Global crude oil supply
Saudi Arabia, the United States, and Russia are among the world’s largest producers of crude oil, accounting for 12.8 percent, 13 percent, and 12.6 percent of the global share, respectively, as of 2017. As of that year, Saudi Arabia produced more than 12 million barrels of oil per day. Unsurprisingly, these countries are also some of the world’s largest consumers of oil. In 2015, Saudi Arabia consumed 3.2 million barrels per day and the United States consumed about 19.4 billion barrels per day. In the past, the U.S. relied heavily on oil imports from countries like Saudi Arabia. However, less than 30 percent of the petroleum currently consumed in the U.S. originates from foreign sources. In 2014, over 13.7 million barrels per day of OPEC oil exports were destined for the Asia and Pacific regions. In North America, OPEC oil exports have decreased from 4.7 million barrels per day in 2012 to 3.1 million barrels per day in 2014. Some predict that by 2020, the only foreign oil imported to the United States will originate from Canada. The practice of hydraulic fracturing has been largely responsible for the sudden decline in oil dependency in the country. This practice has been highly controversial due to its harmful impacts on the environment. However, citizens are fairly split in their opinions of the methodology with 40 percent in favor and 40 percent opposing.