Oil is one of the most critical resources used by almost everyone across the globe. Since the 1950’s, it has been the most important source of energy production and fuel for transportation. Refined oil is also used in the manufacturing of other important products such as detergents and plastics.
Countries in the Middle East have arguably the biggest reserves of oil. However, various other places are rich with the resource. Here are some countries with the biggest oil reserves.
Nigeria is a country rich in oil reserves. It had 37 thousand million barrels at the end of 2019. However, due to poor infrastructure, local and regional politics, the country has never fulfilled its potential. As one of the biggest producers and exporters of oil, it has failed to revitalize the economy, and living conditions are still poor.
United States of America
The economic superpower is also home to one of the largest oil reserves in the world. Around 68.9 thousand million barrels were present in the country at the end of 2019. Despite its vast reserves, it imports a lot of oil to meet the demands of the burgeoning economy. It is also home to the biggest oil companies in the world, such as Chevron and Exxon Mobil.
United Arab Emirates
The Middle Eastern giant possesses a mammoth 97.8 thousand million barrels of oil. Oil production and exports converted the country from a desert into a major economic powerhouse and tourist destination. In fact, the Abu-Dhabi National Oil Company is considered one of the biggest oil companies in the world.
Don’t be surprised to find Russia on this list! It has more than 107 thousand million barrels of oil trapped in its vast lands. Due to political issues, the country has not been able to take advantage of the oil reserves in control of few significant people in the country. Lukoil and Rosneft are the biggest oil companies in Russia.
Now, this is surprising; Canada is one of the biggest producers and exporters of oil. Better known for its maple syrup, the country had had 169.7 thousand million barrels of untapped oil by the end of 2019. The geographical area of the country is vast, making it difficult for oil extraction and production.
This country transformed itself from a barren desert to the most significant place in the world due to the vast oil resources in its lands. Saudi Aramco is the biggest oil company in the world. At the end of 2019, the country had 297.6 thousand million barrels of oil.
You’ll be shocked to see that Venezuela has more oil reserves than Saudi Arabia and the United States, yet it is one of the poorest countries in the world. A lack of infrastructure and poor governing policies has contributed to significant economic crises in Venezuela. A better governing body, coupled with sound investment in oil infrastructure, could transform the country.
With the current situation of Venezuela and Nigeria in mind, you know that you need efficient infrastructure to leverage oil potential fully. If you’re on the lookout for a reliable oil drilling company, then hire experts from TRUEshot LLC.
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