Definition: This entry is the stock of proved reserves of crude oil in barrels (bbl). Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.
Source: CIA World Factbook - Unless otherwise noted, information in this page is accurate as of January 1, 2012See also: Oil - proved reserves map
Venezuela, Russian oil company ink $14B deal to double country's output
Latino FOX News - 5/29/2015 5:36:31 PM
Despite its economic upheaval, Venezuela remains one of the world's largest oil exporters and claims to have the world's largest crude reserves in the country's Orinoco Belt – an area where Rosneft already has oil operations. For years, Venezuela's ...
Russia, Venezuela agree on massive oil & gas deal
Axis of Logic - 5/28/2015 1:41:29 PM
The belt holds some of the largest crude oil reserves in the world. The two countries will also look into developing the Latin American nation’s gas sphere. PDVSA had set an ambitious target to try and double the country’s oil production to 6 million ...
15 countries with biggest oil reserves
Rediff India Abroad - 10/17/2011 11:53:42 PM
countries with the most oil within their borders are set to benefit as demand for crude continues to rise. As of 2010, the US government estimates that the world has proved reserves in the neighbourhood of 1.35 trillion barrels; the net amount of oil ...
OPEC Sees Rivals Boosting Oil Output Despite Weak Prices
NDTV - 5/28/2015 10:56:50 AM
But shale oil production has proved ... The world's liquids resources are sufficient to meet any expected increase in demand over the next few decades," it said. "With plenty of oil still left in familiar locations, forecasts that the world's reserves ...
Russia, Venezuela Oil Firms Reach $14B Oil, Gas Production Deal
HNGN - 5/28/2015 2:31:35 PM
The state-owned oil companies of Russia and Venezuela have agreed to a $14 billion project to double oil and gas output in the South American country's rich Orinoco ... some of the largest crude oil reserves in the world. "The alliance has allowed the ...
Saudi Arabia Energy Profile: 16% Of World’s Proved Oil Reserves – Analysis
Eurasia Review - 9/10/2014 11:57:38 PM
4 The giant Ghawar field is the world’s largest oil field in terms of production and total remaining reserves. The Ghawar field has estimated remaining proved oil reserves of 75 billion barrels,5 more than all but seven other countries. Saudi Arabia is ...
Chevron says output from joint oil field remains shut
Arab News - 5/28/2015 7:10:45 PM
Crude output is divided equally between the two countries. It survived the nationalization of the Saudi oil industry in the 1970s. Since then, Saudi reserves of 264 billion barrels, about a fifth of the world’s proven oil reserves, have been off limits ...
World View: As Russia’s Economy Worsens, Withdrawal from Ukraine May be Necessary
Breitbart News - 5/29/2015 11:02:48 AM
None of those assumptions has proven true. Oil has fallen to around ... Most European countries are not spending more than 2% of GDP on defense; the US spends 3.5%, and only nine countries in the entire world are now spending more than 4%.
Why the world needs to ban fuel subsidies
Globe and Mail - 5/28/2015 9:05:17 PM
Of course, Saudi Arabia still sits on some of the world’s biggest proven oil reserves and its production costs are ... Saudi Arabia and dozens of other countries, many of them poor and running hefty budget deficits, seem bent on bankrupting themselves ...
Putin pours money into Venezuela oil production
neurope.eu - 5/29/2015 4:39:15 PM
Venezuela’s President Nicolas Maduro said Caracas and Russia’s sanction-hit Rosneft have agreed on around $14 billion in investment in the South American country ... oil basin and offshore give Venezuela the world’s largest-known reserves.
Iran to pump 170,000 bpd crude oil to boost production
customstoday.com.pk - 5/29/2015 4:14:47 AM
Development of joint oil and gas fields is a priority of the Iranian government. In April, Iranian Oil Minister Bijan Namdar Zanganeh said it will take just a few months for the country ... crude oil reserves, Iran possesses the world’s fourth largest ...
US drivers yield 'swing' oil demand to Saudis
Arabian Business - 5/29/2015 6:45:07 AM
As the United States raced over the past five years toward becoming a global petroleum powerhouse, the world ... by burning oil. To meet the surge at the peak of summer, Saudi Arabia, home to approximately 16 percent of all crude oil reserves, has ...
Russia's Rosneft and Venezuela Agree $14 Billion in Oil and Gas Deals
The Moscow Times - 5/28/2015 4:54:45 PM
According to data posted on PDVSA's official Twitter account, the countries will "create companies together" and intend on developing reserves in the Orinoco Oil Belt, a territory in northern Venezuela that contains one of the world's largest oil deposits.
Why oil firms want a say in global climate talks
The Christian Science Monitor - 5/25/2015 11:53:29 PM
The desert kingdom’s oil minister recently stated that his country would eventually be transitioning ... and sequestration can be developed, the world cannot burn through all the known oil and gas reserves. “We cannot burn all the hydrocarbon ...
How a Geneva-based commodity trader became the largest exporter of Russian oil
Times Union - 5/28/2015 12:22:44 PM
Trafigura, the Geneva-based commodity trader, has done something remarkable — it's become the largest exporter of oil from Russia shifting some 9 million barrels of crude out of the country in April ... is currently the world's largest oil producer ...