Fact #336: September 6, 2004
World Oil Reserves, Production, and Consumption, 2003
The United States was responsible for 10% of the world's oil production, held 2% of the world's oil reserves, and consumed 25% of the world's oil consumption in 2003. The Organization for Petroleum Exporting Countries (OPEC) held 68% of the world's oil reserves and produced 41% of world oil.
- Refinery gains, including alcohol and liquid products from coal and other sources, cause total consumption to be higher than total production.
- OPEC countries include Venezuela, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Algeria, Libya, Nigeria, Indonesia, Gabon, and Ecuador.
- OPEC consumption data are for 2002.
|Crude Oil Reserves (billion barrels)||Reserve Share||Petroleum Production (million barrels per day)||Production Share||Petroleum Consumption (million barrels per day)||Consumption Share|
|Rest of World||364.3||30%||38.7||51%||51.8||66%|