Editing Petroleum (section)

===21st century===
The two oil price shocks had many short- and long-term effects on global politics and the global economy.<ref>{{Cite news |date=April 18, 2006 |title=The price of oil – in context |work=CBC News |url=http://www.cbc.ca/news/background/oil/ |url-status=live |archive-url=https://web.archive.org/web/20070609145246/http://www.cbc.ca/news/background/oil/ |archive-date=June 9, 2007}}</ref>  They led to sustained reductions in demand as a result of substitution to other fuels, especially coal and nuclear, and improvements in [[Efficient energy use|energy efficiency]], facilitated by government policies.<ref>{{Cite web |last=World Bank |title=Commodity Markets Outlook: The Impact of the War in Ukraine on Commodity Markets, April 2022. |url=https://openknowledge.worldbank.org/bitstream/handle/10986/37223/CMO-April-2022.pdf}}</ref> High oil prices also induced investment in oil production by non-OPEC countries, including Prudhoe Bay in Alaska, the North Sea offshore fields of the United Kingdom and Norway, the Cantarell offshore field of Mexico, and oil sands in Canada.<ref>{{Cite web |title=Commodity Markets: Evolution, Challenges, and Policies |url=https://www.worldbank.org/en/research/publication/commodity-markets |access-date=May 13, 2022 |website=World Bank |language=en}}</ref>

About 90 percent of vehicular fuel needs are met by oil. Petroleum also makes up 40 percent of total energy consumption in the [[United States]], but is responsible for only one percent of electricity generation.<ref>{{Cite web |title=EIA – Electricity Data |url=https://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_1_1 |url-status=live |archive-url=https://web.archive.org/web/20170710095902/https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_1_1 |archive-date=July 10, 2017 |access-date=April 18, 2017 |website=www.eia.gov}}</ref> Petroleum's worth as a portable, dense energy source powering the vast majority of vehicles and as the base of many industrial chemicals makes it one of the world's most important [[commodities]].

The top three oil-producing countries as of 2018 are the United States, [[Russia]], and [[Saudi Arabia]].<ref name="U.S. Energy Information Administration">{{Cite web |title=The United States is now the largest global crude oil producer |url=https://www.eia.gov/todayinenergy/detail.php?id=37053 |url-status=live |archive-url=https://web.archive.org/web/20181003230307/https://www.eia.gov/todayinenergy/detail.php?id=37053 |archive-date=October 3, 2018 |access-date=October 6, 2018 |website=www.eia.gov |publisher=Today in Energy – U.S. Energy Information Administration (EIA)}}</ref> In 2018, due in part to developments in [[hydraulic fracturing]] and [[horizontal drilling]], the United States became the world's largest producer.<ref>{{Cite web |title=US soon to leapfrog Saudis, Russia as top oil producer |url=https://www.abqjournal.com/1195285/us-soon-to-leapfrog-saudis-russia-as-top-oil-producer.html |url-status=live |archive-url=https://web.archive.org/web/20181006075340/https://www.abqjournal.com/1195285/us-soon-to-leapfrog-saudis-russia-as-top-oil-producer.html |archive-date=October 6, 2018 |access-date=October 6, 2018 |website=www.abqjournal.com |publisher=The Associated Press}}</ref>

About 80 percent of the world's readily accessible reserves are located in the [[Middle East]], with 62.5 percent coming from the Arab five: [[Saudi Arabia]], [[United Arab Emirates]], [[Iraq]], [[Qatar]], and [[Kuwait]]. A large portion of the world's total oil exists as unconventional sources, such as [[bitumen]] in [[Athabasca oil sands]] and [[extra heavy oil]] in the [[Orinoco Belt]]. While significant volumes of oil are extracted from oil sands, particularly in Canada, logistical and technical hurdles remain, as oil extraction requires large amounts of heat and water, making its net energy content quite low relative to conventional crude oil. Thus, Canada's oil sands are not expected to provide more than a few million barrels per day in the foreseeable future.<ref>{{Cite news |date=October 18, 2017 |title=Canada's oil sands survive, but can't thrive in a $50 oil world |language=en |work=Reuters |url=https://www.reuters.com/article/us-canada-oilsands-economics-analysis-idUSKBN1CN0FD |url-status=live |access-date=April 5, 2020 |archive-url=https://web.archive.org/web/20200518005508/https://www.reuters.com/article/us-canada-oilsands-economics-analysis-idUSKBN1CN0FD |archive-date=May 18, 2020}}</ref><ref>{{Cite web |title=Crude Oil Forecast {{!}} Canadian Association of Petroleum Producers |url=https://www.capp.ca/resources/crude-oil-forecast/ |url-status=live |archive-url=https://web.archive.org/web/20200515020045/https://www.capp.ca/resources/crude-oil-forecast/ |archive-date=May 15, 2020 |access-date=April 5, 2020 |website=CAPP |language=en-US}}</ref><ref>{{Cite web |title=IHS Markit: Canadian oil sands production to be ~1M barrels higher by 2030 but with lower annual growth; boosted by deterioration in Venezuela |url=https://www.greencarcongress.com/2019/06/20190606-oilsands.html |url-status=live |archive-url=https://web.archive.org/web/20200531155825/https://www.greencarcongress.com/2019/06/20190606-oilsands.html |archive-date=May 31, 2020 |access-date=April 5, 2020 |website=Green Car Congress}}</ref>