Oil and Gas in the World Economy

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The increasing production and consumption of oil and gas has led to an alarming pressure on national governments and global economy. United States of America is the biggest consumer of oil and gas. Despite the various discoveries in the field of alternate sources of energy, the consumption of conventional fuels is still high. China is also listed as a major consuming country though it is producing energy sufficient to meet its own needs, and hence is seen as a powerful nation in world economy. Annual statistical review of 2008 showed China high on the oil consumption list. Since then, a lot of regulatory activities have been done by China. UK, Germany and Japan are the other top consumers.

U.S.S.R. was one of the top producers of gas during 1980's. However, as all its resources depleted gradually, it fell from its position. U.S. energy department issued a list describing the world's top 15 suppliers being responsible for 45% of all oil production. Ever since the issuance, production has dropped significantly in the three top oil fields.

Top oil producers are:

1. The Arab League

2. Russia

3. Saudi Arabia

4. USA

5. Iran

These five nations produce 40% of the total world's oil. Th largest oil field in the world is Ghawar in Saudi Arabia with estimated value of 85 million barrels. Tengiz field near the Caspian Sea in Kazakhstan also accounts for 15-16 billion barrels of oil.

Top gas producers are:

1. United States

2. Russia

3. Iran

4. European Union

5. Canada

West Siberian Basin has the largest gas fields in the world. It has some famous fields like Urengoy, Yamburg and Zapolyarnoye. The industrial production grew 50 times in the last decade. Oil has dominated the world economy since right after the Second World War, as 70% of it was consumed by the OECD countries. Oil consumption has been low in developing nations.

At present, oil accounts for 40% of the world energy consumption because of ease of availability, sufficiency, versatility and low costs in some areas. Advancement of technology has made oil an efficient fuel and hence a boon for economy.

The cumulative production and consumption are forecasted to increase in the coming decades. Gas accounts for 23% of the world economy at present. Gas producers share most challenges faced by oil producers. Transportation of gas is expensive, but it is more favorable for environmentalists.

There are still enough resources to meet the global requirement of gas for the next century. It becomes every nation's liability to provide enough resources for the next generation.

PetroChase is an independent oil and gas firm assisting in the acquisition, development, and exploration of oil and natural gas in the US.

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