I meant to link to this Times graphic a long time ago. Although the numbers may have changed a bit since then, I am guessing the overall picture is the same or similar. Here are the main ideas I take away from this:
- America is the largest oil consumer. (20.6 million barrels per day)
- America is the third largest oil producer. (8.4 million barrels per day)
- The biggest suppliers to the US are:
1. US (domestic production) (40%)
2. Canada (12%)
3. Mexico (8%)
4. Saudi Arabia (7%)
5. Venezuela (7%)
6. Nigeria (5%)
It is striking that Saudi Arabia makes up a relatively small percent of our consumption. Despite its small share though, it is still extremely important as small changes in production (or expected changes in production) have big impacts on prices.
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