Countries that have large oil reserves. Geological exploration and oil reserves. Oil production and consumption by country
Oil is a strategically important resource throughout the planet. This hydrocarbon raw material is familiar to everyone. It is used in many areas of life. It accumulates in layers of various rocks, serving as a kind of collector and protection from the harmful effects of the external environment. Despite all the fame, the importance of oil in the modern world can hardly be overestimated, since it is one of the main keys to the growth of the world economy. However, for some countries this is the main source of budget, because oil is in demand, and there are many countries willing to purchase it. For this reason, there was a shortage of raw materials. The world's proven oil reserves are being depleted, and new deposits have to be found so as not to cause an energy crisis.
Oil composition
What does this type of mineral consist of? Oil contains many substances. Among them, 90% are hydrocarbons, which indicates its organic origin. Atoms also contain hydrogens and carbons, and in small quantities almost the entire table of chemical elements.
Properties of oil
"Black Gold" is an oily substance ranging in color from red, slightly brownish to dark black. Oil is an excellent flammable substance. Some varieties have amazing properties. For example, some may be liquid in Siberia, but in Africa they will be solid. Oil is dangerous for the environment.
Origin of oil
Scientists are puzzling over many dilemmas. One of these perennial, controversial problems is the scientific basis for the origin of oil. The great Russian scientist Mikhail Lomonosov was the first to guess about its existence. But so far no one can give an exact formulation. Some come up with fabulous hypotheses. Others believe that oil is a substance of biological origin. However, even this logical and universally accepted point of view has its opponents, who believe that it was formed through the hydrocarbon cycle. If we adhere to the popular theory, then oil originates from the remains of organic matter - these can be animals, plants that have outlived their time. But it is worth noting that its composition differs in different regions of the world, which indicates that it was in different conditions and a kind of “traps” that did not allow it to mix with other impurities.
What is made from oil?
"Black blood" of modern civilization is used in many spheres of life. But oil as such is not used in its pure form. First it is cleaned and processed. During the initial processing cycle, it is divided into fractions. The main component of oil includes various types of fuel: gas, kerosene, gasoline for automobiles and aircraft, as well as diesel fuel. Secondary fuels include fuel oil and products of its further processing: paraffin, bitumen, oil, liquid fuel for boilers.
Application
All proven oil reserves in the world have practical applications, not only in the form of fuel for equipment. Oil is also used as road surfaces, that is, by mixing bitumen with minerals, asphalt concrete or tar is obtained. No less popular is the use of petroleum products as fuel for heating premises.
Cosmetic use is known to many. Everyone knows the fact that oil is made from oil, on the basis of which ointments and creams are produced. Wax, toxic chemicals, plant fertilizers, dyes, solvents, paints and varnishes, dishwashing detergents, polymer films, plastic products, rubber, rubber, synthetics, fabrics - all of these are post-processing products. Vaseline is used to make a base for shampoos.
Look around, many people don’t even think about the great variety of objects of petroleum origin that surround us. Take the same toothbrush, keyboard, toys, even the exterior trim of cars, shoes. Metallurgists use such "unnecessary" elements of oil as coke residues, which are suitable for creating electrodes. Chemists obtain sulfuric acid from the “black liquid” and sulfur. But, despite all the usefulness of this raw material and its applicability in many areas, Mendeleev believed that the way oil is used is stupid. He was inclined to think that it needed to be used correctly, because burning it was unprofitable.
Varieties
Like plants, oil also has its own classification. It is divided according to various criteria: lightness, quality, uniformity. All oil reserves in the world have different compositions, and therefore have their own names and values. The standard of quality and cost is the Brent brand. Other companies adapt to it, making the price lower, because the other variety is heavier and contains impurities.
Sulfur is the main enemy of cars and engines, as it disrupts their functioning. Therefore, its content in oil should be less so that the fuel is not of low quality. The more sulfur is included in the composition, the lower the price. Unfortunately, Russian oil reserves are in little demand for this reason. There is no variety in the world that does not contain sulfur at all. But despite this, fuel requirements are becoming more stringent in this aspect. However, for Russia, not everything is so hopeless. The government is taking a number of actions to create conditions for improving the quality of oil and its ability to compete. In the meantime, its cost is slightly inferior to Brent brand products.
World oil reserves by country
There are oil fields in various countries. Where is the largest amount of this raw material?
