Tag Archives: oil production

Oil Production and Consumption by Country

oil production and consumption since 1965When it comes to oil production and consumption, countries have a very close relationship of interdependence with each other. Some countries consume more oil than what they produce relying on imports to satisfy their internal demand. Others, consume less than what they produce, being able to export oil to nations that need it.

Oil consumption (yellow) for the United States, for example, was larger than its production (grey) for 2012, 18.55 mb/d (million barrels per day) compared to 8.9 mb/d, importing more than double its production to satisfy the gap in internal demand. Other nations with oil consumption higher that oil production include China, Brazil, Australia, India, UK, and Indonesia.

In contrast, oil consumption for Saudi Arabia for 2012 is estimated at 2.94 mb/d, while its production reached 11.53 md/d, exporting its oil surplus to the rest of the world. Other nations whose oil production exceeds its oil consumption include Canada, Mexico, Venezuela, Norway, Russia, Kuwait, United Arab Emirates, and Qatar.

Source: Winston Smith Labs: Global Oil Production and Consumption since 1965 [Interactive Map/Graph]


The Cheapest and Most Expensive Places to Fill Your Gas Tank

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Gas prices go up or down according to supply-demand forces and to movements in the commodities market. According to this map, published by the Car and Driver blog, prices in the United States ($3.85 per gallon) are not that bad compared to gas prices in other countries.

European nations have the highest gas prices, above $7 per gallon. If you were in Turkey you will have to pay the highest price, a steep $9.39 per gallon. Turkey’s gas prices are followed by Norway ($9.38), Italy ( $9.00), Sweden ($8.75), the United Kingdom ($8.46), Germany ($8.29), and Iceland ($8.01).

In the Americas, the highest gas prices can be found in Belize ($7.59), followed by Uruguay ($6.99), Chile($6.60), Peru ($5.95), Argentina ($5.52) and Canada ($5.14). Gas prices are significantly low in Venezuela ($0.06) and Bolivia ($2.05) due to government subsidies.

Africa enjoys low gas prices, except for Djibouti ($6.48), Madagascar ($5.74), Zimbabwe ($5.38), and South Africa ($5.15).

In Asia, Japan pays the highest gas prices, $6.87 per gallon, followed by the Philippines ($5.43), and India ($5.42).

In Australia, New Zealand and Australia’s gas prices per gallon are $6.75 and $5.64, respectively.