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, 2014See also: Oil - proved reserves map
Saudi Arabia's oil policy 'does not help anyone'
CNN Money - 10/13/2015 10:14:52 AM
Saudi Arabia's decision to flood world markets with oil is a ... trying to wrestle back market share from U.S. oil producers. "I am not sure it benefits Saudi Arabia itself. Right now they've drained their reserves," he said, referring to reports that ...
Saudi Arabia is playing 'oil poker' with the world but will the gamble pay off?
Arabian Business - 10/12/2015 10:08:53 AM
In the chip-leading position Saudi Arabia, which possesses 18 percent of the world’s proven petroleum reserves ... which dropped oil prices, in the global market. Saudi officials bet that abandoning the country’s role as the guarantor of existing ...
Top 10 Countries With The World’s Biggest Oil Reserves
gulfbusiness.com - 4/13/2013 11:59:57 PM
countries, it stated. However, OPEC nations continue to overshadow the world in terms of reserves, holding more than 80 per cent of the world’s proven oil reserves, according to current estimates. The bulk of OPEC oil reserves – 66 per cent – are in ...
World Proved Oil Reserves Data A Work Of Fiction
Oil Price - 12/9/2014 11:08:10 PM
The EIA publishes Annually a list of World ... reserves the country possesses. Even the US has gotten in on the act, adding 11.5 billion barrels of proved reserves since 2009. They did not report US 2014 reserves. Most of this increase is light tight oil ...
China Crude Imports Rebound as Refiners Seek Oil Bargains
Bloomberg - 10/13/2015 9:31:55 AM
China, which was the world’s top oil buyer in June ... barrels of crude in its reserve so far and plans to have 500 million by the end of the decade, according to the International Energy Agency. Total imports by the Asian country extended the longest ...
Oil Sands Boom Dries Up in Alberta, Taking Thousands of Jobs With it
New York Times - 10/13/2015 4:16:57 AM
FORT McMURRAY, Alberta — At a camp for oil ... world’s largest energy companies and about $200 billion worth of investments to oil sands development over the last 15 years, the industry is in a state of financial stasis, and navigating the decline has ...
Consumers start looking for more gas supplies than oil
The Express Tribune - 10/12/2015 9:36:05 PM
ISLAMABAD: Some countries including the United States appear to have broken the monopoly of Saudi Arabia in world oil supplies. The US has tapped its shale oil reserves and is releasing them in the international market, pushing crude oil prices down and ...
Oil price rally falters
United Press International - 10/12/2015 1:43:38 PM
Countries like Russia, however, that depend on oil for revenue are struggling. In the United States, U.S. Federal Reserve Vice Chairman Stanley Fischer said low crude oil prices have translated to increased purchasing power for consumers. "Further ...
Top 10 oil and gas producing countries in 2012
Mining - 6/14/2013 10:46:25 PM
World oil production ... disposition of the 10 biggest oil producers. Another important indicator is the reserves-to-production (R/P) ratio which represents “burning rate” of proven oil reserves in-situ for any given country when applying current ...
Alberta oil-sands boom dries up, taking thousands of jobs with it
The Seattle Times - 10/12/2015 7:05:46 PM
With oil prices ... of the world’s largest energy companies and about $200 billion worth of investments to oil-sands development over the past 15 years, the industry is in a state of financial stasis, and navigating the decline has proved challenging.
10 Huge Countries Without Their Own Oil
24/7 Wall ST - 12/29/2014 7:28:11 AM
The world’s 1.635 trillion barrels of proved oil reserves are not evenly distributed among the globe’s 216 nations. Just three — Saudi Arabia, Venezuela and Canada — account for nearly a third of the total. There are far more countries with no or ...
Iran to ink oil deals worth tens of billions of dollars in next two years
bakken.com - 10/12/2015 5:54:11 PM
Iran has the world’s fourth-biggest oil reserves and the world’s largest gas reserves and countries are scrambling to clinch lucrative energy deals as international sanctions are lifted under a landmark nuclear deal agreed in July. In the wake of ...
Has Oil Found A Bottom?
Financial Content - 10/12/2015 2:55:13 PM
It’s easy to see why the attraction is there; the world’s largest country has huge oil reserves and the geopolitical clout to boost the cartel’s “muscle” by about a third. But this past weekend, Russian Energy Minister Alexander Novak announced ...
American Oil Reserves Now Top Saudi Arabia
Breitbart News - 4/15/2014 11:54:12 PM
The U.S. Energy Information Agency (EIA) just reported that United States “proven ... Worldwide oil reserves are published by the U.S. Energy Information Administration (EIA) each year. The 12 member Organization of Petroleum Exporting Countries ...
Top 5 Oil-Producing Countries In 2011
Investopedia - 3/15/2011 11:59:20 PM
However, some have commented that current price rise may be an overreaction, since Libya produces only about 2% of the world's oil per day. While that is not an insignificant amount, other large oil producing countries ... of proven oil reserves, or ...