How long will oil last? Venezuela possesses almost a fifth of all world reserves of this raw material. These are the largest oil reserves in the world. This country is also a leader in its production. But the palm in consumption, and this impressive number - 20 million barrels per day, is confidently held by the United States of America.
It is quite difficult to accurately answer the question of how much oil reserves there are in the world. Although, according to statisticians, this figure is approximately equal to 3000 billion barrels or 400 billion tons.
Russia has very impressive reserves, and in the near future there will be no need to purchase this product from other states (even if we do not have the largest oil reserves in the world). How long will this raw material last? Experts answer this question with caution. The study of the territory leaves much to be desired, but this gives an advantage, because it is unknown whether other large oil fields will be discovered on our native land. In addition, mining is carried out not only on land, but also at sea.
If you imagine how many barrels of this fuel are produced, your head will spin. But everyone understands that everything does not last forever, even no matter how huge the oil reserves in the world are. It is not known exactly how many years it will last, but according to conservative calculations by analysts, the raw material will run out after half a century of use. This takes into account the fact that oil consumption will not increase every year. But recently there has been a clear trend towards increasing the use of this hydrocarbon. Unfortunately, not all countries have oil reserves in the world, which also leads to its consumption in large quantities.
Self-healing theory
Along with the accepted explanation for the appearance of oil, there are other understandings of this process. One of these theories was proposed by the famous chemist Mendeleev. He believed that the world's oil reserves are formed not in millions, but in several hundreds and even decades, thanks to the regeneration of hydrocarbons in already depleted wells. This is proven by the fact that fields that have dried up are producing oil again. But this theory is always hushed up, and this raises suspicions. After all, there are interested parties in this, such as the owners of large mining companies who will control oil prices and sing praises that it will soon end.
Only future generations will be able to give us an exact answer. Perhaps the current theories are incorrect, and in the near future someone will discover the mystery associated with the appearance of oil and the processes that accompany this transformation. Naturally, the statement about its inorganic origin is more favorable for humanity; it gives hope that the main resource of the planet will not be depleted at all. But this theory says that carbon and hydrogen seep into the bowels of the Earth after tens or hundreds of years. Therefore, based on these arguments, people will have to create a work schedule at oil wells, as well as calculate all the nuances associated with restoration periods.
Conclusion
A final decision regarding the dispute over the occurrence of this hydrocarbon has not yet been made. Although there is a heated debate on this issue, since the facts confirm both positions to the same extent.
Despite the difference of opinion regarding the origin, people understand that whatever the world's oil reserves, humanity will one day have to look for alternative sources like it. And now scientists are racking their brains to create a prototype, that is, synthesized oil, as well as substances similar to it in properties and composition.
24/7 Wall Street conducted a detailed analysis of 10 countries with the largest and most valuable natural resources on Earth. Using estimates of each country's total reserves and the market value of these resources, the 10 countries that have the most valuable natural resource reserves were identified.
Some of these resources, including uranium, silver, and phosphates, are not as valuable as others due to low demand or due to their rarity. However, in the case of oil, natural gas, timber, coal, these natural resources can be worth tens of trillions of dollars, because the demand for them is high and these resources are relatively abundant.
1. Russia
Total resource value: $75.7 trillion.
Oil reserves (value): 60 billion barrels ($7.08 trillion)
Natural gas reserves (value): 1.680 trillion. cubic feet ($19 trillion)
Timber reserves (value): 1.95 billion acres ($28.4 trillion)
When it comes to natural resources, Russia is the richest country in the world. It leads among all countries in the world in terms of natural gas and timber reserves. The sheer size of the country is both a blessing and a curse, since the construction of pipelines for gas transportation, as well as railroads for wood transportation, costs incredible sums.
In addition to having such large reserves of gas and timber, Russia has the second largest coal deposits in the world and the third largest gold deposits. In addition, it has the second largest deposits of rare earth minerals, although they are not currently mined.
2. United States
Total resource value: $45 trillion
Natural gas reserves (value): 272.5 trillion. cube m ($3.1 trillion)
Timber reserves (value): 750 million acres ($10.9 trillion)
The United States has 31.2% of the world's proven coal reserves. They are valued at 30 trillion dollars. Today they are the most valuable reserves on earth. The country has about 750 million acres of forestland, which is worth about $11 trillion. Timber and coal together are worth approximately 89% of the total value of the country's natural resources. The US is also among the top five countries with global reserves of copper, gold and natural gas.
