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.
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