In 1940, for example, the Arabian Peninsula produced less than 5% of world oil, and the U.S. produced 63%. The report coming from a man with great respect in oil exploration clearly predicted the end of oil domination by the US that had produced nearly 90% of the oil of the Allies in WWII.
With an output of 563,000 barrels per day, Venezuela was the world's top oil exporter and third largest producer in 1939, after the United States and Soviet Union. The notable role Venezuela played in the defeat of Nazism and fascism, however, was not limited to the increase of oil production during the war.
More than 92 percent of Germany's aviation gasoline and half its total petroleum during World War II had come from synthetic fuel plants. At its peak in early 1944, the German synfuels effort produced more than 124,000 barrels per day from 25 plants.
Instead, Japan received most of its oil from the United States and rubber from British Malaya, the very two Western nations trying to restrict Japan's expansion. U.S. President Franklin D. Roosevelt's embargo of oil exports to Japan pressured the Japanese navy, which had stocks for only about six months of operations.
Romania was Hitler's major source of oil, since he had failed to conquer the Russian fields. The Allied bombers had trouble hitting the oil fields and refinery - like other bombing raids in WWII, the majority of the bombs failed to hit their targets.
This prompted Roosevelt to freeze all Japanese assets in the United States on July 26, 1941, which effectively cut off Japan's access to US oil.
Anguished by the risks of transporting oil to Britain from Iran, the British government asked Anglo-Iranian to find more oil on British soil than the trickle it had previously discovered. The company obliged, upping production at a field in Nottingham, England.
Meanwhile, German Field Marshal Erwin Rommel's rampaging North African campaign threatened England's access to Middle East oilfield sources. England's principal fuel supplies came by convoy from Trinidad and America and were subjected to relentless Nazi submarine attacks.
By September 1944, the around-the-clock bombing of the German oil industry had reduced the production of petroleum, oil and lubricants, or POL, by more than 90 percent, resulting in spreading shortages of gasoline for German mechanized and motorized divisions and several curtailments of the Luftwaffe's pilot training ...
Thus recognizing the key importance of oil, Hitler's war strategy known as the “blitzkrieg” (i.e. “lightning war”) had to be fierce but short leading to a quick decisive victory before Germany ran out of petroleum.
Oil Reserves FAQ
Venezuela is currently the country with the largest proven oil reserves in the world, with an estimated 300 billion barrels of oil.
Industry leader BP plc estimates that there are 1.73 trillion barrels of oil reserves globally. Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC).
Throughout the Second World War, the United States consistently had the largest gross domestic product (GDP) in the world. Additionally, U.S. GDP grew significantly throughout the war, whereas the economies of Europe and Japan saw relatively little growth, and were often in decline.
American oil contribution amounted to 6 billion barrels out of the 7 billion barrels consumed by the Allies during WWII; with the majority of the oil coming from Texas.
By the end of World War II Britain had amassed an immense debt of £21 billion. Much of this was held in foreign hands, with around £3.4 billion being owed overseas (mainly to creditors in the United States), a sum which represented around one third of annual GDP.
The United Kingdom has proven reserves equivalent to 4.8 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).
Although the UK did not have a shortage of fuel, the panic buying of fuel combined with supply chain issues caused by the media and the HGV driver shortage led to many petrol stations running out of fuel.
Having lost 94% of its oil supply and unwilling to submit to U.S demands, Japan planned to take the oil needed by force.
How much does the UK rely on energy from Russia? In 2021 imports from Russia made up 4% of gas used in the UK, 9% of oil and 27% of coal. In 2021, imports of gas, oil and coal from Russian to the UK were worth a combined £4.5 billion. This fell to £2.2 billion in 2022 and £1.3 billion in the year to January 2023.
Responding to Japanese occupation of key airfields in Indochina (July 24) after an agreement between Japan and Vichy France, the U.S. froze Japanese assets on July 26, 1941, and on August 1, it established an embargo on oil and gasoline exports to Japan.
With the ever-tightening blockade on Japan by the submarines, “The shortage of liquid fuel was Japan's Achilles' Heel.” Oil imports that had risen to their peak in the first quarter of 1943 were about half that at the same time one year later in 1944 and had completely disappeared/dried up by the same time in 1945.