Oil runs the world. And it is more abundant now than you can imagine, thanks to the emergence of more economical ways to extract it from the ground. So much for the peak oil theory propounded by renowned geologist M. King Hubbert – it stated that after conventional oil reserves begin to get used up, production may not be able to keep pace with the growing demand of an exploding population. By his time, of course, most of the conventional oil reserves had been discovered already.
Not so anymore. If anything, we are bothered today by overproduction.
But which are the countries that buy most of the oil? What makes them largest importers? Is it peak oil or simply forces of capitalism which makes it cheaper to buy than produce oil for them?
Here’s a glance at some such largest importers: