The top oil producing countries, that together account for nearly 45 percent of total global crude oil production, are the United States, Saudi Arabia, Russia, and China.
World's Top Oil Producing Countries in 2015:
1. USA 12,704,000 bpd
2. Saudi Arabia 12,014,000 bpd
3. Russia 10,980,000 bpd
4. Canada 4,385,000 bpd
5. China 4,309,000 bpd
24. Indonesia 825,000 bpd
bpd = barrels per day
Source: BP Statistical Review of World Energy 2016
Although currently many countries are delving into the potential of renewable energy, the global importance of - and dependency on - oil cannot be denied, nor neglected. Fossil fuels will remain to be the most important sources of global primary energy, with oil accounting for 33 percent, coal for 28 percent and natural gas for 23 percent of the total (IMF: April 2011). Renewable sources only constitute a fraction of the total global primary energy supply (primary energy includes fossil fuels - oil, coal and natural gas -, nuclear energy and renewable energy - geothermal, hydropower, solar and wind).
Increased demand for crude oil in combination with supply-side concerns during the 2000s caused the oil price to reach historic highs. Although this rising trend was temporarily interrupted by the global financial crisis of 2008-2009, global oil demand rose substantially after 2009 (and thus the price rose accordingly), largely due to rising consumption levels of crude oil in those emerging and developing countries that show robust GDP growth. China accounts for a large share of the world's energy consumption and therefore affects world market prices for primary energy sources.
However, from mid-2014 global oil prices started to decline sharply on sluggish global economic activity (particularly due to rapidly falling economic growth in China as its government has been trying to shift the economy from export-oriented to become consumption-oriented) and an increase in US shale production, while the Organization of Petroleum Exporting Countries (OPEC) decided not to curb production rates. In February 2016 oil prices touched 13-year lows. After this recent low, prices somewhat started to recover.