World Oil Statistics - Worldometer (2024)

FAQs

World Oil Statistics - Worldometer? ›

Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC). The Strategic Petroleum Reserve (SPR) is an emergency supply of crude oil that can be used to offset a severe oil supply shortage in the United States.

Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC). The Strategic Petroleum Reserve (SPR) is an emergency supply of crude oil that can be used to offset a severe oil supply shortage in the United States.

The largest reserves among non-OPEC countries include Russia and the US. OPEC member countries produce about 40 percent of the world's crude oil and represent some 60 percent of the total petroleum traded internationally, according to the United States Energy Information Administration.

World Oil Reserves

The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

That happens because of a combination of economics and chemistry. The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude.

OPEC was formed in 1960 and its 13 current member states hold more than 80% of the world's proven oil reserves. Another 10 major oil producing countries including Russia have aligned with the group to form an alliance known as OPEC+.

The resulting total net petroleum imports (imports minus exports) were about -1.26 million b/d, which means that the United States was a net petroleum exporter of 1.26 million b/d in 2022. The top five source countries of U.S. gross petroleum imports in 2022 were Canada, Mexico, Saudi Arabia, Iraq, and Colombia.

The Arab Gulf has 65% of the world proven oil reserves, and Iraq 12%.

How long would the US last on its own oil? ›

Oil Reserves in the United States

The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

Conclusion: how long will fossil fuels last? It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.

The reason that U.S. oil companies haven't increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven't chosen to invest in new oil production.

Biden had signed an executive order that suspended new lease sales soon after taking office in 2021. The following March, U.S. District Judge Terry Doughty in Monroe, Louisiana, blocked the policy, siding with a more than a dozen Republican-leaning states opposed to Biden's move.

You see, the U.S. does produce enough oil to meet its own needs, but it is the wrong type of oil. Crude is graded according to two main metrics, weight and sweetness. The weight of oil defines how easy it is to refine, or break down into its usable component parts, such as gasoline, jet fuel and diesel.

A new analysis finds the emissions from fossil-fuel production — not just end use — are substantial, and cutting methane should be the oil and gas sector's top priority. A natural gas flare stack at an oil well in Midland, Texas.

Texas is by far the largest oil-producing state in the United States. In 2021, Texas produced a total of 1.7 billion barrels. In a distant second place is New Mexico, which produced 459.8 million barrels in the same year.

Venezuela - 303.806 Billion Barrels

Venezuela holds the largest oil reserves globally, with over 300 billion barrels mainly located in the Orinoco Belt at the southern end of the eastern Orinoco River Basin.

Alaska ranks sixth behind Texas, North Dakota, New Mexico, California, and Oklahoma in daily oil production.

What U.S. state has the most oil reserves? ›

Texas houses far more proved crude oil reserves than any other U.S. state. As of 2020, there were nearly 16.7 billion barrels of crude oil reserves in Texas; the largest sources being the Eagle Ford and Permian basin.

Oil and gas rights extend vertically downward from the property line. Unless explicitly separated by a deed, oil and gas rights are owned by the surface landowner. Oil and gas rights offshore are owned by either the state or federal government and leased to oil companies for development.

In 1882, Standard Oil Trust created a network of Standard Oil companies throughout the country, led by a board of trustees, where Rockefeller owned over one third of the certificates. By the late 1880s, Standard Oil controlled 90% of American refineries.

It often makes more sense for the refineries in the gulf to export some of their gasoline to Mexico, rather than expensively ship their product all the way to the east coast of the U.S., which gets cheaper gasoline from Europe. oil prices down which keeps prices in the U.S. lower.

Oil shale. The United States has the largest known deposits of oil shale in the world, according to the Bureau of Land Management and holds an estimated 2.175 trillion barrels (345.8 km³) of potentially recoverable oil. Oil shale does not actually contain oil, but a waxy oil precursor known as kerogen.

"The U.S. imports oil because consumption of oil products—about 20 million barrels per day—is greater than the quantity of crude oil it produces, about 18 million barrels per day," Kaufmann said. "This difference, about 2-3 million barrels per day, is much smaller than previous years."

American oil history begins in a woodland valley along a creek in remote northwestern Pennsylvania. Today's U.S. petroleum exploration and production industry is born on August 27, 1859, near Titusville when a well specifically drilled for oil finds it.

Drilled by Edwin Drake in 1859, along the banks of Oil Creek, it is the first commercial oil well in the United States. Drake Well was listed on National Register of Historic Places and designated a National Historic Landmark in 1966. It was designated a Historic Mechanical Engineering Landmark in 1979.

Was the US ever the world's largest oil producer? ›

Since 2018, the United States has been the world's largest producer of oil and natural gas. On paper, “we are energy independent,” John Hess, the CEO of Hess, said yesterday at CERAWeek, the energy industry's annual conference. But what a funny kind of independence it is.

