When launched in October 2013, SAFE’s Oil Security Index was hailed as an essential tool for those seeking greater insight into both what constitutes oil security, and which countries are most oil secure. The Index included then-current and historical data tracing national rankings back to 2000. In the first update for 2015, SAFE adds data through Q3 2014 and revises the rankings accordingly. The Index’s seven metrics capture three core aspects of oil security: the structural dependency of countries’ economies on oil, the economic exposure of countries to oil prices and the changes in those prices, and the physical supply security of a country’s domestic and imported oil. The most recent update to the index follows the nosedive of the Russian ruble in the face of declining oil export revenues and sanctions imposed by the United States and Europe. Production growth struggled under this economic and political weight, and Q3 2014 marked the first decline in Russian production in years. The United States remains fifth in Index rankings, unchanged from last quarter. The U.S. did, however, post its highest raw index score to date, a result of decreased spending on oil imports as a percentage of GDP, surging oil stock ratios, and the lowest fuel consumption per capita figure since index data collection began in 2000.
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