In 1,000 of barrels per day. First chart represents production
while second chart represents consumption.
Source: BP Statistical Review of
World Crude Oil Production and Consumption, 1965-2016
Like the majority of natural resources, the production and
consumption patterns of oil differ significantly. The Middle East is clearly the main supplying region, but its share has seen
important fluctuations since the 1980s. For
instance, developments such as the North Sea oil fields and of Siberia
have increased European and Eurasian output. In recent years the
exploitation of new sources of oil, namely shale oil and tar
sands, has enabled North America to increase its production
which has been steadily declining.
Concomitantly with production, world oil consumption has almost tripled since 1965. North American
and European oil consumption has remained relatively constant over the last
25 years and has even declined through factors such as energy
efficiency and the development of alternative sources of energy. A significant share of the new oil demand is assumed by Pacific
Asian nations going through rapid industrialization and motorization,
particularly China, which has become the world's second largest importer
after the United States. Another way to look at the relationships
between production and consumption is to consider the
oil balance; absolute regional
differences between production and consumption.