Which countries have the largest reserves of crude oil? - FOX5 Vegas - KVVU

Which countries have the largest reserves of crude oil?

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(CNN) -- Here's a look at crude oil reserves and production around the world.

What Is Crude Oil?

Crude oil is a form of liquid petroleum, extracted from rock formations and used for fuel and other purposes.

What Is OPEC?

Members of the Organization of the Petroleum Exporting Countries (OPEC) produce about 44.1 percent of the world's crude oil, and possess almost 81.5 percent of the world's total proven crude oil reserves, according to OPEC and US Energy Information Administration data.

The 14 countries/members of OPEC:

  1. Algeria
  2. Angola
  3. Ecuador
  4. Equatorial Guinea
  5. Gabon
  6. Iran
  7. Iraq
  8. Kuwait
  9. Libya
  10. Nigeria
  11. Qatar
  12. Saudi Arabia
  13. United Arab Emirates
  14. Venezuela

The following countries have the world's largest reserves of crude oil, according to the US Energy Information Administration (as of 2016):

  1. Venezuela - 300 billion barrels
  2. Saudi Arabia - 267 billion barrels
  3. Canada - 171 billion barrels (non OPEC country)
  4. Iran - 158 billion barrels
  5. Iraq - 143 billion barrels
  6. Kuwait - 102 billion barrels
  7. United Arab Emirates - 98 billion barrels
  8. Russia - 80 billion barrels (non OPEC country)
  9. Libya - 48 billion barrels
  10. Nigeria - 37 billion barrels

Production and Consumption in the US

  • In October 2017, the United States produced about 9.6 million barrels of crude oil per day and leads the world in total petroleum production, ahead of Saudi Arabia and Russia in 2017.
  • The United States consumed an average of 19.53 million barrels of petroleum products per day in 2016 and is the world's largest consumer of petroleum products.
  • In 2016, about 25 percent of the petroleum used in the United States was imported. About 38 percent of this petroleum is imported from Canada.
  • US dependence on imported oil peaked in 2005.

Records

  • July 11, 2008 - Oil prices hit a record high of $147.27 a barrel before settling at $145.08 at the end of the day.
  • September 22, 2008 - Oil prices experience the biggest one-day increase ever, settling up $16.37 to $120.92 a barrel.

Timeline

1973-1974 - Due to US support of Israel in the Arab-Israeli conflict, the members of OPEC decided to raise the cost of oil from $3/barrel to around $12/barrel.

October 1973 - OPEC issues an embargo that halts exports of oil to the United States. Americans experience long lines at gas stations and at times cannot find gasoline at all. Gasoline prices go from 36 cents a gallon in 1972 to over 50 cents a gallon in 1973.

March 18, 1974 - At an OPEC meeting, seven members lift the ban on exports to United States. The countries are Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt and Abu Dhabi. Libya and Syria refuse to drop the ban and Iraq boycotts the talks.

December 31, 1974 - Libya lifts its 14-month-old oil embargo against the United States.

December 22, 1975 - US President Gerald Ford establishes the Strategic Petroleum Reserve when he signs into law the "Energy Policy and Conservation Act." The law is created in response to the oil embargo of 1973-1974 and the severe effect it had on the economy. It mandates that the country maintain a stockpile of one million barrels of petroleum, which is the largest emergency supply in the world.

2013 - The United States imports less foreign oil than it produces for the first time in nearly two decades.

The-CNN-Wire ™ & © 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved.

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