Sunday , August 14 2022

Oil reserves of the countries and their relationship with the economic bonanza Crisis in Venezuela United States World


In 2018, an unprecedented incident of drinking oil occurred world level. In that year more oil was eaten in history.

Daily consumption at global level was 98.82 million barrels in 2018. The Petroleum Exporting Countries Institute reported (OPEC).

He also noted that the upward trend during the year was imminent. Y oil consumption it could reach up to 100.23 million barrels a day.

We need to mention that the petroleum our raw material is essential, as its sales and its derivative products form a fundamental piece for the foreign and commercial policy at a global level.

The abundance of oil in the subsoil of a nation does not necessarily mean that the country has more wealth.

The countries with the largest oil reserves

The country with the largest oil reserves in the world is Venezuela. It has up to 309,000 million barrels of oil, according to statistical information from the US Central Intelligence Agency (CIA).

With crude oil oil of 266,005 million barrels, Saudi Arabia It has been located in the second place. Canada it is in the third with provisions of 169,000 million barrels.

With regard to the Latin American countries with the largest oil reserves, only 2 appear in the list worldwide.

These countries are Venezuela, in the first place, a Brazil, which has a much lower annual production of just 12,007 million barrels.

Cost of production

The geology hasn't done everything easily Venezuela. Most of its oil is heavy (or from oil sand), which is more difficult and expensive to extract because it needs solvents to circulate.

Another country with substantial reserves of oil sand is Canada. Cost of extraction petroleum It is very high because its clay is also mostly heavy.

It is worth noting that other countries have other limitations in oil production: high tax rates, as is the case Brazil a United States.

The facility to remove the petroleumthe country's commercial and foreign relations and its tax policy influence the profitability of black gold production or not.

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