The Middle East accounted for 30 percent of world crude oil production last year, while its share of global proved oil reserves was 65 percent. The combined share of OPEC oil producers in world production and reserves stood at 41 and 78 percent, respectively, last year. Oil consumption, on the other hand, is concentrated in the industrialized countries. Japan's oil consumption is met completely by imports, of which the Middle East accounts for 81 percent. Of the industrialized countries, only the United States, Great Britain and Norway produce a significant amount of crude oil. Of these countries, only Norway is a net exporter of crude oil.
On a regional basis, Europe, NAFTA and Asia (excluding China) account for a majority of world crude oil imports. Around 30 percent of Europe's large net crude oil imports come from the Middle East, while a slightly higher share comes from the Former Soviet Union region. Nevertheless, oil production in the North Sea helps reduce Europe's dependency on imports. Japan and other East Asian countries are the most dependent on Middle East oil.
Industrialized countries remain highly sensitive to oil price shocks. Disturbances to the supply of oil could easily trigger a new energy crisis, with serious effects on the world economy.
