Global production of crude oil closely matches global demand, making prices very sensitive to disruptions in supply and fluctuations in consumption.
Global oil production is 83.4 million barrels a day. The U.S. is the world's third-biggest producer, yet we supply only about 42 percent of our own needs from domestic sources. We import the rest. (see below.) Source: International Energy Agency
Top Oil Producers
| Million Barrels | ||
|---|---|---|
| A Day | Percent | |
| 1. Russia | 10.1 | 12.1 |
| 2. Saudi Arabia | 7.9 | 9.4 |
| 3. U.S. | 7.9 | 9.4 |
| 4. China | 3.8 | 4.5 |
| 5. Iran | 3.7 | 4.4 |
| 6. Canada | 3.4 | 4.1 |
| 7. Mexico | 3.0 | 3.6 |
| 8. Arab Emirates | 2.3 | 2.8 |
| 9. Norway | 2.3 | 2.8 |
| 10. Venezuela | 2.1 | 2.5 |
Global Demand is 83.4 million barrels a day, almost exactly the same as global production. The U.S. consumes 23 percent of all the world's crude oil. China, the second-biggest consumer, uses only 9 percent! Source: International Energy Agency.
Top Oil Users
| Million Barrels | ||
|---|---|---|
| A Day | Percent | |
| 1. U.S. | 18.9 | 23 |
| 2. China | 7.8 | 9.4 |
| 3. Japan | 4.6 | 6.5.5 |
| 4. Russia | 2.8 | 3.4 |
| 5. Germany | 2.6 | 3.6 |
Canada is the biggest supplier of crude oil to the U.S. Here are the top five suppliers according to the U.S. Energy Department.
Top Suppliers to U.S.
| Million Barrels | |
|---|---|
| A Day | |
| 1. Canada | 1.9 |
| 2. Mexico | 1.2 |
| 3. Saudi Arabia | 1.1 |
| 4. Venezuela | 1.0 |
| 5. Angola | 0.7 |
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