Top 10 Countries with the highest Proven Crude Oil Reserves
Venezuela – Crude Oil
Business Insider- eholodny@businessinsider.com (Elena Holodny)2015-08-13
The world powers and Iran recently struck a deal to curb Iran’s nuclear program for at least 10 years in exchange for billions of dollars in relief from international sanctions. One of the most talked-about side effects of the deal is the reentry of Iranian crude on the global markets.
Interestingly, although Iran has a huge amount of oil, the Islamic republic doesn’t even make it into the top three when it comes to proven crude oil reserves.
Using the data provided by Barclays commodities analyst Michael Cohen, we put together a list of the 10 countries sitting on the greatest amounts of crude oil. Check the list here:- Continue reading
The Global Drop in Oil Prices: Part 1 – Geopolitical consequences
Lower Oil Prices Carry Geopolitical Consequences
Editor’s Note: The recent drop in global oil prices is affecting economies around the world. This series examines the reasons behind the falling prices and their effects on major energy consumers and producers. Part One discusses the structural changes in the oil market, particularly the growth in supply and the decline in demand.
Part Two will examine the countries likely to be most troubled by price drops, while Part Three will look at the countries likely to gain the most.
Since mid-June, the price of Brent crude oil has fallen by nearly 25 percent — going from a high of $115 to about $87 a barrel — and structural factors are causing concern among global oil producers that oil prices will remain near current levels through at least the end of 2015. This concern has caused several investment banks to slash their oil price outlooks for the immediate future. Stratfor believes that oil supplies will stay high as energy production in North America increases and OPEC countries remain hesitant or unable to cut production significantly. Moreover, in the short term, the Chinese economic slowdown and stagnant European economy will limit the potential for growth in oil demand. These factors could make it harder for global oil prices to rebound to their previous levels. Continue reading →
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