Oil Production

The table below shows oil production for the 2012 calendar year. From the end of 2011 to the end of 2012, the U.S. had the greatest increase in its production (14%), followed by Iraq (11%), and Kuwait (9%). The U.S. pumps about one out of every 10 barrels of oil worldwide. According to WSJ (June 2013), the “techniques that have unleashed so much crude in the U.S. haven’t yet had an impact overseas.” In 2012, world consumption grew by 0.9%; Europe and North America used less oil, while the rest of the world, led by China, used more.

 

2012 Oil Production

 

Country	Barrels per Day
Saudi Arabia	11.5 million
Russian Federation	10.6 million
U.S.	8.9 million
China	4.2 million
Canada	3.7 million

                                   Source: BP Statistical Review of World Energy