Oil Reserves by Country

This article ranks oil reserves by country according to estimates by the Central Intelligence Agency (CIA). The CIA defines oil reserves as “the stock of proved reserves of crude oil in barrels (bbl) . . . which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.” World oil reserves currently amount to nearly 1.4 trillion barrels of crude. The world presently consumes 97 million barrels of oil each day. Based on these reserve and consumption rates, therefore, the world has 39 years of oil reserves. This calculation does not account for future finds or the phenomenon known as “reserves growth”– the tendency of oil reserves to grow as technology advances in the industry. The oil reserve (bbl) rankings that follow include each country’s percent of world oil reserves, daily national consumption rates, and oil reserves measured in years. 1. Oil Reserves by Country: Saudi Arabia Oil reserves (bbl): 246.6 billion Percent of world oil reserves: 17.88% Daily national consumption (bbl): 2.43 million Oil reserves (years): 278 2. Oil Reserves by Country: Canada Oil reserves (bbl): 175 billion Percent of world oil reserves: 12.78% Daily national consumption (bbl): 2.15 million Oil reserves (years): 223 3. Oil Reserves by Country: Iran Oil reserves (bbl): 137.6 billion Percent of world oil reserves: 9.97% Daily national consumption (bbl): 1.81 million Oil reserves (years): 208 4. Oil Reserves by Country: Iraq Oil reserves (bbl): 115 billion Percent of world oil reserves: 8.34% Daily national consumption (bbl): 687,000 Oil reserves (years): 459 5. Oil Reserves by Country: Kuwait Oil reserves (bbl): 104 billion Percent of world oil reserves: 7.54% Daily national consumption (bbl): 320,000 Oil reserves (years): 890 6. Oil Reserves by Country: United Arab Emirates Oil reserves (bbl): 97.8 billion Percent of world oil reserves: 7.09% Daily national consumption (bbl): 435,000 Oil reserves (years): 616 ((20 NOV 2010))

http://www.associatedcontent.com/article/6033754/oil_reserves_by_country.html?cat=3

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