3. Saudi Arabia
Total resource value: $34.4 trillion
Oil reserves (value): 266.7 billion barrels ($31.5 trillion)
Natural gas reserves (value): 258.5 trillion. cubic meters ($2.9 trillion)
Saudi Arabia owns about 20% of the world's oil, the largest share of any country. All of the country's significant resources are in carbon - oil or gas. The Kingdom has the fifth largest natural gas reserves in the world. As these resources dwindle, Saudi Arabia will eventually lose its high position on this list. However, this will not happen for several decades.
Total resource value: $33.2 trillion
Oil reserves (value): 178.1 billion barrels ($21 trillion)
Timber reserves (value): 775 million acres ($11.3 trillion)
Before the discovery of oil sands deposits, Canada's total mineral reserves likely would have kept it out of this list. The oil sands added about 150 billion barrels to Canada's oil supply in 2009 and 2010. The country also produces a decent amount of phosphate, although its phosphate rock deposits are not among the top 10 in the world. In addition, Canada has the world's second largest proven uranium reserves and the third largest timber reserves.
Total resource value: $27.3 trillion.
Oil reserves (value): 136.2 billion barrels ($16.1 trillion)
Natural gas reserves (value): 991600000000000 cubic meters. m ($11.2 trillion)
Wood reserves (value): not in the top 10
Iran shares with Qatar the giant South Pars/North Dome gas field in the Persian Gulf. The country has about 16% of the world's natural gas reserves. Iran also has the third largest proven amount of oil in the world. This is more than 10% of the world's oil reserves. At the moment, the country is experiencing problems in realizing its resources due to its alienation from international markets.
Total resource value: $23 trillion.
Oil reserves (value): not in the top 10
Natural gas reserves (value): not in the top 10
Timber reserves (value): 450 million acres ($6.5 trillion)
China's resource value is based largely on its reserves of coal and rare earth minerals. China has significant coal reserves, accounting for more than 13% of the world's total. Recently, shale gas deposits were discovered here. Once assessed, China's status as a leader in natural resources will only improve.
7. Brazil
Total resource value: $21.8 trillion.
Oil reserves (value): not in the top 10
Natural gas reserves (value): not in the top 10
Timber reserves (value): 1.2 billion acres ($17.5 trillion)
Significant reserves of gold and uranium largely contributed to its place on this list. Brazil also owns 17% of the world's iron ore. The most valuable natural resource, however, is wood. The country owns 12.3% of the world's timber reserves, valued at $17.45 trillion. To ensure consistency and accuracy of the study, recently discovered offshore oil reserves have not been included in this report. According to preliminary estimates, the field may contain 44 billion barrels of oil.
8. Australia
Total resource value: $19.9 trillion.
Oil reserves (value): not in the top 10
Natural gas reserves (value): not in the top 10
Timber reserves (value): 369 million acres ($5.3 trillion)
Australia's natural wealth lies in its vast quantities of timber, coal, copper and iron. The country is in the top three for total reserves of seven resources on this list. Australia has the largest reserves of gold in the world - 14.3% of the world's reserves. It also supplies 46% of the world's uranium. In addition, the country has significant natural gas reserves offshore its northwest coast, which it shares with Indonesia.
Total resource value: $15.9 trillion. Z
Oil reserves (value): 115 billion barrels ($13.6 trillion)
Natural gas reserves (value): 111.9 trillion. cube ft ($1.3 trillion)
Wood reserves (value): not in the top 10
Iraq's greatest wealth is oil - 115 billion barrels of proven reserves. This represents almost 9% of the world's total oil. Despite being relatively easy to produce, most of these reserves remain untapped due to political differences between the central government and the Kurdistan Region over ownership of the oil. Iraq also has one of the most significant phosphate rock reserves in the world, worth more than $1.1 trillion. However, these deposits have not been fully developed.
10. Venezuela
Total resource value: $14.3 trillion.
Oil reserves (value): 99.4 billion barrels ($11.7 trillion)
Natural gas reserves (value): 170.9 cubic meters ft ($1.9 trillion)
Wood reserves (value): not in the top 10
Venezuela is one of the 10 largest resource holders in terms of iron, natural gas and oil. Natural gas reserves in this South American country rank eighth in the world and amount to 179.9 cubic meters. lbs. These reserves represent just over 2.7% of global reserves. In Venezuela, according to experts, there are 99 billion barrels of oil, which is 7.4% of the total reserves in the world.
12.05.2017Oil is an important part of our lives, used as a fuel for transportation and generating electricity, running factories and lighting homes. Based on data provided by analysts of the web publication " Energy Business Review ", a ranking of ten countries with the largest proven oil reserves was compiled.
