Tuesday , January 19 2021

Countries with the largest oil reserves in the world

Renewable energy plays an increasingly important role in the international market, but oil is still a hegemon. And it's probably going to be in the next decades.

In 2018, the global economy has used more oil than ever in history. In particular, about 99.3 million barrels a day. This volume is forecast to grow to 100.8 million barrels a day this year.

And which are the largest deposits in the world? Respond to this question from the online How much platform in their index, identifying data from the World CIA Fact Book.

Venezuela is an undisputed leader with reserves equivalent to 300.9 billion barrels of raw material. But even these rich deposits cannot save the country's economy from the current situation. And that's why the sanctions that the US has introduced against Venezuela are contributing. And so far, the biggest oil market in the country in Latin America remains closed.

Saudi Arabia is the second with the largest deposits. The Petroleum Exporting Countries' formal leader has funds of 266.5 billion barrels. Third is Canada with 169.7 billion barrels, and then Iran with $ 158.4 billion.

In the top 10 countries with the largest deposits are Iraq, Kuwait, the United Arab Emirates, Russia, Libya and Nigeria.

Apart from the volume of deposits, another important factor is the cost of oil extraction and the prices that the exporting countries sell. And that's why Saudi Arabia exports raw material so important.

The cost of mining, as well as transport tolls and costs for the Arab state, is the lowest cost of comparison with other major export countries. In Saudi Arabia, there is one barrel worth $ 3, and when adding capital costs, levies and other costs, the price increases to $ 8.98.

On the other hand, extraction for the UK is the most expensive – $ 44.33 billion with all the costs involved.

Despite large deposits for countries like Venezuela and Canada, a product is also quite expensive. This is mainly due to the geological characteristics of both countries. The deposits are on heavy crude oil or bitumen (tar sand), and their products are much harder and expensive.

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