Top Ten Oil Countries

Leading Oil Importers & Exporters

May 18, 2006 Daniel Workman

Do you know which countries depend the most on imported oil? In this article we discuss revealing stats from the U.S. Energy Information Administration (EIA).

Based on 2004 data, the following list shows that America imports more oil than the three next largest oil importing countries combined.

Top Ten Oil Importing Countries

• United States (11.8 million barrels per day)
• Japan (5.3)
• China (2.9)
• Germany (2.5)
• South Korea (2.1)
• France (2.0)
• Italy (1.7)
• Spain (1.6)
• India (1.5)
• Taiwan (1.0)

While America's daily oil production is some 9 million barrels, the world's most powerful economy consumes well over 20 million barrels each day.

According to the U.S. Department of Commerce, America's international deficit in goods and services trade soared 18% from 2004 to a record $726 billion in 2005. Dramatic increases in the cost of petroleum products and the volume of oil imports were responsible for some two-thirds of the increase in the U.S. trade deficit in 2005.

In the absence of a dramatic and sustained slowdown in U.S. growth, the only way that American exports can grow at a rate fast enough to overtake imports is with a substantial reduction in the value of the U.S. dollar.

And The Winners Are...

While China is the second largest consumer of oil, its robust economy continues to excel with a growing trade surplus despite high oil prices.

Oil exporting countries are in a unique position to benefit from world demand for petroleum products. On the following list, only Russia, Norway and Mexico are not members of OPEC and therefore have limited say in setting oil prices.

Top Ten Oil Exporting Countries

• Saudi Arabia (8.73 million barrels per day)
• Russia (6.67)
• Norway (2.91)
• Iran (2.55)
• Venezuela (2.36)
• United Arab Emirates (2.33)
• Kuwait (2.20)
• Nigeria (2.19)
• Mexico (1.80)
• Algeria (1.68)

The following countries have strong reserves to compete effectively in global oil trade.

Greatest Oil Reserves by Country (2005)

• Saudi Arabia (262 billion barrels)
• Canada (179)
• Iran (126)
• Iraq (115)
• Kuwait (102)
• United Arab Emirates (98)
• Venezuela (77)
• Russia (60)
• Libya (39)
• Nigeria (35)

For more details on OPEC oil producing countries, see Most Powerful Oil Countries.

Sources

This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.

The copyright of the article Top Ten Oil Countries in International Trade is owned by Daniel Workman. Permission to republish Top Ten Oil Countries in print or online must be granted by the author in writing.

Oil Refinery in Texas

Comments

Oct 22, 2008 2:12 PM

Guest :

If Canada has the 2nd largest reserves of oil in the world produces a huge amount and exports 73 to 74% of that why is it not on your list of exporting countries?

Oct 28, 2008 2:11 PM

Guest :

Thats cause Canada's Oil is harder to get But there are some new estimates putting Canada as the largest oil reserve in the World. And Also Canada's oil reserves Could last the next 180 years The next Reserve In any other Country Will run out in less that 80 years.

Oct 29, 2008 5:00 AM

Guest :

Thats cause Canada's Oil is harder to get But there are some new estimates putting Canada as the largest oil reserve in the World. And Also Canada's oil reserves Could last the next 180 years The next Reserve In any other Country Will run out in less that 80 years.

Dec 29, 2008 7:46 AM

Guest :

brazil is going to be a big player in this market too!.....wait and see!

4 Comments