Crude oil is in the news. it is the running top import in the world. America itself imports 72% of the global crude oil supply. the five major countries from which America imports its crude oil are Canada, Saudi Arabia, Mexico, Venezuela and Iraq. US imports on an average, 6.1 million barrels of crude oil from these five countries daily.
OPEC or The Organization of the Petroleum Exporting Countries produces 41% of the total
oil supply of the world. Their oil export accounts for 60% of the total oil
traded internationally. Besides, US, the other major crude oil importers of the
world are Russia, India, China and Japan.
Among them, China's demand for crude oil is rising steadily and is expected to
achieve a 4.1% growth this year. China is also expected to cross US in terms of
oil imports on a monthly basis on this October of 2013 and on an annual basis
Crude oil accounts for 2.1% of the world GDP and ? rd of primary energy supply. Today’s’
world is so dependent on crude oil, that modern life will come to a halt if all
of a sudden all crude oil supplies are blocked.
Right now the global supply of crude oil is supposed to be fulfilling the demand for it for the next 25 years. But experts are working on methods which will allow for the oil reserves to be used for centuries.