Oil reserves, production and consumption in 2001

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Reserves
(millions of barrels as of January 1, 2002):

Saudi Arabia: 261,750
Canada: 180,000 (2003 data)
Iraq: 112,500
United Arab Emirates: 97,800
Kuwait: 96,500
Iran: 89,700
Venezuela: 77,685
Russia: 48,573
Libya: 29,500
Mexico: 26,941
Nigeria: 24,000
China: 24,000
United States: 22,045
Qatar: 15,207
Norway: 9,947
Algeria: 9,200
Brazil: 8,465
Oman: 5,506
Kazakhstan: 5,417
Angola: 5,412
Indonesia: 5,000

World: 1,032,132

(Note: discoveries of 2003 and 2004 have vastly increased the oil reserves of both Canada and Australia. They both seem to harbor more oil than Iraq and both may be able to compete with Saudi Arabia)

Production
(millions of barrels per day):

Saudi Arabia: 8.528
United States: 8.091
Russia: 7.014
Iran: 3.775
Mexico: 3.560
Norway: 3.408
China: 3.297
Venezuela: 3.137
Canada: 2.749
United Arab Emirates: 2.550
United Kingdom: 2.540
Iraq: 2.377
Nigeria: 2.223
Kuwait: 1.838
Brazil: 1.589
Algeria: 1.486
Libya: 1.427
Indonesia: 1.384
Oman: .964
Argentina: 825

World: 75.226
World Annual: 28,180
Consumption
(Millions of barrels per day):

United States: 19.993
Japan: 5.423
China: 4.854
Germany: 2.814
Russia: 2.531
South Korea: 2.126
Brazil: 2.123
Canada: 2.048
France: 2.040
India: 2.011
Mexico: 1.932
Italy: 1.881
United Kingdom: 1.699
Spain: 1.465
SaudiArabia: 1.415
Iran: 1.109
Indonesia: 1.063
Netherlands: .881
Australia: .879
Taiwan: .846

World: 75.988
World Annual: 28,460
(Source: Z Magazine)


The largest oil companies (2003)

By production (barrels per day):
  1. Exxon Mobil (USA) 2,542
  2. Royal Dutch Shell (UK/Neth) 2,220
  3. Chevron Texaco (USA) 1,959
  4. British Petroleum Amoco (UK) 1,931
  5. Yukos (Russia) 1,507
  6. Total Fina Elf (France) 1,454
  7. Lukoil (Russia) 1,200
  8. ConocoPhillips (USA) 1,019
  9. Surgutneftegas (Russia) 884
  10. ENI (Italy) 857
By reserves (millions of barrels):
  1. Lukoil (Russia) 17,360
  2. Yukos (Russia) 17,281
  3. Gazprom (Russia) 14,902
  4. Exxon Mobil (USA) 12,312
  5. Royal Dutch Shell (UK/Neth) 9,469
  6. Chevron Texaco (USA) 8,710
  7. British Petroleum Amoco (UK) 8,376
  8. Tyumen (Russia) 7,300
  9. Total Fina Elf (France) 6,961
  10. Surgutneftegas (Russia) 6,642
(Source: Forbes, 2003)

How long will it last?

Using these data (estimated reserves: 800 billions of barrels, world consumption: 76 millions per day), it looks like planet Earth has have oil for about 10,000 days, i.e. about 27 years. Assuming that consumption does not increase... If consumption increases an average 5% a year, then we have oil for about 15 years. But the US Geological Survey estimates the amount of oil that is still to be found at about 3 trillions, three times the oil reserves known today (it is not clear if "all" that oil can actually be pumped to the surface and therefore used). The real issue is when will production be insufficient to cover demand? That largely depends on demand, not on reserves.

A source
A source
Hydrocarbons and the Evolution of Human Culture

World oil consumption has remained constant at an average 4.47 barrels per capita between 1981 and 2001.


USA oil

The USA imports about 55% of its oil needs.

Sources of U.S. Oil Imports (millions of barrels per day, 2001): Canada: 1.79 - Saudi Arabia: 1.66 - Venezuela: 1.54 - Mexico: 1.42 - Nigeria: .86 - Iraq: .78 - Norway: .33 - Angola: .32 - United Kingdom: .31 - Total: 11.62. (Source: Energy Information Administration).

Sources of U.S. Oil Imports (%, 2002): Saudi Arabia: 16.9% - Mexico: 15.1% - Canada: 15.0% - Venezuela: 14.4% - Iraq: 11.4% - Nigeria: 5.9.%.

only about 30% of the USA's oil imports came from Arab countries in 2002. Since USA oil imports are about 55% of USA oil consumption, only about 15% of USA's oil consumption is provided by Arab countries.

About 40% of oil in the USA is used to produce gasoline.


Strategic Oil reserves

  • USA: 658 millions of barrels
  • Japan: 321
  • Germany: 191
  • South Korea: 77
  • France: 71
Source: USA department of Energy