The Missing Millions

BP’s Statistical Review of World Energy provides figures for oil exports and for oil imports on a

country by country basis from year to year. The 2014 edition allows us to produce the following

charts for major regions:

I’ve looked at the tables behind these charts for many years. They show that the Middle East as a

whole is the major supply source for meeting global demand. They show the Asia Pacific Region is

the delivery point for much of this supply and that North Ame rica’s need for imports has declined in

recent years due to the oil sands in Alberta and the arrival of shale production and fracking in the

US. What is also apparent is that the world appears to import 4,500,000 barrels a day more than it

exports. The chart below sets out this anomaly:

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Exporting Countries '000 BPD

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Total Middle East

Total S. & Cent. America

Source: Adapted from BP Statistical Review of World Energy 2014

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Importing Countries '000 BPD

Total Asia Pacific

Total Europe & Eurasia

Total North America

Source: Adapted from BP Statistical Review of World Energy 2014

My previous SlideShare posts attempted to show the current decline in oil price as in part being

explained by Chinese imports rising more slowly than US imports were declining. Some

commentators noted I’d been selective in only charting some nations and not all. The above charts

sought to address this.

I’m not really able to understand why I hadn’t spotted that world imports exceeded world exports

until now. If we are importing oil from outer space, we should be told. I f, as seems marginally more

likely, production is not all being recorded and production taxes are being evaded then it seems

we’re collectively looking the other way. We’ve looked the other way for 30 years. We’ve ignored

this as the gap grew and grew to the huge level it is at today. Are we seeing 4,500,000 barrels a day

being smuggled across borders?

Perhaps someone can account for the discrepancy?

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Missing Barrels '000 BPD

Source: Adapted from BP Statistical Review of World Energy 2014