(Click Images to Enlarge)
 Worldwide Proved Oil Reserves
An interesting item to note here is that in 2007, Venezuelan proven oil reserves only amounted to 87 BlnBls, or 7% of the world's reserves,  which was 6th  most in the world. Now, they're second.
The reason for this jump is is due to the new  industry standards now recognizing "heavy oil" in reserve numbers. The Venezuelan Orinoco belt has the largest heavy crude reserves in the world. It can also be found in Canada. Heavy oil is a lot more dense than lighter grades and doesn't flow as well, if at all. See this link for more information on heavy crude:

See this link for more info on the Orinoco Oil Belt in Venezuela:

Worldwide Oil Production
This illustrates how Russia has just recently surpassed Saudi Arabia in terms of oil production...
Russia now produces 10,3 MM barrels/day (12.9% of the worlds total), up 2.2% from last year.
Saudi Arabia produces 10 MM barrels/d, (12% of the world's total), up 0.7% from last year.

Worldwide Oil Demand
The chart to the right shows Worldwide Oil Demand. The red bars are estimates.As you can see in Q4  2011, world demand reached a record of 89.5 million barrels a -0.2% decrease YoY.

Demand Drivers
The main drivers of crude oil demand include North America, Europe, and China.
North American consumes a little over 23 MMb/d.
Europe consumers 14 MMbd.
China consumers 10.5 MMbd. It's important to note that China's oil demand has grown by over 90% over the last decade.


Notice how the number of OPEC rigs has been increasing...

 OPEC Production
...but the increase in rigs isn't translating into higher production. The chart to the right shows oil production by OPEC country, as well as the combined total.  As you can see, just a few years ago OPEC had been producing more oil with less rigs.

So OPEC has been drilling more, but producing less.
Something that may be beneficial to global drilling service companies with a presence in the middle east.

Production & Consumption by Country


U.S. Oil Production
Note the recent increase in U.S oil production. This can be attributed to new developments in drilling technology and rediscovered drilling sites, such as the Bakken Shale in North Dakota.


U.S. Production & Consumption
This chart helps illustrate the United States' thirst for oil.


China Production & Consumption
Emerging economies, particularly China, are key demand drivers. Over the last 10 years, China's demand for oil has grown by over 90%.

Mexico Production & Consumption
Most of the production decline in Mexico can be attributed to the enormous Cantarell Field in the Gulf of Mexico. It was injected with Nitrogen in 1997 to enhance oil recovery, but started declining rapidly in 2004 from drying reserves.
Here''s a link to more info on Mexico's production and reserves: http://www.eia.gov/countries/cab.cfm?fips=MX

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