Oil & Gas Facts
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Table of Contents
Oil and Gas in the World Economy
Oil and gas are critical to the global economy and governments and individuals are increasingly turning their attention to their production and consumption.
Oil and Gas in the World Economy
Oil and gas are critical to the global economy and governments and individuals are increasingly turning their attention to their production and consumption.
Traditionally, the United States has accounted for the highest oil and gas consumption. However, following government efforts at energy conservation and energy efficiency, along with the development of alternative energy sources, the emerging economies, especially China, are today responsible of the highest demand. In fact, the BP Annual Statistical Review of 2008 shows that oil consumption in China more than makes up for the combined reduction in demand by other nations, such as the US, the UK, Germany and Japan.
While erstwhile USSR was the top oil and gas producer in the 1980s, Russia is today seeing declines in production, with oil fields maturing and no new major reserves coming to light. According to data released by the US Energy Department, the world’s top 15 suppliers, who are responsible for 45% of all production, witnessed a decline in net exports by almost one million barrels a day to 38.7 million barrels a day in 2007. One of the largest exporters to the US, Mexico witnessed a 15% drop in net exports in 2007. Production declined in the world’s three largest oil fields.
Top Oil Producers
The five top oil producers in the world today are:
1. Saudi Arabia2. Russia3. USA4. Iran5. Mexico
OPEC countries account for nearly 40% of the world’s oil production. The largest oil field in the world is Ghawar in Saudi Arabia, with estimated recoverable oil of 75-85 billion barrels. The Tengiz field, being developed jointly by Chevron and Kazakhstan, appears promising and further development of this field, near the Caspian Sea, is likely to bring at least 15-26 billion barrels of recoverable oil online.
Top Gas Producers
The five largest natural gas producers in the world are:
1. Russia2. Iran3. Qatar4. USA5. Saudi Arabia
The world’s largest gas fields are situated in the West Siberian Basin. The whole basin, including the Urengoy, Yamburg and Zapolyarnoye fields, has an estimated 1,200 trillion cubic feet of natural gas.
Apart from concerns surrounding peak oil and the depletion of fossil fuels, natural calamities, such as hurricanes, political unrest, like in Nigeria in 2007, and many other factors play a role in the sustained supply of oil and gas. Irrefutably, the need of the hour is energy conservation, energy efficiency and bringing alternative sources of energy online in everyday use forms.
