The UK is the world leader in cheap oil.
But it also exports more than half of its oil, according to a new report.
A new report by the Energy and Resources Institute (ERI) says the UK accounts for almost one third of global crude oil exports, while the US accounts for a further 24%.
The report says the two countries account for almost a third of all world oil exports.
It says the US has more than 1.5 million barrels per day (bpd) of crude oil production in 2016, the UK more than a million bpd, and the UK has 1.2 million bpm.
But the report also found that Britain has the world largest amount of oil production and that the US is the third largest producer in the world.
The report found that the UK accounted for $1.8 trillion of global oil exports in 2016.
It said Britain has a net oil and gas reserves of 8.7 trillion cubic feet (tcf) and the US 1.8 tcf.
The two countries also produce more than 90% of global liquefied natural gas (LNG) and about 90% to 90% coal, and about 95% to 95% oil.
“We have the world oil reserves and a very large amount of crude and gas, but we export it a lot, and we export our crude to the rest of the world,” ERI chief executive officer Michael O’Sullivan said.
“It’s a lot of oil, but a lot is not exported.”
Mr O’Sullivan said that while the UK is one of the largest oil exporters in the western world, it still lags behind the US.
“The US has a much bigger oil and natural gas footprint and a much larger crude and natural growth,” he said.
It also said that the two economies export more than one-third of all oil, coal and gas.
US and UK exports to China In addition to the UK, the report said the US and the EU are the top oil exporter to China, accounting for about $1 trillion of oil and coal exports last year.
China is the largest global importer of oil to the US, accounting of about $60 billion.
The UK has the largest amount, at $15.8 billion, followed by the US at $14.8, Germany at $11.6 billion, India at $10.3 billion and the Netherlands at $8.7 billion.
China has more oil reserves than any other country.
However, the country has had a tough time with the slowdown in the global economy.
China imports nearly two-thirds of its total oil imports.
In 2016, China’s oil exports fell to $9.7bn from $10bn in 2015, according the report.
The US had the second largest share of China’s total imports in 2016 at $6.4bn, but it is still the second-largest importer in the EU at $7.4 billion.
“They’re the ones that have the biggest problem, China, and it’s going to be difficult for them to make the switch to China in the future,” Mr O’sullivan said.
A number of countries have also seen their exports to the United States increase, such as the UK and China, the study said.
However Mr O said the biggest threat to the global energy market was the continued decline in oil prices.
“A number of companies are looking at exiting the market or have decided that they’re not going to invest in oil, or they’re thinking about getting out of the oil business,” he added.
“But the reality is, the price of oil is still so high that that is the only option for most companies.”
The Energy and Resource Institute is the research arm of the Energy Research and Development Institute, a think-tank that specialises in energy issues.