According to April 2008 statistics from the Central Intelligence Agency’s World Factbook, global oil production in 2005 was 78.9 million barrels per day.
World consumption of oil per day was 80.3 million barrels for the same period, using up 1.7% more than what was produced.
Top Ten Oil Producing Countries
1. Saudi Arabia … 11 million barrels per day (13.9% of estimated world total)
2. Russia … 9.9 million bpd (12.5%)
3. United States … 8.3 million bpd (10.5%)
4. Iran … 4.2 million bpd (5.3%)
5. Mexico … 3.8 million bpd (4.8%)
6. China … 3.7 million bpd (4.7%)
7. Canada … 3.1 million bpd (3.9%)
8. Norway … 3 million bpd (3.8%)
9. Venezuela … 2.8 million bpd (3.6%)
10. Kuwait … 2.7 million bpd (3.4%).
Other Big Oil Producing Nations
11. United Arab Emirates … 2.5 million barrels per day (3.2% of estimated world total)
12. Nigeria … 2.4 million bpd (3.1%)
13. Iraq … 2.11 million bpd (2.7%)
14. Algeria … 2.1 million bpd (2.6%)
15. United Kingdom … 1.9 million bpd (2.4%)
16. Libya … 1.7 million bpd (2.2%)
17. Brazil … 1.6 million bpd (2%)
18. Kazakhstan … 1.4 million bpd (1.7%)
19. Angola … 1.3 million bpd (1.6%)
20. Qatar … 1.1 million bpd (1.4%)
21. Indonesia … 1.07 million bpd (1.4%)
22. Azerbaijan … 934,700 bpd (1.2%)
23. India … 834,600 bpd (1.1%)
24. Argentina … 801,700 bpd (1%)
25. Malaysia … 751,800 bpd (1%).
Top Ten Oil Consuming Countries
1. United States … 20.8 million barrels per day (25.9% of estimated world total)
2. China … 6.9 million bpd (8.6%)
3. Japan … 5.4 million bpd (6.7%)
4. Russia … 2.9 million bpd (3.6%)
5. Germany … 2.6 million bpd (3.3%)
6. India … 2.4 million bpd (3%)
7. Canada … 2.3 million bpd (2.9%)
8. South Korea … 2.1 million bpd (2.7%)
9. Brazil … 2.1 million bpd (2.6%)
10. Mexico … 2.08 million bpd (2.6%).
Other Leading Consumers of Oil
11. Saudi Arabia … 2 million barrels per day (2.5% of estimated world total)
12. France … 1.99 million bpd (2.5%)
13. United Kingdom … 1.8 million bpd (2.3%)
14. Italy … 1.7 million bpd (2.2%)
15. Iran … 1.63 million bpd (2%)
16. Spain ...1.6 million bpd (2%)
17. Indonesia … 1.1 million bpd (1.4%)
18. Netherlands … 1 million bpd (1.3%)
19. Thailand … 929,000 bpd (1.2%)
20. Australia … 903,200 bpd (1.1%)
21. Taiwan … 816,700 bpd (1%)
22. Singapore … 802,000 bpd (1%)
23. Turkey … 660,800 bpd (0.8%)
24. Egypt … 635,000 bpd (0.8%)
25. Venezuela … 599,000 bpd (0.7%).
Oil Consumption Versus Production
Russia produces about 240% more oil than it consumes. Similarly, Mexico’s oil production was 39% greater than domestic consumption while Canada output 35% more oil than it used in 2005. China generated about 16% more oil than it consumed.
In contrast, India consumes two-thirds more oil than its produces. America consumes a third more than domestic oil production. Although rich in natural resources, Brazil’s oil consumption outpaces its fuel production by almost 25%.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
Daniel Workman - A senior business and finance writer who also does French translations, notably international trade and insurance materials.
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