Average world production was about 71.9 million barrels per day, while average world consumption was about 73.2 million barrels per day. Oil stockpiles provided the remaining needed oil. Saudi Arabia is the world's leading producer, accounting for 8.6 million barrels per day, or about 11.9 percent of production. As the world's leading consumer, the U.S. accounted for 18.5 million barrels per day, or about 25.5 percent, of consumption. At the end of the first quarter of 2000, world demand was 75.62 million barrels a day, but world supply was only 75.05 million barrels per day, indicating a continuing world deficit.
Most people are aware that U.S. oil production is down and oil imports are up.
The magnitude of these trends may not be widely known. In 1970, the U.S. produced 9.2 million barrels of oil per day and imported about 1.3 million barrels per day, accounting for 12 percent of its supply. In 1999, the U.S. produced 5.9 million barrels per day but imported about 8.6 million barrels per day, or about 56 percent of supply. Oil imports have been steadily growing, up by 46 percent since 1990. Saudi Arabia and Venezuela are the leading OPEC suppliers, and Mexico and Canada are the leading non-OPEC suppliers.