Band 7+: The chart below shows the proportions of the world’s oil resources held in different areas, together with the proportions consumed annually in the same areas.

The graph illustrates the distribution and consumption of oil resources in different regions.

Middle East contains more than half of world’s crude oil, whereas Asia, the United States, and Western Europe are the largest consumers, pointing to increased industrial demand.

In terms of distribution, Middle East holds almost 56.52% of the oil, more than three times Canada’s 14.84%. Central and South America, Eastern Europe, and Africa own almost 8.12%, 6.58%, and 6.38%, respectively. On the other hand, Western Europe, the United States, Australia and New Zealand (combined), and other countries own less than 2% of oil resources.

If we consider consumption, Asia uses approximately 26.21% of the world’s oil annually. Whereas, the U.S. and Western Europe utilise about 25.48% and 19.24%, respectively. Despite its large oil reserves, Middle East consumes 6.15% of the oil, more than twice Canada’s 2.48%. Central and South America, and Eastern Europe consume roughly 6 to 7%, while Africa utilises almost 3.35%. Lastly, Australia and New Zealand use almost 1.31%, owing to less industrial production.