Oil – Prices, Top Producers And Main Consumers

Oil industry analysts are predicting that the price for oil will fall in the coming years as supplies from non-OPEC countries begin to increase.

However, it is the Organisation of Petroleum Exporting Countries (OPEC) which still has the lion’s share of oil reserves and can still dictate prices.

The spot price for Brent crude is expected to drop from its average price per barrel in 2012 of $112 (£73) to an average price this year of $108 (£70) per barrel – and to fall further still next year to an average price of $101 (£66) per barrel.

The figures come from the US-based Energy Information Administration (EIA) and their report also makes for interesting reading about the world’s top producers and consumers of oil.

In their report, five of the world’s top oil producers also make the list for being among the world’s top 10 consumers.

OPEC holds 80% of world oil

Surprisingly, Saudi Arabia, the world’s biggest producer of oil, is also in sixth place for consuming the most oil.

The kingdom has around one-fifth of the world’s oil reserves, though Venezuela has more, but oil production in the South American nation is just 20% of Saudi’s output.

OPEC nations still hold more than 80% of the world’s oil reserves but the bulk of them – around 66% – are in the Middle East.

The largest source of oil after Venezuela and Saudi Arabia is Canada which is closely followed by Iran, Iraq and then Kuwait.

Making up the top 10 of the world’s oil reserves is the United Arab Emirates (UAE), then Russia, Libya and Nigeria.

However, Russia is at number two for producing the most oil, followed by the US.

Also on the list for top producers is Iran at number four, Canada at number six and the UAE at number seven, Kuwait is at number nine with Iraq in 10th place.

Users and producers

China makes an entry in the list at number five for production and the rapidly growing energy sector in Mexico is in eighth position.

When compared to the top 10 list of oil consumers in the world it’s no surprise to read that the US is in first position, China second and Japan third to match their places in the economic pecking order.

The scale of US consumption is nearly double that of China on 18,835,000 barrels per day and non-oil producing Japan needs half of China’s daily demand at 4,418,000 barrels.

However, it is surprising to see the booming economy of India in fourth position, with Russia in fifth and Saudi Arabia sixth.

Brazil’s emerging economy snatches seventh place just ahead of South Korea with Germany just slightly ahead of Canada in ninth spot.