The United States is the world’s largest consumer of petroleum products, consuming an average of 20.25 million barrels of petroleum per day in 2023. The country also leads the world in total petroleum production, ahead of Saudi Arabia and Russia in 2024. In 2023, the United States produced about 12.993 million barrels of crude oil per day.

Global Oil Reserves

Members of the Organization of the Petroleum Exporting Countries (OPEC) produce about 37% of the world’s crude oil and possess almost 80% of the world’s total proven crude oil reserves. The countries with the world’s largest reserves of oil as of 2023 are Venezuela, Saudi Arabia, Iran, Canada, Iraq, United Arab Emirates, Kuwait, Russia, United States, and Libya.

In 2020, 2021, and 2022, the United States exported more petroleum than it imported for the first time since at least 1949. However, this trend ended in 2023. About 60% of gross petroleum imports come from Canada.

Original reporting: KRDO (Colorado Springs metro) — read the source article.