10 countries sitting on massive oceans of oil

5. Iraq

Proven crude oil reserves (bbl):
140.3 billion

Iraq's largely state-run economy runs on oil. Consequently, as oil prices fell in late 2014, government revenues fell by 30%. 

As of 2015, Iraq, one of the biggest producers in OPEC, was pumping at record highs.

Source: Barclays Research, CIA Factbook, Bloomberg

Al Tuba.

4. Iran

Proven crude oil reserves (bbl): 
157.3 billion

Iran's crude oil is the wild card right now. Analysts believe that the return of Iranian oil to the global market could drive prices down. Additionally, there could be increased tension between Iran and Saudi Arabia as well as Iran and Russia.

Source: Barclays Research, Business Insider

Oil refinery in Tehran.

3. Canada

Proven crude oil reserves (bbl): 
173.2 billion

Canada exports most of its oil to the US and Europe. Notably, it's the US's largest foreign supplier of oil.

However, a recent reports shows that the oil from Canada's oil sands is about 20% more carbon intensive on average than others. That means that, "if Canada exports more oil sands to the US over time, greenhouse gas emissions from US drivers would rise, even if gasoline consumption remained flat," according to OilPrice.com.

Source: Barclays Research, CIA Factbook, OilPrice.com

Pipelines at the McKay River Suncor oil sands.

2. Saudi Arabia

Proven crude oil reserves (bbl):
268.4 billion

Saudi Arabia was a big player in the oil game in the past year. Most recently, the Kingdom — along with the rest of OPEC — refused to cut oil prices. (Although, notably, the Saudis' rhetoric here has slightly softened.)

Additionally, Iran wants "to double crude exports soon after sanctions are lifted and is pushing other members of [OPEC] to renew the cartel's quota system" — which could soon shake up things for the Saudis.

Source: Barclays, Business Insider, Wall Street Journal

Ali bin Ibrahim Al-Naimi, Saudi Arabian Minister of Petroleum.

1. Venezuela

Proven crude oil reserves (bbl): 
297.7 billion

"Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 40% of government revenues, and 11% of GDP," according to the CIA Factbook.

Consequently, the plunging oil prices in late 2014, combined with a recession, crushed the Venezuelan economy. And now the country is looking for allies outside of OPEC in hopes of stabilizing its oil prices.

Source: Barclays Research, CIA Factbook

Oil well operated by Venezuela's state company PDVSA.

The USA will sell Guyana down the tubes in a flash should a more compliant Venez Govt emerges.

u is the #1 snake 

no shit

Anyone who thinks the US will chose Guyana over Venezuela are in for a rude awakening.  As long as you drag in the big powers, you become a pawn.  The PPP model of constructive and friendly engagement was an attempt at bypassing geo politics and get some benefits for the Guyanese people.  Now let the PNC try their "bad-boy" model and see how far they get.

1. Venezuela

Proven crude oil reserves (bbl): 
297.7 billion

 

"Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 40% of government revenues, and 11% of GDP," according to the CIA Factbook.

 

Consequently, the plunging oil prices in late 2014, combined with a recession, crushed the Venezuelan economy. And now the country is looking for allies outside of OPEC in hopes of stabilizing its oil prices.

 

Source: Barclays Research, CIA Factbook

Oil well operated by Venezuela's state company PDVSA.

These figures are probably based on known and potential reserves. In the case of Guyana, we are at the level of potential reserve, I believe. More will be known after drilling has started.

unlike u, i wholeheartedly support APNU/AFC refusing to suck Maduro dick for lil ile

barat dem is antiman hore and u is juss another panty-wearing groupie