2017: Countries With Most Oil Reserves: USA Near Top 10 Now!

[Economy 52,844]

http://ceoworld.biz/2017/05/04/top-20-countries-with-the-worlds-largest-proven-oil-reserves/

 

Here is the Updated list of the Countries in the world with the most Proven Oil Reserves.

 

It is nearly impossible to figure out exactly how much oil each region has. "PROVEN RESERVES" is the minimum amount of Oil a Country has a near certainty of being extractible with Today's Technology

 

1. Venezuela – 300 billion barrels

2. Saudi Arabia – 269 billion barrels

3. Canada – 171 billion barrels

4. Iran – 157.8 billion barrels

5. Iraq – 143 billion barrels

6. Kuwait – 104 billion barrels

7. Russia – 80 billion barrels

8. United Arab Emirates – 98 billion barrels

9. Libya – 48.3 billion barrels

10.Nigeria – 37 billion barrels

11. United States –  36.5 billion barrels

 

Venezuela, Saudi Arabia and Canada alone have over 46% of the worlds 1.6 Trillion barrels of oil, that's almost half!

 

The US also almost makes the top 10 list now thanks to shale which has grown US proven reserves

[loathereality 27,640]

do we have an older list like 15 years ago

i wanna kknow how quickly these reserves will bee finished

 

[Economy 52,844]

7 minutes ago, loathereality said:

do we have an older list like 15 years ago

i wanna kknow how quickly these reserves will bee finished

 

Not sure. I never looked for a list that old

 

But I know proven reserves globally are actually at a record high despite fewer annual discoveries because new extraction technology has been unlocking more reserves faster than we are using it up.

 

At the current rate were consuming we have 47 years of oil left tho to answer your question

 

But that's not taking into account that every year a few more fields are discovered, that new technologies will unlock yet more reserves, the fact that "proven reserves" is actually a conservative estimate and most Countries would be able to extract more, and that consumption demand is expected to start declining within next decade or so

 

If:

 

- the lowest estimates "proven reserves" turn out to be all we can extract

- if we stopped discovering new fields

- if extraction technology didn't improve further and unlock more reserves

- And if consumption didn't change from current levels...

 

Then consuming 98 to 99 Million barrels a day like we are now would depleat the worlds 1.6 Trillion barrels of proven reserves in 47 years. But that's the absolute worst case scenario for oil depletion and highly highly unlikely

[loathereality 27,640]

i see, thank you very much

oil still means power, pretty much

[Economy 52,844]

9 minutes ago, loathereality said:

i see, thank you very much

oil still means power, pretty much

U means Nations Political power? If So Russia is the only one on this list one would consider a super power not to mention Venezuela is a mess

 

If you mean actual power sure in terms of making products and fueling transportation.

 

Not so much electricity tho. There's a myth that renewable energies would help reduce oil demand but actually for electricity the main fossil fuels are Coal (the dirtiest) and Natural Gas (the least dirty fossil fuel). Oil is only used for a small fraction of power plants and heating oil if you count that.

 

Oils main function is transportation and making products like plastics, oil based paints, asphalt, rubber tires, shingles, Petro chemicals etc

 

But switch all personal vehicles into electric cars and that alone would cut consumption by like a third. Gasoline for cars is the largest of the approximate 6000 uses for oil

 

But if we went all electric cars and renewable energy we'd actually still consume a lot of oil. But we'd pollute a lot less

[Monster7 5,697]

I don't think we are going to be able to fully replace fossil fuels, especially oil, in only 47 years..

[Nemo 4,410]

8 minutes ago, Monster7 said:

I don't think we are going to be able to fully replace fossil fuels, especially oil, in only 47 years..

Bet you anything that most of that oil stays unburnt.

 

[Economy 52,844]

30 minutes ago, Nemo said:

Bet you anything that most of that oil stays unburnt.

 

These charts have nothing to do with oil

 

[Economy 52,844]

55 minutes ago, Monster7 said:

I don't think we are going to be able to fully replace fossil fuels, especially oil, in only 47 years..

The odds of that scenario (running out in 47 years) while technically possible is extremely unlikely as the worst possible scenario would have to play out in several factors

 

1. No new oil discoveries. While there aren't as many new discoveries as there used to be there are still enough every year to replace a portion (not all) of what we use. We'd have to suddenly not find any new reserves and blow a dry well every time we drilled all of a sudden.

 

2. The reserves that are seen as "proven reserves" which are certain to be extractible would have to be the only reserves we can extract. The "probable reserves" which are likely extractible reserves (but not certain) is always much higher than the proven reserves.

 

3. Proven reserves don't increase anymore because extraction technology suddenly stops increasing recovery rates

 

4. Electric cars don't take off and we don't hit peak demand in the next 10 years as expected and demand stays at least as high as it is now or increases further

 

If all 4 of those scenarios were to play out. We'd run out within half a century. But most of those especially the first 3 I listed are extremely unlikely

 

So the 47 years is the absolute worst case scenario not the likely scenario at all.

 

Of course there's never a scenario in which we'd actually "run out" of extractible reserves because long before we did, oil could get so expensive that it would become uneconomical for anything and we'd just stop using it.

 

We won't run out in 47 years. But we sure as hell can have a supply problem within that time because production would peak decades before actually "running out"

[Nemo 4,410]

2 hours ago, Economy said:

These charts have nothing to do with oil

They make it increasingly useless for energy production.

[Economy 52,844]

8 minutes ago, Nemo said:

They make it increasingly useless for energy production.

Yeah but... Very little oil is used for energy production tho

 

The fossil fuels used for electricity is usually Coal and Natural Gas

 

Oil is mostly used for transportation (cars, trucks, airplanes) and for making of products like asphalt, plastics, oil based paints, rubber tires etc

 

Only a small fraction of electricity is generated from oil

[Pierre 10,480]

Look at my country Venezuela  And all that money that goes to Cuba, China, Russia and the goverment leaders bank accounts while people are dying for the lack of medicines and food 

Spoiler

Oil is our curse.

 

 

[Economy 52,844]

41 minutes ago, Pierre said:

Look at my country Venezuela  And all that money that goes to Cuba, China, Russia and the goverment leaders bank accounts while people are dying for the lack of medicines and food 

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Oil is our curse.

 

 

Oil is a huge source of political problems here in Canada right now too. Bad to the point where some Provinces are screwing eachother over arguments about it