Abstract
Global production of crude oil in 2007 was approximately 84.8 million barrels per day. Global consumption is estimated to have increased by almost 1% in 2007, and is expected to increase on average by 1.7% per year through the entire forecast period.
Almost one third of world crude oil production in 2007 occurred in the Middle East, while North America produced about 16%. Over 25% of world consumption occurred in Asia (including India) and 20% occurred in the United States. The following pie chart shows world consumption of crude oil in 2007 by region:
