Venezuela is not among the 10 countries with the largest oil reserves, according to annual analysis by Oslo-based energy consultancy Rystad Energy. Those first places are occupied by Saudi Arabia, the United States, Russia, Canada, Iraq, Iran, Brazil, the United Arab Emirates, Kuwait and China.
The economist Hermes Pérez explained on his Twitter account that it seems that Rystad only accounts for reserves currently economically profitable. A) Yes, Venezuela would have only 27 billion barrels per day, far from the 304 billion barrels per day, which include the Orinoco Oil Belt.
“Short term, the country would only have 2 to 4 billion barrels per day, which means that Venezuela’s oil potential is in the past, according to Rystad. This means that investments (impossible in default) and execution time are needed to recover the potential,” Pérez added.
Total recoverable oil: 9% drop
The Rystad Energy report also expresses some concern about the sizeable drop in recoverable oil resources, which could deal a major blow to global energy security. The consultancy’s analysis indicated that total recoverable crude oil worldwide is now 9% lower than last year.
“Global recoverable oil now totals an estimated 1.572 billion barrels, a drop of almost 9% from last year, and 152 billion barrels less than the total for 2021,” he said.
Referring to the report on recoverable petroleum resources, Saudi Arabia ranks first with 275 billion barrels, exposed Rystad Energy. It is followed by the United States with 193 billion barrels, Russia with 137 billion barrels, Canada with 118 billion barrels, and Iraq with 105 billion barrels.
In South America, Brazil
In South America, the firm also specified, Brazil continues to rank first with 71 billion barrels of recoverable oil. That represents 10 times the volume of proven reserves, but 4 billion less than last year. The country is in a rapidly growing region for discoveries and production.
In Europe, he added, recoverable volumes from the UK and Norway have fallen by 1 billion barrels. They now stand at 10 billion and 17 billion barrels, respectively.
Contrary to the tendency of most countries to lose oil resources this year, The United States added 8 billion barrels to its discovered resources.
