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Who Has The Most Oil? … So really… how can there be a shortage?

March 11, 2012
English: Pie chart of world oil reserves by region

Image via Wikipedia

Who profits from the “illusion” of an oil shortage?  Traders create a price-hiking illusion of an oil shortage by purchasing oil at one of its key benchmarking sites. The consequence: the acquisition and hoarding of future oil supplies… creates the illusion of limited supply… with a corresponding impact (increase) on prices.  Allowing them to thus… sell later at huge profits…

Investment bubbles, temporary policy interventions by central banks and alleged speculation—they are all ingredients in what should be called the Greatest Rip-off Scheme Ever Conceived.

Estimates differ as to when oil production will actually peak… but one thing is for sure… it won’t be in the next six months… or even the next six years.

So I have to ask again… Who profits from the “illusion” of oil shortages in the here and now?

You know who… Wall Street does… and no one else my friend… no one else.

Who Has The Most Oil?  The list is below…

Big movements in the price of oil can have significant effects on the economy, and although this key commodity is off its all-time highs, countries with the most oil within their borders are set to benefit, as demand for crude continues to rise.
With much of the world’s existing reserves found in the Middle East, Gulf of Mexico, and a few other locations around the globe, individual countries benefit incredibly from their surprisingly high concentrations of oil.
As of 2011, the U.S. government estimated that the world has proven reserves in the neighborhood of 1.35 trillion barrels. This number represents the net amount of oil still in the ground that has a reasonable certainty of recovery when considering current political, economic, and technological challenges. Labeling subterranean oil “proved” reserves takes into consideration current feasibility, although there may be additional oil underground that is deemed unrecoverable.
With the most recent data from the Energy Information Administration and the CIA World Factbook, here are the countries with the biggest proven oil reserves.

By Paul Toscano Updated 5 March 2012

1. Saudi Arabia

Proved oil reserves: 262.6 billion barrels Proportion of world total: 17.85%
Daily Oil Statistics (2010 estimates): Total oil production: 10.52 million barrels Consumption: 2.64 million barrels
Exports to the US: 1.47 million barrels (Sept. 2011)

2. Venezuela

Proved oil reserves: 211.2 billion barrels Proportion of world total: 14.35%
Daily Oil Statistics (2010 estimates): Total oil production: 2.38 million barrels Consumption: 746,000 barrels
Exports to the US: 759,000 barrels (Sept. 2011)

3. Canada

Proved oil reserves: 175.2 billion barrels Proportion of world total: 11.91%
Daily Oil Statistics (2010 estimates): Total oil production: 3.48 million barrels Consumption: 2.21 million barrels
Exports to the US: 2.32 million barrels (Sept. 2011)

4. Iran

Proved oil reserves: 137 billion barrels Proportion of world total: 9.31%
Daily Oil Statistics (2010 estimates): Total oil production: 4.25 million barrels Consumption: 1.85 million barrels
Exports to the US: 0

5. Iraq

Proved oil reserves: 115 billion barrels Proportion of world total: 7.82%
Daily Oil Statistics (2010 estimates): Total oil production: 2.64 million barrels Consumption: 694,000 barrels Exports to the US: 403,000 barrels (Sept. 2011)

6. Kuwait

Proved oil reserves: 104 billion barrels Proportion of world total: 7.07%
Daily Oil Statistics (2010 estimate): Total oil production: 2.45 million barrels Consumption: 354,000 barrels Exports to the US: 145,000 barrels (Sept. 2011)

7. United Arab Emirates

Proved oil reserves: 97.8 billion barrels Proportion of world total: 6.65%
Daily Oil Statistics (2010 estimate): Total oil production: 2.81 million barrels Consumption: 545,000 barrels
Exports to the US: 10,000 barrels (Sept. 2010)

8. Russia

Proved oil reserves: 60 billion barrels Proportion of world total: 4.08%
Daily Oil Statistics (2010 estimate): Total oil production: 10.27 million barrels Consumption: 2.2 million barrels
Exports to the US: 275,000 barrels (Sept. 2011)

9. Libya

Proved oil reserves: 44.3 billion barrels Proportion of world total: 3.15%
Daily Oil Statistics (2010 estimate): Total oil production: 1.79 million barrels Consumption: 289,000 barrels
Exports to the US: 71,000 barrels

10. Nigeria

Proved oil reserves: 37.2 billion barrels Proportion of world total: 2.53%
Daily Oil Statistics (2010 estimate): Total oil production: 2.46 million barrels Consumption: 279,000 barrels
Exports to the US: 529,000 million barrels (Sept. 2011)

11. Kazakhstan

Proved oil reserves: 30 billion barrels Proportion of world total: 2.04%
Daily Oil Statistics (2010 estimate): Total oil production: 1.61 million barrels Consumption: 249,000 barrels Exports to the US: 21,000 barrels (Dec. 2010)

12. Qatar

Proved oil reserves: 25.38 billion barrels Proportion of world total: 1.72%
Daily Oil Statistics (2010 estimate): Total oil production: 1.44 million barrels Consumption: 166,000 barrels
Exports to the US: 16,000 barrels

13. United States

Proved oil reserves: 20.68 billion barrels Proportion of world total: 1.41%
Daily Oil Statistics (2010 estimates): Total oil production: 9.68 million barrels Consumption: 19.15 million barrels

14. China

Proved oil reserves: 14.8 billion barrels Proportion of world total: 1.01%
Daily Oil Statistics (2010 estimate): Total oil production: 4.07 million barrels Consumption: 9.06 million barrels
Exports to the US: 8,000 barrels

15.Brazil

Proved oil reserves: 12.86 billion barrels Proportion of world total: 0.87%
Daily Oil Statistics (2010 estimate): Total oil production: 2.75 million barrels Consumption: 2.65 million barrels
Exports to the US: 163,000 barrels (Sept. 2011)

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