Canada is the main source country for petroleum imported into the United States. In 2024, the United States imported around million barrels of petroleum per day from its northern neighbor. Oil trading with Canada increased more quickly in the when strides made in unconventional oil extraction allowed for the large-scale mining of oil sands. By comparison, petroleum trading with Venezuela notably declined since the year 2000. In fact, the U.S. did not purchase any crude oil or oil products from Venezuela between 2020 and 2022. However, in 2024 Venezuelan petroleum imports reached some thousand barrels per day.
Crude oil reserves
As of 2023, global crude oil reserves were estimated to be around trillion barrels. This is the amount of oil that can be extracted in the future under current economic and operating conditions. Most of the proved oil reserves in the world are found in the Middle East, although the share of proved reserves in Central and South America has increased the most since the .
Uses of petroleum
Petroleum is a versatile raw material that can be refined into transportation fuels or used as a feedstock within the petrochemical industry. Gasoline is the most commonly produced petroleum product. U.S. refinery production of conventional motor gasoline reached million barrels per day in 2021. Most refineries in the U.S. are located on the Gulf Coast close to productive oil basins such as the Permian and ports for shipping.
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