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In 1,000 of barrels per day.
Source: BP Statistical Review of World Energy.

World Oil Balance, 1965-2006

The above figure shows the net difference between oil production and consumption is important as an imbalance which globally evens out when surpluses are transferred and national production is taken into account. For instance, while North America had a negative balance of 11.1 million barrels a day in 2006, the Middle East had a surplus of 19.6 million barrels per day. This deficit is shared with Europe (2.9 million barrels / day) and Asia Pacific (16.6 million barrels / day), which has experienced the most significant growth in its imbalances. This spatial differentiation of supply and demand can only be overcome by oil transportation.

Copyright © 1998-2008, Dr. Jean-Paul Rodrigue, Dept. of Economics & Geography, Hofstra University. For personal or classroom use ONLY. This material (including graphics) is not public domain and cannot be published, in whole or in part, in ANY form (printed or electronic) and on any media without consent. Permission MUST be requested prior to use.