{"id":45573,"date":"2019-04-23T07:38:03","date_gmt":"2019-04-23T12:38:03","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45573"},"modified":"2019-04-23T07:47:21","modified_gmt":"2019-04-23T12:47:21","slug":"mapping-the-countries-with-the-most-oil-reserves","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45573","title":{"rendered":"Mapping The Countries With The Most Oil Reserves"},"content":{"rendered":"\n

Mapping The Countries With The Most Oil Reserves<\/a><\/h3>\n\n\n\n

There\u2019s little doubt that renewable energy sources<\/a> will play a strategic role in powering the global economy of the future.<\/p>\n\n\n\n

But, as Visual Capitalist’s Jeff Desjardins notes, <\/em><\/a>for now, crude oil is still the undisputed heavyweight champion of the energy world.<\/strong><\/p>\n\n\n\n

In 2018, we consumed more oil than any prior year in history \u2013 about 99.3 million barrels per day on a global basis. This number is projected to rise again in 2019 to 100.8 million barrels per day.<\/p>\n\n\n\n

The Most Oil Reserves by Country<\/strong><\/p>\n\n\n\n

Given that oil will continue to be dominant in the energy mix for the short and medium term, which countries hold the most oil reserves?<\/strong><\/em><\/p>\n\n\n\n

Today\u2019s map comes from HowMuch.net<\/a> and it uses data from the CIA World Factbook to resize countries based on the amount of oil reserves they hold.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

Here\u2019s the data for the top 15 countries<\/strong> below:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

Venezuela tops the list with 300.9 billion barrels of oil in reserve \u2013 but even this vast wealth in natural resources has not been enough to save the country from its recent economic and humanitarian crisis.<\/strong><\/p>\n\n\n\n

Saudi Arabia, a country known for its oil dominance, takes the #2 spot with 266.5 billion barrels of oil. Meanwhile, Canada and the U.S. are found at the #3 (169.7 billion bbls) and the #11 (36.5 billion bbls) spots respectively.<\/p>\n\n\n\n

The Cost of Production<\/strong><\/p>\n\n\n\n

While having an endowment of billions of barrels of oil within your borders can be a strategic gift from mother nature, it\u2019s worth mentioning that reserves are just one factor in assessing the potential value of this crucial resource.<\/p>\n\n\n\n

In Saudi Arabia, for example, the production cost of oil is roughly $3.00 per barrel, which makes black gold strategic to produce at almost any possible price.<\/strong><\/p>\n\n\n\n

Other countries are not so lucky:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

*Total cost (bbl) includes production cost (also shown), capital spending, gross taxes, and admin\/transport costs.<\/em><\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Mapping The Countries With The Most Oil Reserves There\u2019s little doubt that renewable energy sources will play a strategic role in powering the global economy of the future. But, as Visual Capitalist’s Jeff Desjardins notes, for now, crude oil is still the undisputed heavyweight champion of the energy world. In 2018, we consumed more oil than any prior year […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[588],"class_list":["post-45573","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45573"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45573\/revisions"}],"predecessor-version":[{"id":45574,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45573\/revisions\/45574"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}