In 1,000 of barrels per day.
Source: BP Statistical Review of World Energy.
World Oil Balance, 1965-2009
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.