Tag Archives: fossil fuel

The World’s Largest Oil Reserves by Country

strategic oil reserves worldOil reserves are the amount of oil that can be technically and economically recovered from the ground.

Nations with the world’s largest oil reserves include Saudi Arabia, Venezuela, Iran, Iraq, Kuwait, United Arab Emirates, Russia, and Libya. Saudi Arabia, holds an approximate 234.5 billion barrels of oil reserves, and it has the largest market share for oil production after Russia. Saudi Arabia is followed by Venezuela, with an estimated 211.0 billion barrels of oil reserves, although its current oil production market share is only 3.2%.

By comparison, the United States has an estimated 30.9 billion barrels in oil reserves, and  8.7% market share in oil production.

Source: Spiegel Online: A World without Oil: Companies Prepare for a Fossil-Free Future

 

Fossil Fuel Subsidies Globally

Fossil fuel subsidies are very common in developing nations. Subsidies cover the difference between the price at which fossil fuels are sold inside the country and their actual price in international markets, creating a huge fiscal burden (an estimated $400 billion annually) for the countries that provide them. Developing nations with fossil fuel subsidies include: Venezuela, Argentina, Ecuador, Algeria, Libya, Egypt, Kuwait, Iran, Pakistan, Russia, China, India, Indonesia, etc.

Developed nations also provide subsidies in the form of tax breaks to the oil industry and other measures (estimated at a cost of $45 to $75 billion per year). Nations in this group include many OECD (Organization for Economic Co-operation and Development) members.

For the interactive map, visit: National Geographic: The Great Energy Challenge: Fossil Fuel Burden on State Coffers