Oil and Gasoline Fast Facts

(CNN)Here's a look at crude oil reserves and production around the world.


Crude oil is a form of liquid petroleum, extracted from rock formations and used for fuel and other purposes.
    Members of the Organization of the Petroleum Exporting Countries (OPEC) produce about 39% of the world's crude oil, and possess almost 79.4% of the world's total proven crude oil reserves, according to OPEC and US Energy Information Administration data.
    The 13 countries/members of OPEC: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
    The following countries have the world's largest reserves of crude oil, according to the US Energy Information Administration:
    -- Venezuela - 303 billion barrels (as of 2020)
    -- Saudi Arabia - 266 billion barrels (as of 2017)
    -- Canada - 167 billion barrels (non OPEC country, as of 2019)
    -- Iran - 157 billion barrels (as of 2018)
    -- Iraq - 149 billion barrels (as of 2017)
    -- Kuwait - 102 billion barrels (as of 2016)
    -- United Arab Emirates - 98 billion barrels (as of 2020)
    -- Russia - 80 billion barrels (non OPEC country, as of 2017)
    -- Libya - 48 billion barrels (as of 2014)
    -- Nigeria - 37 billion barrels (as of 2019)

    Production and Consumption in the US

    The United States leads the world in total petroleum production, ahead of Saudi Arabia and Russia in 2019.
    The United States consumed an average of 19.96 million barrels of petroleum products per day in 2017.
    The United States is the world's largest consumer of petroleum products.
    US dependence on imported oil peaked in 2005.


    September 22, 2008 - Oil prices experience the biggest one-day increase ever, settling up $16.37 to $120.92 a barrel.


    1973-1974 - Due to US support of Israel in the Arab-Israeli conflict, the members of OPEC decide to raise the cost of oil from $3/barrel to around $12/barrel.
    October 1973 - OPEC issues an embargo that halts exports of oil to the United States. America