,000
20 	 Norway 	      7,705,000,000
21 	 EU 	      7,072,000,000
22 	 Azerbaijan    7,000,000,000
23 	 Sudan 	      6,490,000,000
24 	 India 	      5,700,000,000
25 	 Oman 	      4,850,000,000
26 	 Ecuador 	      4,727,000,000
27 	 Indonesia     4,430,000,000
28 	 UK 	      4,029,000,000
29 	 Egypt 	      3,750,000,000
30 	 Yemen 	      3,580,000,000
31 	 Vietnam 	      3,300,000,000
32 	 Malaysia	      3,000,000,000
33 	 Syria 	      2,500,000,000
34 	 Argentina     2,086,000,000
35 	 Burma 	      1,963,000,000
36 	 Gabon 	      1,748,000,000
37 	 Tunisia 	      1,700,000,000
38 	 Congo  	      1,506,000,000
39 	 Chad 	      1,500,000,000
40 	 Australia     1,437,000,000
41 	 Colombia      1,387,000,000
42 	 Brunei 	      1,350,000,000
43 	 Denmark 	      1,328,000,000 	 

Now Peak oil theorists, go figure what this data means! Here’s my interpretation

• Oil is not running out in the near future (not for the next 20-30 years given our current proved resources)
• Oil will definitely run out one day (and that day is not now or 2016)
• China and India are not major threats to global oil supplies. In fact Californians use more oil than entire China today! They may one day be, but increase in oil prices hurts them more than us!
• New economies with proven reserves will flourish as they turn in to oil economies over the next few years. Worth keeping a close eye on ‘em.
• US needs more friendlies in the potential list of suppliers (countries with known large reserves) to sustain a continuous supply for the growing domestic needs.

Don’t flame me for this data, it’s taken from the CIA world fact-book, which was paid for by your and my tax dollars. Respect it!