ABSTRACT
In this chapter, world oil supply-and-demand patterns are examined. Current statistics on reserves are also reviewed. It is noted that estimates of proven reserves are changing from year to year and high oil prices stimulate searching for oil, which tends to increase the amount of proven reserves around the world. As to oil supply and demand, the United States is still the main oil producer and consumer in the world. It also leads the world in refining capacity. It is interesting that the developing countries have shown, lately, signs of increasing oil demand.
