This demand could only be supplied by the major oil producers including Iraq, Saudi Arabia, Iran, Kuwait, the United Arab Emirates and Venezuela. In 2001, total global crude oil production was estimated at 76.8 million bpd.
The US is the world’s major oil consumer, with a per capita consumption of 28 barrels a year, as compared to only two barrels a year for each Chinese citizen.(Dr Abdul-Hai Zalloom, The New Empire of Evil )
Such statistics emphasise the fact that the US is more dependent than ever on imported oil . US oil imports, which accounted about one-third of total US petroleum needs in 1973, jumped to 60% of US oil needs in 2002.
This big increase in US oil imports was necessitated by rapid economic growth. In the year 2000, the US consumed 19.7 million bpd of petroleum (crude oil + petroleum products) or about one-quarter of total world oil production.
The forecasts indicate that US demand for oil will grow to 26.7 million bpd by the year 2020.(EIA Annual Energy Outlook, 2002).
Sources of US oil imports
However the dramatic events that shocked the world in recent years place, have focused attention on sources of US imported oil.
In 2001, the US imported 54% of its oil needs. The average of US petroleum imports reached 10.6 million bpd in 2001, to complement a total US oil demand of 19.6 million bpd. The balance of supply was obtainable from oil domestic production.
Canada, Saudi Arabia, and Venezuela are the top three sources of US oil imports. As based on imports of 10.6 million bpd, the total cost of US oil imports averaged $233 million per day. In 2001, total world crude oil production reached an estimated 76.8 million barrels per day.
About 48% of US crude oil imports were supplied by the western hemisphere (19% from Southern African states, 15% from Mexico, and 14% from Canada), while 30% was imported from the Gulf region (35% from Kuwait 18% from Saudi Arabia, and 9% from Iraq)
The following table indicates major sources of US oil imports
(in million bpd, in the year 2001)
|
Crude oil imports |
Petroleum product imports |
Total oil imports |
Canada |
1.32 |
0.47 |
1.79 |
Saudi Arabia |
1.61 |
0.05 |
1.66 |
Venezuela |
1,28 |
0.26 |
1.54 |
Mexico |
1.38 |
0.04 |
1.42 |
Nigeria |
0.81 |
0.04 |
0.86 |
Iraq |
0.78 |
0.00 |
0.78 |
Norway |
0.27 |
0.06 |
0.33 |
Angola |
0.31 |
0.07 |
0.32 |
United Kingdom |
0.23 |
0.08 |
0.31 |
Total imports |
7.39 |
1.07 |
9.01 |