In 1950, the United States was the only country with a well developed oil industry. Today, the energy sector as a whole is the largest industry in the world and accounts for over $3 trillion dollars in annual sales. The second largest global industry, food, accounts for $1.7 trillion. Between 1950 and 1973 the world oil industry grew 9-fold – a rate of increase of 10% per year, sustained over a period of 20 years. During that time period, the world produced over 2.5 billion new motor vehicles, half of which in the United States.
The world demand for oil has multiplied from 11 million barrels per day (mbd) in 1950, to 57 mbd in 1970, to almost 80 mbd today. The United States consumes 20.7 mbd, which is the most of any nation and equals the consumption of the next 5 largest national consumers (China, Japan, Germany, Russia and India). World demand has recently grown as the economies of China (6.5 mbd) and India (2.3 mbd) have developed, but the United States remains the largest consumer.
The five largest producers of oil are Saudi Arabia (10.37 mbd), Russia (9.27), United States (8.69), Iran (4.09) and Mexico (3.86). Proven oil reserves are concentrated in the Middle East (60%).
via Joseph Coton Wright at Berkeley