In 2014, the global oil supply was 93,201 thousands of barrels per day, according to the U.S. Energy Information Administration. Since 2010, the world oil supply has been on the rise. In 2014, the United States overtook Saudi Arabia as the world's top oil producer, pumping out 12.5 million barrels a day, notes CNN Money. In addition to these two countries, Russia, China and Canada account for the top five producers, adds Oil Price.Continue Reading
In December 2015, the price of oil sank to an 11-year low of $36.04 a barrel, according to Reuters. The price per barrel is likely to continue to drop because global oil production has reached almost record highs while demand has been on the decline. Analysts predict that American oil producers will be forced to scale back production because Russia and the Organization of Petroleum Exporting Countries (OPEC) continue to produce at high volumes.
OPEC has compensated for lower oil prices with higher production, notes Reuters. Members of OPEC produced 40 percent of the world's crude oil in 2014, according to CNN, and these countries posses almost three quarters of the world's crude oil reserves. As of 2014, Venezuela, an OPEC member, has the world's largest crude oil reserves, at 298 billion barrels. Canada is the only non-OPEC member in the top five countries with the largest reserves; it has 173 billion barrels.
The United States is the world's largest consumer of oil products, and in 2014 it consumed more than 19 million barrels of petroleum products a day, notes CNN.Learn more about Natural Resources