Which Country Has The Largest Oil Reserves

Which Country Has The Largest Oil Reserves – There is no doubt that renewable energy sources will play a strategic role in boosting the global economy in the future.

In 2018, we used more oil than in 2018 in history – about 99.3 million barrels per day worldwide. This number is expected to increase to 100.8 million barrels per day in 2019.

Which Country Has The Largest Oil Reserves

Which Country Has The Largest Oil Reserves

As oil continues to dominate the energy mix in the short to medium term, which country holds the largest oil reserves?

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Today’s map comes from HowMuch.net, which uses data from the CIA’s World Factbook to create a map of countries based on the size of their oil reserves.

Venezuela stands at the top with 300.9 billion barrels of oil reserves – but even this vast natural resource is not enough to save the country from the economic and humanitarian crisis it is in.

Saudi Arabia, known for its water holdings, ranked Two with 266.5 billion barrels of water. Meanwhile, Canada and the United States ranked #3 (169.7 billion bbl) and #11 (36.5 billion bbl), respectively. Extinguish.

While storing billions of barrels of oil within your borders may be a strategic gift from Mother Nature, it is important to note that reserves are only one factor in assessing the value of this valuable resource.

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For example, oil production in Saudi Arabia is around $3.00 per barrel, making it unethical to produce black gold at any price.

Even if a country has the largest oil reserves in the world, it may not be able to sell that oil production for maximum profit.

Countries like Canada and Venezuela are limited by geology – most of the oil in these places is crude oil or tar (sand), and this type of oil is very difficult and expensive to extract.

Which Country Has The Largest Oil Reserves

In other places, the barriers are self-imposed. Some countries such as Brazil and the United States levy high taxes on oil production, which increases the price of oil per barrel. Up.

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How big is the crude oil market? EV Adoption Impact on Fuel Consumption (2015-2025P) Chartered: Commodity and Stock Prices (1970-2023) How Will US Electricity Use Change by Week? Us. See the flow diagram of CO2 emissions related to energy. Which country is buying Russian fuel?

Crude Oil Market How big is the crude oil market? The oil market is larger than the 10 largest metal markets, the production value is more than 2 trillion dollars a year.

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Although the world economy is based on many commodities, nothing comes close to balancing the crude oil market.

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In addition to being the main source of energy for transportation, oil is also the main raw material for many industries such as plastics, fertilizers, cosmetics and pharmaceuticals. Therefore, the world’s physical oil market has had astronomical and economic and geopolitical effects, and a few countries have dominated the world’s oil production.

The infographic above compares the size of the crude oil market with the 10 largest metal markets. To calculate the size of the market, we used the latest prices multiplied by global production in 2022, based on data from TradingEconomics and the United States Geological Survey (USGS).

In 2022, the world will produce an average of 80.75 million barrels of oil per day (including condensate). It produces 29.5 billion barrels of crude oil a year, a market value of more than $2 trillion at current prices.

Which Country Has The Largest Oil Reserves

The combined market size of the top 10 metal markets is $967 billion, less than half of the oil market. In fact, even if we include other smaller crude oil markets, the oil market will still be huge.

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It also reflects the large amount of annual oil consumption, as the resource is everywhere in our daily lives.

It is important to note that although the oil market is higher than the metal market, this does not reduce the importance of these products.

Metals are an important building block for the world economy, playing an important role in infrastructure, energy technology and more. Meanwhile, precious metals such as gold and silver are important stores of value.

As the world moves towards sustainability and away from fossil fuels, it will be interesting to see how the market for oil and other commodities develops.

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Money 3 weeks ago Rating: Cheapest US Home Buyers USA 6 days ago Chart: US Stocks Over 50 Years House Prices 4 weeks ago Rating: America’s Largest Semalt Company Investor Education 3 weeks ago Asset Class for 10 Year Annual Majorcast Energy 5 days ago How old are the world’s nuclear power plants? Markets 4 weeks ago Fastest growing asset class in 2023 VC+ 3 weeks ago Markets in June VC+ 4 days ago How big is the crude oil market? Since its inception in the mid-19th century, the oil industry has provided enormous amounts of energy, fueled wars and geopolitical changes as countries competed for control of the largest reserves. It is used as fuel for automobiles, home lighting, factories and equipment, as a raw material for fertilizers, and as a raw material for making plastics around the world.

Petroleum is a natural fossil that forms when dead organisms buried under rocks are exposed to heat and pressure for long periods of time. After crude oil is extracted from the ground, it is often drilled and turned into gasoline, plastics, and pharmaceutical products. The large use of oil, along with the importance of oil products, makes it one of the most valuable materials in the world.

Venezuela has more proven oil reserves than any other country in the world, even that its economy in free fall and political crisis explode. This country holds 303.2 billion barrels of oil, which is about 18% of the world’s oil. Most of this oil is in the Oronoco Belt, which has a capacity of more than 200 billion barrels and is the largest oil deposit in the world. The economy of South America is highly dependent on oil, which accounts for more than 90% of exports.

Which Country Has The Largest Oil Reserves

The country’s current problems are partly due to the drop in global oil prices and the fact that oil money is being used for social services instead of going back into the oil industry. In addition, due to aging pipelines and oil extraction equipment, Venezuela produces only 2.1 million barrels of oil per day, down 22% from five years ago and from the country’s peak of 3.8 million barrels in 1970. .

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But since 2020, Iran has been helping Venezuela repair and maintain its water refinery. own This helped the oil business of the region.

Saudi Arabia has the second largest oil reserves in the world. For many years, the government of Saudi Arabia has the largest oil reserves in the world. However, new oil reserves found in Venezuela this century have lifted it to second place. Saudi Arabia holds 258.6 billion barrels of oil, one of the OPEC countries and the second largest of any country in the world. Majority owned by Saudi Aramco, the king of the country that controls most of Saudi Arabia’s oil.

The country can produce 12 million barrels of oil per day, depending on Saudi Arabia for more oil trade than any other country, except the United States. In 2017, more than 75 percent of the country’s export earnings of $170 billion came from oil. However, the price of oil in 2014 fell, causing damage to the economy. Therefore, between 2014 and 2016, GDP decreased by 14.7 percent.

Iran has 208 billion barrels of crude oil reserves, the third largest in the world. About 16% of the world’s known oil reserves are important to the local economy. Iran remains one of the top ten oil exporters and the country’s top oil producer. . By 2021, this country will produce 2.5 million barrels of oil per day.

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Iran is one of the four countries with more than 208 billion barrels of oil. Iran is one of the countries participating in OPEC. But because the United States has imposed economic sanctions on Iran, the country’s oil industry must solve Solve many problems, such as export bans and foreign investment restrictions.

The National Iranian Oil Company owns and controls all of Iran’s oil exploration and production. However, the international sanctions imposed on Iran due to its nuclear activities have caused damage. for its energy sector, making it difficult for Iran to produce oil.

Iran plans to invest $500 billion in its oil industry by 2025 to quickly access its vast supplies. Iran’s oil reserves include more than 200 barrels and 102 fields, of which 78 are black. Operation now.

Which Country Has The Largest Oil Reserves

Canada has the fourth largest oil reserves in the world. Canada has 168.9 billion barrels

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