The New Global Oil Market: Understanding Energy Issues in the World Economy

By Siamack Shojai | Go to book overview

Chapter 2
Global Oil Production

Frank W. Millerd

This chapter discusses the current, past, and possible future patterns of world oil production, emphasizing the location of production. Exports and imports are examined because the distribution of production does not coincide with the distribution of demand, leading to extensive international trade in crude oil and oil products. Because it is a major feature of world oil production, the past, present, and potential future roles of OPEC are specifically addressed.


CURRENT GLOBAL OIL PRODUCTION

Oil production for 1992, by area and country, is presented in Table 2. 1. 1 The top five producers, in order, are Saudi Arabia, the United States, Russia, Iran, and Mexico. Perhaps surprisingly, the United States produced almost as much oil as Saudi Arabia in 1992. Not surprisingly, the Middle East was the area with the largest production. Kuwait and Iraq outputs in 1992 were well below their pre-1990 or pre-Gulf crisis peak. 2 Members of OPEC accounted for slightly over 40 percent of production. 3

The current distribution of production is considerably different than the distribution of published proven reserves. The most significant differences are for North America, which contributed 16.2 percent of world production but had only 4.0 percent of reserves; Western Europe with 7.2 percent of production and 1.6 percent of reserves; and the Middle East with the reverse situation of 28.4 percent of production but 65.7 percent of reserves. 4 This is reflected in the total reserves to annual production ratios for these areas; less than 10 for North America and Western Europe, almost 100 for the Middle East. 5

-15-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited page

Bookmark this page
The New Global Oil Market: Understanding Energy Issues in the World Economy
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this book
  • Bookmarks
  • Highlights & Notes
  • Citations
/ 266

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.