 Today oil supplies about 40% of the world’s energy and 96% of its transportation energy.  Since the shift to oil, the world has consumed over 875 billion barrels.  Another trillion barrels of proved and probable reserves remain to be recovered.

 At current pace from now to 2020, world oil consumption will rise by about 60%.  Global consumption of gasoline is projected to double.  The two countries with the highest rate consumption of oil are the United States and China  The two nations that are growing the fastest in terms of oil use are China and India.  In the next two decades, China's oil consumption is expected to grow at a rate of 7.5% per year and India’s 5.5%.  It will be imperative for these countries to secure their access to oil.  umption#cabs umption#cabs

 Today, 47.9% of global oil reserves are in the hands of Middle Eastern regimes: 16% decline in share since 1993 (BP Stats)  Saudi Arabia (16%)  Iran  Iraq  Kuwait  UAE  Libya  In the post 9/11 world we are looking to offset the growing influence of Middle East producers by increasing the production in non-OPEC countries   economics/statistical-review-2014/BP-statistical-review-of-world-energy full-report.pdf economics/statistical-review-2014/BP-statistical-review-of-world-energy full-report.pdf

 Organization of Petroleum Exporting Countries  OPEC's objective is to co-ordinate and unify petroleum policies in order to secure fair and stable prices for petroleum producers and an efficient, economic and regular supply of petroleum to consuming nations   Angola  Ecuador  Algeria  Iran  Iraq  Kuwait  Libya  Nigeria  Qatar  Saudi Arabia  United Arab Emirates  Venezuela

 #2: Venezuela  #3 Canada  #8 Russia  #10 Nigeria  #12 United States  #14 China  #15 Brazil

 Saudi Arabia: 76% of exports are crude petroleum  Iran: 72% of exports are crude petroleum  Iraq: 99% of exports are petroleum 

 1- Saudi Arabia  2. US  3. Russia  4. China  5. Brazil  6. Iran  w=reserves w=reserves

 (Reserves based on Billions of barrels)  Saudi Arabia produces and consumes 2.9 and has 267 in proven reserves.  United States produces and consumes 18.5 and has 26.5 in proven reserves.

In 2013, US oil production had the largest increase in the country’s history. The US produced 84% of its domestic energy demand, up from the all-time low of 69% in 2005

 Many have even suggested that Russia could take on OPEC and help shift global oil supply away from the Middle East.   Russia’s is the second largest exporter behind Saudi Arabia.  It will be impossible to sustain it because Russia ranks eight in proven oil reserves, holding only 5%.  Its reserves have been steadily declining since That means that at current production rates, Russia may be running out of substantial reserves by 2020

 Our search for reliable oil suppliers outside the Middle East has brought about an oil boom in many African countries  Angola, Nigeria, Angola, and Libya are the largest. Africa’s total reserves amount to 7% and its largest producer, Nigeria, will peak by the end of the decade. Africa could be running out of substantial reserves by 2025.

 How long proven reserves would last at current production rates is debatable  Some estimate 15 years for non-Middle East  years for Middle East producers  If production continues at today's rates Russia, Mexico, U.S. China and Brazil could cease to be relevant players in the oil market in less than two decades.  At that point, the Middle East will be the only major reservoir of abundant crude oil giving them abundant power.

 A handful of Middle East suppliers will be able to dictate the terms on world oil markets and manipulate oil prices and world politics.  Middle Eastern producers will use their oil revenues to increase their military expenditures  Corrupt, oppressive regimes will continue to use oil revenues as a means to maintain their power.  Wealth generated by oil rich Middle Eastern countries will continue to flow into terrorist organizations.  The U.S. will need to keep increasing American military presence in the region to ensure our access to the remaining oil.  Tension between the U.S. and China due to growing Chinese intervention in the Middle East to ensure its own access to oil.  When consumption begins to exceed production the price of oil could soar above $100 a barrel. A global recession would follow.

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