List of countries by proven oil reserves
3 days ago
- #energy economics
- #OPEC
- #oil reserves
- Proven oil reserves are petroleum quantities estimated with high confidence to be commercially recoverable under current economic conditions.
- Different sources (OPEC, CIA, BP) provide varying reserve figures due to differing definitions and inclusions (e.g., shale oil, tar sands).
- Canada's reserves surged in 2003 when Alberta's oil sands became viable; Venezuela's reserves grew due to Orinoco Belt heavy oil.
- Top reserve holders (BP data): Venezuela (303.8B bbl), Saudi Arabia (297.5B bbl), Canada (168.1B bbl), Iran (157.8B bbl), Iraq (145.0B bbl).
- Reserves can expand when uneconomic deposits become viable, reflecting changes in technology or market conditions.
- Discrepancies arise from exclusion of unconventional sources (e.g., US shale oil reserves not fully reflected in data).
- Key producers like Russia (107.8B bbl) and the US (68.8B bbl) have significant reserves but face shorter production lifespans (e.g., US: 15 years).