Supply & Demand
Geography: Edexcel A Level, topic 8.2.4
High Supply of Fossil Fuels
There is a mismatch between the location of fossil fuel supply and the regions or countries that have a high demand for the fossil fuels.
High oil supply
- Venezuela and Saudi Arabia have the two largest oil reserves, at 298 billion barrels and 268 billion barrels respectively.
- Oil is found in some developed nations such as Canada.
- The top 10 nations in terms of oil supply are mainly emerging and developing nations e.g. Iran, Iraq, Kuwait, UAE and Russia.
High gas supply
- Russia and Iran have the two largest natural gas reserves, at 47800 billion m3 and 33610 billion m3 respectively.
- Gas in large quantities is found in some developed nations such as the USA, which has 9460 billion m3.
- The top 10 nations in terms of gas supply are mainly emerging and developing nations e.g. Iran, UAE, Qatar and Turkmenistan.
High coal supply
- The USA and Russia have the two largest coal reserves, at 237,000 million tonnes and 157,000 million tonnes respectively.
- Coal in large quantities is found in some developed nations such as the USA, Australia and Germany.
- The top 10 nations in terms of coal supply are mainly emerging and developing nations e.g. Russia, China, India and South Africa.
High Demand for Fossil Fuels
There is a mismatch between the location of fossil fuels supply and the regions or countries that have a high demand for the fossil fuels.
China
- Economic development in China has led to oil consumption doubling between 2000 and 2010.
- It is projected that China will be the world’s largest energy importer by 2035.
Demand
- There is a disparity between the demand and supply. China has the 14th largest oil reserve (but it is only 1/10th of Canada’s).
- Despite China having the 3rd largest coal reserve (114,500 million tonnes), Chinese consumers use more than can be supplied domestically.
Test yourself on Supply & Demand
Which country has the largest natural gas reserves at 47,800 billion m3?
By what year is China predicted to be the world's largest energy importer?