| Due to the increase in the oil consumed by the United | | | | In the year 2009, the United States of America was |
| States in the recent times, oil imports have increased | | | | dependent on crude oil supply from countries such as |
| which is an indication that it is dependent on the gulf | | | | Canada, Saudi Arabia, Iraq, Nigeria, Mexico, Algeria, |
| countries for crude oil supply. With the expansion of | | | | Colombia, Brazil, Venezuela and Angola. The top crude |
| crude oil industry, the GDP growth rate has increased | | | | oil supplier to the United States was Canada, which |
| in Russia, which is one of the global oil exporters. The | | | | supplied 1.94 million barrels per day. Following suit was |
| oil exporting countries will earn huge revenue based on | | | | Mexico with a supply of 1.13 million barrels per day and |
| the growing oil demand with high oil prices. These | | | | 1.09 million barrels per day from Saudi Arabia. Saudi |
| exporters will face a major crisis if the oil prices soar | | | | Arabia being the world's biggest oil supplier will |
| up too high as the demand for oil as well as the prices | | | | concentrate on crude oil supply to India. In March 2010, |
| will decline thus reducing the GDP growth in the oil | | | | it pumped 8.2 million barrels per day and UAE's oil |
| consuming nations. Due to increase in domestic | | | | production recorded 20,000 barrels a day during the |
| consumption in oil exporting countries, exports may | | | | month of March. |
| decline. Disruption in crude oil supply can cause severe | | | | In 2015, supply will be surpassed by demand due to |
| price inflation. | | | | recession. Crude oil is likely to peak in the coming |
| When new oil is discovered and introduced in the | | | | years leading to maximum global extraction point. If |
| domestic as well as International markets, crude oil | | | | maximum production level is reached then there will be |
| supply increases and there might be a reduction in oil | | | | a decline in crude oil supply. New oil reserves are being |
| prices thus affecting the economic growth of the oil | | | | explored to meet the growing demand of crude oil. |
| exporting countries. Demand for oil can reduce if the oil | | | | Advanced and new production techniques are likely to |
| prices are high thus making alternative fuels more | | | | be introduced. Non-OPEC members are turning into |
| competitive. OPEC assigns production quota to its | | | | major oil exporting nations and they play a major role |
| member countries with an aim to create favorable oil | | | | in supplying oil to the United States, which is the world's |
| prices and to limit crude oil supply that is available in the | | | | biggest oil consuming nation. It has been predicted that |
| global market. crude oil supply can be disrupted due to | | | | within 15 years, the global crude oil supply will come |
| various factors such as political instability, technical | | | | from unconventional resources such as heavy crude |
| reasons and terrorism. | | | | oil, oil shale and oil sands. |