The latest BP Statistical Review shows the importance of the U.S. oil contribution to the global oil market.
Pump jacks extract crude oil from oil wells in Midland, Texas, U.S., on Monday, Dec. 17, 2018. Recent reports indicate that the Permian Basin underlying Midland may now be the world's most productive oil-producing region. Photographer: Angus Mordant/Bloomberg. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Each year, I do a series of articles covering the Review's findings.
The United States remains the world's top oil consumer, averaging 20.5 million BPD in 2018. China was second at 13.5 million BPD, although this would be far below the U.S. in per capita consumption. India was third at 5.2 million BPD. Both China and India have averaged oil consumption growth of at least 5% per year over the past decade.
Saudi Arabia was the second-leading producer at 12.3 million BPD, while Russia came in third at 11.4 million BPD. Canada added the second-most production in the world, with a 410,000 BPD gain over 2017. This was just ahead of Saudi Arabia's 395,000 BPD increase.This year, for the first time, the Review reported the contribution to overall oil production by
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