March 22, 2023

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Venezuela is among the top 10 countries with the largest oil reserves

Venezuela is among the top 10 countries with the largest oil reserves
Yuri Cortez/AFP

Venezuela is not among the 10 countries with the largest oil reserves. That’s according to an annual analysis by Oslo-based energy consultancy Rystad Energy. Those first places are occupied by Saudi Arabia, USA, Russia, Canada, Iraq, Iran, Brazil, United Arab Emirates, Kuwait and China.

Economist Hermes Perez explained on his Twitter account Ristat only calculates balances Currently economically viable. A) Yes, Venezuela Only 27 billion barrels per day. A far cry from the 304 billion barrels per day that includes the Orinoco oil belt.

Rystat energy

“Short term, The country has only 2 to 4 billion barrels per day. That means Venezuela’s oil wealth is in the past, Rystad says. This means investments (unfeasible by default) and implementation time to restore capacity,” Perez added.

Total recoverable oil: 9% drop

The Rystad Energy report expresses some concern about a significant decline in renewable oil resources, which would be a major blow to global energy security. The advisory’s analysis represents total recoverable crude oil worldwide It is now down 9 percent from last year.

“Global recoverable oil is now estimated to total 1.572 billion barrels. Almost 9% less than last year and 152 billion barrels below the total for 2021,” he said.

Referring to the report on recoverable petroleum resources, Saudi Arabia tops the list with 275 billion barrels. Expressed Rystad Energy. It is followed by the United States with 193 billion barrels, Russia with 137 billion barrels, Canada with 118 billion barrels, and Iraq with 105 billion barrels.

In South America, Brazil

In South America, the company further noted, Brazil remains at the top with 71 billion barrels of recoverable oil. This represents 10 times the amount of proven reserves, but is 4 billion less than last year. The country is among the fastest growing regions for innovation and manufacturing.

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In Europe, recoverable volumes from the UK and Norway fell by 1 billion barrels. They now stand at 10 billion and 17 billion barrels respectively.

Against the trend of most countries losing oil this year, The US added 8 billion barrels to its discovered resources.

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