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Energy Insight: World oil and gas - top ten (DSS01)
Production and Consumption
Other developed countries, such as France, Germany, Italy and Canada have also seen their consumption rankings fall.
Reserves
From 2007 to 2011, Venezuelan oil reserve estimates steadily rose, pushing the country's reserves from 7% of world reserves to 18%, surpassing Saudi Arabia as the country with the world's largest reserves. This significant rise through the ranks stemmed in large part from the discovery and inclusion of the heavy crude oil of the Orinoco Oil Belt in reserve totals.
In a similar, but far more drastic manner, Canada's extensive Alberta oil sands pushed the country from gradual reserve decline to the third largest oil reserves within a matter of several years. While both Canada's and Venezuela's reserve numbers are impressive, the percentage of the heavy oil produced from these newer reservoirs remains to be seen, given the current, relatively low, oil price.
References and further reading
BP Annual statistical reviiew of world energy
The Need for Strong Caveats on Proved Oil Reserves and on R?P Ratios RW Bentley, September 2018
Energy Insight details
Keywords: Statistics - Oil - Reserves - production and consumption
Subjects: Resource use and management, Statistics, Refining, Crude oil, Natural gas, Oil and gas, Oil production, Reserves