Venezuela
Proven oil reserves: 300 billion barrels
About 20% is mined th "black gold" extracted from deposits in the Gulf of Maracaibo. In 2011, Venezuela overtook Saudi Arabia to top the list of countries with the largest oil reserves.
Saudi Arabia
Proven oil reserves: 269 billion barrels
According to expert estimates, Saudi Arabia's oil reserves account for one-fifth of the world's reserves. Although Saudi Arabia has been the largest player in the oil market for several decades, in November 2016 the country refused to reduce oil production quotas after falling prices.
Canada
Proven oil reserves: 171 billion barrels
Iran
Proven oil reserves: 157.8 billion barrels
International sanctions on Iran due to its nuclear activities have impacted the country's energy sector and affected oil production. All industrial accumulations of Iran’s “black gold” are located in the Persian Gulf basin.
Iraq
Proven oil reserves: 143 billion barrels
The country's energy sector has been battered by military occupation and civil unrest, and Iraq's unexplored region holds great potential, according to experts. To maintain oil production at a high level, the country needs to invest $1 billion annually.
Kuwait
Proven oil reserves: 104 billion barrels
There are 1.6 thousand oil wells operating in the country. The largest part of oil reserves (70 billion barrels) is concentrated in the Greater Burgan region . Kuwait ranks third among members of the Organization of the Petroleum Exporting Countries (OPEC).
United Arab Emirates
Proven oil reserves: 98 billion barrels
More than 90% of the UAE's reserves are located in Abu Dhabi (25 oil and 4 oil and gas fields), followed by Dubai (3 oil fields) and Sharjah (1 oil, 1 gas).
Russia
Proven oil reserves: 80 billion barrels
Most of the reserves are located in the Siberian plains and Far East. To date, several dozen oil and gas fields have been discovered in Russia.
Libya
Proven oil reserves: 48.3 billion barrels
The country has the largest oil reserves in Africa. Much of the region, where there is potential to find new oil reserves, remains unexplored. The country's oil and gas industries are under state control. Oil production is managed by the Libyan National Oil Company.
Oil is a strategically important resource throughout the planet. This hydrocarbon raw material is familiar to everyone. It is used in many areas of life. It accumulates in layers of various rocks, serving as a kind of collector and protection from the harmful effects of the external environment. Despite all the fame, the importance of oil in the modern world can hardly be overestimated, since it is one of the main keys to the growth of the world economy. However, for some countries this is the main source of budget, because oil is in demand, and there are many countries willing to purchase it. For this reason, there was a shortage of raw materials. The world's proven oil reserves are being depleted, and new deposits have to be found so as not to cause an energy crisis.
Oil composition
What does this type of mineral consist of? Oil contains many substances. Among them, 90% are hydrocarbons, which indicates its organic origin. Atoms also contain hydrogens and carbons, and in small quantities almost the entire table of chemical elements.
Properties of oil
"Black Gold" is an oily substance ranging in color from red, slightly brownish to dark black. Oil is an excellent flammable substance. Some varieties have amazing properties. For example, some may be liquid in Siberia, but in Africa they will be solid. Oil is dangerous for the environment.
Origin of oil
Scientists are puzzling over many dilemmas. One of these perennial, controversial problems is the scientific basis for the origin of oil. The great Russian scientist Mikhail Lomonosov was the first to guess about its existence. But so far no one can give an exact formulation. Some come up with fabulous hypotheses. Others believe that oil is a substance of biological origin. However, even this logical and universally accepted point of view has its opponents, who believe that it was formed through the hydrocarbon cycle. If we adhere to the popular theory, then oil originates from the remains of organic matter - these can be animals, plants that have outlived their time. But it is worth noting that its composition differs in different regions of the world, which indicates that it was in different conditions and a kind of “traps” that did not allow it to mix with other impurities.
What is made from oil?
"Black blood" of modern civilization is used in many spheres of life. But oil as such is not used in its pure form. First it is cleaned and processed. During the initial processing cycle, it is divided into fractions. The main component of oil includes various types of fuel: gas, kerosene, gasoline for automobiles and aircraft, as well as diesel fuel. Secondary fuels include fuel oil and products of its further processing: paraffin, bitumen, oil, liquid fuel for boilers.
