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Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to
The U.S. Strategic Petroleum Reserve has consistently held the largest strategic reserve. [1] [3] Some non-IEA countries have started work on their own strategic petroleum reserves. China has the largest of these new reserves. [4] Global oil consumption is in the region of 0.1 billion barrels (16,000,000 m 3) per day. [5]
A 2008 estimate set the total world resources of oil shale at 689 gigatones—equivalent to yield of 4.8 trillion barrels (760 billion cubic metres) of shale oil, with the largest reserves in the United States, which is thought to have 3.7 trillion barrels (590 billion cubic metres), though only a part of it is recoverable. [15]
A map of world oil production (2013) Oil-producing countries (information from 2006 to 2012) This article includes a chart representing proven reserves, production, consumption, exports and imports of oil by country.
By 2009, Venezuela reported 211.17 billion barrels (3.3573 × 10 10 m 3) of conventional oil reserves, the largest of any country in South America. [6] When 2015 ended, Venezuela's confirmed oil reserves were estimated to be around 300.9 billion barrels in total. In 2008, it had net oil exports of 1.189 Mbbl/d (189,000 m 3 /d) to the United ...
The United States has the largest known deposits of oil shale in the world, according to the Bureau of Land Management and holds an estimated 2.175 trillion barrels (345.8 km 3) of potentially recoverable oil. [21] Oil shale does not actually contain oil, but a waxy oil precursor known as kerogen.
This list of oil fields includes some major oil fields of the past and present. Countries by proven oil reserves 2017. The list is incomplete; there are more than 25,000 oil and gas fields of all sizes in the world. [1] However, 94% of known oil is concentrated in fewer than 1,500 giant and major fields. [2]
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]