The Americas have 30 times more oil than Middle East

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The Americas have 30 times more oil than Middle East

Post by Rooster on Mon Sep 05, 2011 9:52 pm

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05 September 2011 at 15:05 IST

The Americas have 30 times more oil than Middle East

NEW YORK (Commodity Online): The Middle East is in current terms the major contributor of oil production in the world. But take a brief look at the remaining world oil reserves and one can, without a shred of doubt, conclude that the Americas will be the future of oil.

The 10 largest oil deposits in the world

10. Cantarell > Country: Mexico > Est. Remaining: 4 billion barrels

9. Kashagan > Country: Kazakhstan > Est. Remaining: 7-9 billion barrels

8. Bolivar Coastal > Country: Venezuela > Est. Remaining: 14 billion barrels

7. Burgan > Country: Kuwait > Est. Remaining: 6-25 billion barrels

6. Ferdows > Country: Iran >Est. Remaining: 31 billion barrels

5. Carioca-Sugar Loaf > Country: Brazil > Est. Remaining: 33 billion barrels

4. Ghawar > Country: Saudi Arabia > Est. Remaining: 11-45 billion barrels

3. The Alberta Oil Sands > Country: Canada > Est. Remaining: 169 billion barrels

2. The Orinoco Belt > Country: Venezuela > Est. Remaining: 530 billion

1. The Piceance & Uinta Basins > Country: USA > Est. Remaining: 2.855 trillion barrels

Put simply Americas’ (US, Canada, Venezuela, Mexico, Brazil) remaining oil reserves are at around 3.6 trillion whereas the Middle East (Saudi Arabia, Iran, Kuwait, Kazakhstan) has about 110 billion.

The Americas have 30 times more oil than the Middle East!!

And considering that the US GDP was around 14 trillion, the Piceance & Uinta Basins have a total value of over $280 trillion at current prices, over 20 times the GDP!

And then the list does not take into account the trillions of dollars worth of oil trapped in the Arctic, mostly in the Eurasian and North American region.

It is but then obvious that in the future, Americas will be the land of oil.

Data courtesy: freerepublic.com.

(All conclusions are made only on account of the “Top ten reserves”)


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