Author: Mike Cline, T/X Resources
Ranking the oil reserves of the top 25 countries illustrates the vast difference between first-ranked Saudi Arabia and eleventh-ranked U.S.—we have slightly more than 8% of Saudi Arabia’s total reserves (we do a little better in the category of natural gas reserves however, ranking 6th in the world).
Another sobering statistic derived from this data, is that five of the top six ranked countries (OPEC members Saudi Arabia, Iraq, Kuwait, Iran and the United Arab Emirates) currently control nearly 55% of the world’s oil reserves (the entire group of OPEC countries control almost 70%!!).
These top five OPEC countries are all within a few hundred miles of each other—the four largest, share common borders. Iraq and Iran, which are potentially the most unstable of the middle-eastern OPEC countries, control almost one-fifth of the world’s oil reserves!!
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A bright spot in the world oil reserve data however, is that Canada’s oil reserves, at nearly 179 BBO (billion barrels of oil), still ranks at second place in reserves (the Oil & Gas Journal indicates that this reflects the inclusion of Alberta’s oil sands, which are recoverable using current technology).
A few years ago, Russia’s tremendous gas reserves (1680 TCF) offered a glimmer of hope (mainly for the European markets) against the OPEC oil monopoly. However, because of increasing tensions recently, between Russia, and the West, that enthusiasm has been all but dampened.
Also this year, the ranking of the United States’ oil reserves is still at 11th place, dropping slightly to 21.8 BBO, while it’s natural gas reserves rank at sixth place, increased slightly to 204.4 TCF (trillion cubic feet). The world’s total oil reserves increased overall to 1,292.9 BBO, as well as natural gas reserves at 6,124.0 TCF.
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Hoe do the reserves of oiol go up when 1) we use oil, and 2) it is a non-renewable resource?
Dan,
Oil and gas reserves can increase by several methods, such as:
1) When previously unknown reservoirs are discovered, such as is happening now in the very deep waters of the world’s oceans (eg. Gulf of Mexico, West Africa, and South America).
2) Previously uneconomic reserves become economic (current income is higher than current production costs), due to increased prices (eg. Canada’s oil sands, and US oil shales).
3) When hydrocarbons are converted from one form to another, by additional processing (eg. heating coal, to produce oil, or gas).
Good question, though. Thanks.