Tuesday , 10 December 2024

These 10 Countries Have the Largest Proven Crude Oil Reserves (+2K Views)

Using the data provided by Barclays commodities analyst Michael Cohen, we put together a list of the 10 countries sitting on the greatest amounts of proven crude oil reserves (bbl). Check them out below.

The edited excerpts above, and those below, are from an article* by Elena Holodny (businessinsider.com) originally entitled 10 countries sitting on massive oceans of oil which can be read in its expanded format HERE.

Here is the list in descending order:

10. Nigeria:  37.14 billion

9. Libya: 48.47 billion

8. Russia: 80 billion

7. United Arab Emirates: 97.8 billion

6. Kuwait: 104 billion

5. Iraq: 140.3 billion

4. Iran: 157.3 billion

3. Canada: 173.2 billion

2. Saudi Arabia: 268.4 billion

1. Venezuela: 297.7 billion

The original article was written by Elena Holodny (businessinsider.com) and is presented here by the editorial team of munKNEE.com (Your Key to Making Money!) and the FREE Market Intelligence Report newsletter (see sample hereregister here) in a slightly edited ([ ]) and abridged (…) format to provide a fast and easy read.]

Related Articles from the munKNEE Vault:

This infographic shows how many million barrels per day the TOP 10 oil and gas companies produce & how many years global oil reserves are expected to last.

Around the world, mainly driven by growth in developing countries like India and China, countries are using more oil. While Saudi Arabia’s limited reserves will hurt its ability to rise to the challenge, other countries like Canada and Venezuela will rise to the challenge. As these countries grow to focus on meeting the demand more, Saudi Arabia’s market share will shrink as will its power. Here’s why.

3. Continued Low Oil Prices Could Seriously Damage Canada’s Economy – Here Why & How

If oil prices remain anywhere near the current levels for a prolonged period – something the Saudis are aiming for – Canada’s economy is in serious trouble. Here’s why.

4. There’s Gold In These Sands & It’s Black! Take a Look

For 1000s of years much of the Middle East has held some of the world’s greatest concentrations of wealth. To outsiders it’s one big desert. To the insiders, it’s the ultimate gold – black gold!

5. Canadian Oil Sands: World’s Single Largest Petroleum Resource and…

The Canadian oil sands are the world’s single largest petroleum resource at 1.7 trillion barrels. With conventional oil supply decreasing, heavy oil projects such as the oil sands become more attractive economically to meet the needs of growing demand. While environmental concerns about the oil sands remain, the options for plentiful, cost efficient, and clean oil sources are limited.

6. These 10 Charts Should Put Your Mind at Ease Regarding Canada’s Oil Sands

The following charts come straight from the Canadian Association of Petroleum Producers in an attempt to put the benefits and impact of Alberta, Canada’s oil sands into proper perspective from their point of view. Take a look and I think you will be favourably impressed. Words: 540

9. The Oil Sands are NOT the “Tar” Sands and 9 More Interesting Facts

The oil sands in northern Alberta are crucially important to the Canadian economy. People from all over the country are traveling there to find work. The news is filled with controversy over proposed pipelines (the Keystone XL and the Northern Gateway) to carry the oil to export markets. Here are 10 things everyone should know about the oil sands. Words: 878

10. Canada’s Oil Sands: “The World’s Dirtiest Commodity”?

When you think of Canada, which qualities come to mind: the world’s peacekeeper, the friendly nation, a liberal counterweight to the harsher pieties of its southern neighbour, decent, civilised, fair, well-governed? Think again. This country’s government is now behaving with all the sophistication of a chimpanzee’s tea party. Words: 1377

11. How ‘Crude’ are Canada’s Oil Sands?

The carbon footprint left by Canada’s oil sands has been a target of criticism for years with many environmentalists suggesting that the extraction and processing of bitumen from Alberta’s northern oil sands is “two to three times worse” for the environment than any other supply of oil on the planet. Is that legitimate criticism? Words: 692