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crude oil (that is crude oil with a blend that includes a high proportion of long
“heavy” hydrocarbons) and therefore imports some crude oil simply to refine and
export finished petroleum products.
The term “petrostate” refers to countries like Saudi Arabia whose economies are
dominated by oil exports and which are extremely vulnerable to changes in oil price
and oil demand on the international market. The Organization of Petroleum
Exporting Countries (OPEC) attempts to facilitate coordination of petroleum policies of 14 countries, many of whom are considered petrostates.
The USA has experienced a dramatic increase in production of both petroleum
and natural gas since 2007 as a result of developments in hydraulic fracturing,
Fig. 7.6 Crude oil production (IEA 2018). Crude oil production is concentrated in Middle East,
Russia, and North America, although many nations have substantial reserves
Table 7.2 Share of global trade in petroleum and natural gas for select countries and regions.
(Source: BP Statistical Review of World Energy 2018)
Petroleum (Crude + Products)
Natural gas (Pipeline + LNG)
Exports
Imports
Exports
Imports
US
8%
15%
7%
7%
Canada
6%
2%
7%
2%
Europe
5%
21%
18%
43%
Russian Federation
13%
0%
20%
2%
Middle East
36%
2%
14%
3%
China
2%
15%
0%
8%
India
2%
7%
0%
2%
Japan
0%
6%
10%
0%
Rest of World
32%
32%
33%
24%
7 Trade
crude oil (that is crude oil with a blend that includes a high proportion of long
“heavy” hydrocarbons) and therefore imports some crude oil simply to refine and
export finished petroleum products.
The term “petrostate” refers to countries like Saudi Arabia whose economies are
dominated by oil exports and which are extremely vulnerable to changes in oil price
and oil demand on the international market. The Organization of Petroleum
Exporting Countries (OPEC) attempts to facilitate coordination of petroleum policies of 14 countries, many of whom are considered petrostates.
The USA has experienced a dramatic increase in production of both petroleum
and natural gas since 2007 as a result of developments in hydraulic fracturing,
Fig. 7.6 Crude oil production (IEA 2018). Crude oil production is concentrated in Middle East,
Russia, and North America, although many nations have substantial reserves
Table 7.2 Share of global trade in petroleum and natural gas for select countries and regions.
(Source: BP Statistical Review of World Energy 2018)
Petroleum (Crude + Products)
Natural gas (Pipeline + LNG)
Exports
Imports
Exports
Imports
US
8%
15%
7%
7%
Canada
6%
2%
7%
2%
Europe
5%
21%
18%
43%
Russian Federation
13%
0%
20%
2%
Middle East
36%
2%
14%
3%
China
2%
15%
0%
8%
India
2%
7%
0%
2%
Japan
0%
6%
10%
0%
Rest of World
32%
32%
33%
24%
7 Trade