World Oil Reserves: Russia's on the Map

In doing some research for an oil trade article, I came across a darn good map of world oil reserves that's based in flash and interactive so you can see which countries have the most in reserve and which are the largest consumers. 

No surprise in terms of consumption - the US and China are runaway leaders here.  However, I was surprised that India wasn't a bigger consumer of oil..but then again, they haven't really reached the industrialized stage that China has, but when they do… perhaps at some point down the road $200 oil isn't so far fetched. 

The most glaring thing that stands out to me though, is the potential dominance that Russia may play in the oil game.  They are undoubtedly sitting on billions upon billions of gallons of oil, which is why I really like that Market Vectors Russia ETF (RSX) for the long haul.  In the shorter term  though, I actually like oil as a short and will highlight a couple ways to trade it in a follow up article.

Comments

[lucidone:]

This map is dated. It does not reflect reserves in Brazil. Also, ultimately, its not how much is in the ground, but the rate at which you can extract. This is why, despite Russia's potentially massive deposits, they are not as efficient as the Gulf states.

2008 Jun 10 09:17 AM

[Jase:]

Canada's proven oil reserves are estimated to be in the neighborhood of 180 billion barrels, not 6 billion as this map asserts. In 2007, Canada exported 2.4 million barrels *per day* of crude oil and refined products to the U.S., the single-largest source of U.S. oil imports.

2008 Jun 10 09:31 AM

[ifearnopho:]

Perhaps the map only accounts for traditional oil reserves, and excludes other sources such as oil sands (that are now economically viable). Canada's reserves would be a lot higher (rivaling Saudi Arabia's) if they were taken into account.

2008 Jun 10 09:33 AM

[tCA:]

The real story is oil right here in our own backyard: North Dakota. Here's some information on the Bakken play quickly being developed. This is from the USGS:

energy.usgs.gov/flash/...

Here's a an industry look:

www.theoildrum.com/nod...

Around 4 billion barrels estimated recoverable now and as much as 413 billion barrels with future technological advancements.

Many of the related publicly traded companies (CLR, NOG, BEXP, etc.) are up over 150% in the past 12 months.

2008 Jun 10 10:59 AM

[lou91940:]

Looking at this map is a little disingenuous, look at Mongolia between Russia with lots and China with ample oil?? I suspect that both it and China have large reserves, they just don't have an industrial or political culture of looking for or extracting it, and as closed societies they haven't let foreign companies in to look for it either. The Chinese would rather hire companies to drill off Cuba than let them into China to search there.

2008 Jun 10 11:02 AM

[A von Alten...:]

Estimates of reserves are based on USGS survey ccompleted in 2000, a better graphic and explanatory text available here:
www.agiweb.org/geotime...

Russia indeed has the greatest potential, most of it in Western Siberia, followed by Greenland and other Arctic waters. Reservoirs in China have been wrecked, Saudi Arabia and Iran are in decline.

See also my negative research report last week on Brazil seekingalpha.com/artic...

I agree that Canada is an extremely important resource, but not oil sands, rather new oil & gas exploration in the far north and near Greenland: Cairn Energy Plc, EnCana, Husky, DONG, Chevron.

2008 Jun 10 07:32 PM

[Randy Raven:]

RUSSIA, and NOT the middle east, is the country with the largest proven and POTENTIAL oil reserves. Their potential is gigantic. Siberia is literally floating on a sea of oil. They have barely begun to "scratch the oil pools" below the cold, cold ground in Siberia. They will surpass Saudi Arabia very soon as the world's biggest oil exporter. And then there are natural gas deposits up the gazoo, without limit! Not to mention coal and other resources.

2008 Aug 07 12:46 AM

[Randy Raven:]

The GAO, which reports directly to Congress, says that Iraq has made over $90 BILLION in profits from their oil in the past 3 years! Why in hell are we paying them so much to rebuild their country, in view of these gigantic oil profits??? Why are we not getting any of the oil they are producing (about 2 million barrels per day)??? Why does NO ONE in the news media ever state that ONE BARREL OF OIL IS
EQUAL TO 42 U.S. GALLONS???? My guess is that the average American media journalist is
either too stupid to know this simple fact or too damned lazy to look it up like I did. IF the production figures were stated in GALLONS rather than in barrels, it would be
far easier to see the price gouging that is going on!!!

2008 Aug 07 12:55 AM