In the United States, life would be difficult without oil, as the country is dependent on it for driving, some medications, and many products. Electrical plants rely on gas-powered vehicles for supplying materials, so electricity could be severely limited as well.

According to the EIA, an average of 11.9 million barrels of U.S. crude oil were produced per day in 2022, below the record in 2019 of an average of 12.3 million barrels per day. The EIA is forecasting a new record for this year, but barely higher, at an average of 12.4 million barrels per day.

Considering all of the technically recoverable resources, we have enough oil to last us over 100 years at current production levels. Furthermore, if we also include more complicated oil reservoirs such as kerogen deposits, then we may have more than 250 years of oil supply.

Oil reappears from time to time in old deposits and long ago exhausted oil wells. The earth's crust is similar to a sandwich cake, consisting of hard layers and fractured-porous layers saturated by various fluids, including oil.

When oil and gas is extracted, the voids fill with water, which is a less effective insulator. This means more heat from the Earth's interior can be conducted to the surface, causing the land and the ocean to warm. We looked at warming trends in oil and gas producing regions across the world.

According to the International Energy Agency, production of conventional crude oil (as then defined) peaked in 2006, with an all-time maximum of 70 million barrels per day.

According to new data, excess heat in the EU alone amounts to 2,860 TWh/y, corresponding almost to the EU's total energy demand for heat and hot water in residential and service sector buildings.

Many things can be converted fuel, including crops, natural gas, waste, manure, and many other carbon-based substances.

The reason there are no viable alternative or “clean” fuels that can replace fossil fuels is that fossil fuels are extraordinarily energy dense. In addition, it is easy to generate energy from fossil fuels and — more importantly — to capture the energy produced during fossil fuel combustion.

Why is drilling in Alaska bad? ›

Oil development would bring roads, airstrips, heavy machinery, noise and pollution. This would damage the refuge's fragile tundra ecosystem and disrupt age-old migration and denning patterns for caribou, polar bears and other animals.

The Atlantic Ocean is a vast, important part of our ecosystem. Drilling would most certainly harm it. The 2010 Deepwater Horizon disaster brutalized the Gulf of Mexico after the drilling rig exploded and sank to the ocean bottom. More than 1,000 miles of coastline were affected.

Yet while demand has been tight, concerns about climate change and societal push back against fossil fuels have made it difficult to build new refineries, even as U.S. and international demand for refined products continues to grow.

Two of the leases were in the Gulf of Mexico and one was in federal waters off Alaska's Cook Inlet, CBS News reported. In May, the U.S. Department of the Interior announced that it would cancel the leases, citing a “lack of industry interest in leasing in the area.”

May 12, 2022, at 12:35 p.m. WASHINGTON (AP) — The Biden administration says it is canceling three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska, removing millions of acres from possible drilling as U.S. gas prices reach record highs.

WASHINGTON (AP) — The Biden administration is canceling three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska, removing millions of acres from possible drilling as U.S. gas prices reach record highs.

A main reason why the U.S. continues to import crude oil and refined products is that much of the infrastructure to produce oil, as well as refine and transport fuels, is in the mid-continent and U.S. Gulf Coast regions. Crude oil is not a hom*ogenous product.

Oil Reserves in the United States

The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

The production decline resulted from reduced drilling activity related to low oil prices in 2020.

Where is most of the oil in the world? ›

1 OPEC+ controls more than 50% of global oil supplies and about 90% of proven oil reserves.

No other nation in the world produces more oil than the US — so why do we count on countries like Saudi Arabia to supply us with crude? While the U.S. is the world's top producer of oil, it's also the world's top gas guzzler.

The top five source countries of U.S. gross petroleum imports in 2022 were Canada, Mexico, Saudi Arabia, Iraq, and Colombia. Note: Ranking in the table is based on gross imports by country of origin. Net import volumes in the table may not equal gross imports minus exports because of independent rounding of data.

The United States is the world's top producer of oil and natural gas. The country's economy runs on these fossil fuels, but producing and burning them releases greenhouse gas emissions that cause climate change.

Texas is by far the largest oil-producing state in the United States. In 2021, Texas produced a total of 1.7 billion barrels. In a distant second place is New Mexico, which produced 459.8 million barrels in the same year.

New techniques for drilling in shale formations revolutionized U.S. oil production in the 21st century and allowed domestic producers to again replace foreign sources as the biggest suppliers for U.S. consumers. By November 2019, U.S. oil companies produced 13 million barrels a day, still an all-time high.

During the 1920s, Tulsa grew into its “Oil Capital of the World” title. The city's growth was clearly visible as the skyline blossomed and the population doubled in size.

Houston, Texas, the current center of the oil industry, more frequently uses the sobriquet “The Energy Capital of the World.”

Drilled by Edwin Drake in 1859, along the banks of Oil Creek, it is the first commercial oil well in the United States. Drake Well was listed on National Register of Historic Places and designated a National Historic Landmark in 1966. It was designated a Historic Mechanical Engineering Landmark in 1979.