EconoMatters

In Charts: Oil

A collection of charts, graphs and maps exploring the global oil industry.

Credit: John A Davis Shutterstock.com

Takeaways


  • A collection of charts, graphs and maps exploring the global oil industry.

The price of oil has collapsed recently, with U.S. oil prices turning negative for the first time in history.

The key causes? The sudden fall in economic activity caused by global lockdowns in response to the coronavirus pandemic, and the oil war between Russia and the kingdom of Saudi Arabia.


Where are the world’s oil reserves?

Saudi Arabia doesn’t have the most oil — Venezuela does!


Which countries export oil?

Saudi Arabia is king


Which countries consume the most oil?

The United States guzzles oil


How big is the global oil market?

Bigger than all raw metal markets combined, with gold and Iron on second and third place


A century of oil prices

The price of oil fluctuates depending on global events


The top 10 oil companies

China, Russia, the United States and the UK have two each, France and Saudi Arabia have one


Oil isn’t just produced on land

Where the Gulf of Mexico reigns supreme


What are the main oil shipping routes?

The Strait of Hormuz dominates


How big are oil tankers?

Long Range (LR) tankers can carry 120,000 deadweight tonnage (DWT)


Projected future global oil consumption

Oil will make up 28% of the global energy mix in 2040, with natural gas and coal to follow in second and third place.


What can be made from oil?

A single barrel can make everything from petrol to dustpans


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