Wednesday , 22 May 2019

These 15 Countries Hold the Most Oil Reserves

Given that oil will continue to be dominant in the energy mix for the short and medium term, which countries hold the most oil reserves?

Below is the data from HowMuch.net for the top 15 countries:

While having an endowment of billions of barrels of oil within your borders can be a strategic gift from mother nature, it’s worth mentioning that reserves are just one factor in assessing the potential value of this crucial resource.

Even if a country is blessed with some of the most oil reserves in the world, it may not be able to produce and sell that oil to maximize the potential benefit.

  • Countries like Canada and Venezuela are hindered by geology – in these places, the majority of oil is extra heavy crude or bitumen (oil sands), and these types of oil are simply more difficult and costly to extract.
  • In other places, obstacles are self-imposed. In some countries, like Brazil and the U.S., there are higher taxes on oil production, which raises the total cost per barrel.

Below are the production costs (bbl) for the above mentioned 15 countries and total costs (bbl) which, in addition to production costs also includes capital spending, gross taxes, and admin/transport costs.

Editor’s Note: The above excerpts* from the original article have been edited ([ ]) and abridged (…) for the sake of clarity and brevity. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

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(*The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.)