The two pie charts, combined with the line graph, give an overview of some aspects of the energy market.
According to the first pie chart, the consumption of oil was the highest in 2005, accounting for 37% of the energy consumed worldwide, followed by coal and natural gas, taking up 28% and 23% seperately. Nuclear power and hydro-electricity evenly contributed to the remaining 12%.
Saudi Arabia and Canada are the two countries with the largest oil reserves – 20% versus 14%. Four Mid-east countries, Iran, Iraq, Kuwait and United Arab follow behind, each having 8 to 10% of the global oil reserves. Venezuela, Russia and United States are on the list as well, accounting for a smaller share, 6%, 5% and 2% respectively.
The line chart shows a wide variation in the world oil prices in the first decade of the 21st century. In 2000, oil cost a mere 33 dollars per barrel, or even less in the following three years. From 2003 onwards, the price had surged markedly and finally hit a peak of 60 dollars per barrel in about 2006. Since then, the oil price is expected to drop for 3 years or longer, down to 48 dollars in 2010 and remain at that level throughout the rest of the given period.
As suggested above, oil is very likely to remain as an important energy source, with more than half the global oil reserves being located in Mid-east countries. In the 2 decades to come, the oil price is unlikely to its low levels in the early 2000s.