Application
All proven oil reserves in the world have practical applications, not only in the form of fuel for equipment. Oil is also used as road surfaces, that is, by mixing bitumen with minerals, asphalt concrete or tar is obtained. No less popular is the use of petroleum products as fuel for heating premises.
Cosmetic use is known to many. Everyone knows the fact that oil is made from oil, on the basis of which ointments and creams are produced. Wax, toxic chemicals, plant fertilizers, dyes, solvents, paints and varnishes, dishwashing detergents, polymer films, plastic products, rubber, rubber, synthetics, fabrics - all of these are post-processing products. Vaseline is used to make a base for shampoos.
Look around, many people don’t even think about the great variety of objects of petroleum origin that surround us. Take the same toothbrush, keyboard, toys, even the exterior trim of cars, shoes. Metallurgists use such "unnecessary" elements of oil as coke residues, which are suitable for creating electrodes. Chemists obtain sulfuric acid from the “black liquid” and sulfur. But, despite all the usefulness of this raw material and its applicability in many areas, Mendeleev believed that the way oil is used is stupid. He was inclined to think that it needed to be used correctly, because burning it was unprofitable.
Varieties
Like plants, oil also has its own classification. It is divided according to various criteria: lightness, quality, uniformity. All oil reserves in the world have different compositions, and therefore have their own names and values. The standard of quality and cost is the Brent brand. Other companies adapt to it, making the price lower, because the other variety is heavier and contains impurities.
Sulfur is the main enemy of cars and engines, as it disrupts their functioning. Therefore, its content in oil should be less so that the fuel is not of low quality. The more sulfur is included in the composition, the lower the price. Unfortunately, Russian oil reserves are in little demand for this reason. There is no variety in the world that does not contain sulfur at all. But despite this, fuel requirements are becoming more stringent in this aspect. However, for Russia, not everything is so hopeless. The government is taking a number of actions to create conditions for improving the quality of oil and its ability to compete. In the meantime, its cost is slightly inferior to Brent brand products.
World oil reserves by country
There are oil fields in various countries. Where is the largest amount of this raw material?
How long will oil last? Venezuela possesses almost a fifth of all world reserves of this raw material. These are the largest oil reserves in the world. This country is also a leader in its production. But the palm in consumption, and this impressive number - 20 million barrels per day, is confidently held by the United States of America.
It is quite difficult to accurately answer the question of how much oil reserves there are in the world. Although, according to statisticians, this figure is approximately equal to 3000 billion barrels or 400 billion tons.
Russia has very impressive reserves, and in the near future there will be no need to purchase this product from other states (even if we do not have the largest oil reserves in the world). How long will this raw material last? Experts answer this question with caution. The study of the territory leaves much to be desired, but this gives an advantage, because it is unknown whether other large oil fields will be discovered on our native land. In addition, mining is carried out not only on land, but also at sea.
If you imagine how many barrels of this fuel are produced, your head will spin. But everyone understands that everything does not last forever, even no matter how huge the oil reserves in the world are. It is not known exactly how many years it will last, but according to conservative calculations by analysts, the raw material will run out after half a century of use. This takes into account the fact that oil consumption will not increase every year. But recently there has been a clear trend towards increasing the use of this hydrocarbon. Unfortunately, not all countries have oil reserves in the world, which also leads to its consumption in large quantities.
Self-healing theory
Along with the accepted explanation for the appearance of oil, there are other understandings of this process. One of these theories was proposed by the famous chemist Mendeleev. He believed that the world's oil reserves are formed not in millions, but in several hundreds and even decades, thanks to the regeneration of hydrocarbons in already depleted wells. This is proven by the fact that fields that have dried up are producing oil again. But this theory is always hushed up, and this raises suspicions. After all, there are interested parties in this, such as the owners of large mining companies who will control oil prices and sing praises that it will soon end.
Only future generations will be able to give us an exact answer. Perhaps the current theories are incorrect, and in the near future someone will discover the mystery associated with the appearance of oil and the processes that accompany this transformation. Naturally, the statement about its inorganic origin is more favorable for humanity; it gives hope that the main resource of the planet will not be depleted at all. But this theory says that carbon and hydrogen seep into the bowels of the Earth after tens or hundreds of years. Therefore, based on these arguments, people will have to create a work schedule at oil wells, as well as calculate all the nuances associated with restoration periods.
Conclusion
A final decision regarding the dispute over the occurrence of this hydrocarbon has not yet been made. Although there is a heated debate on this issue, since the facts confirm both positions to the same extent.
Despite the difference of opinion regarding the origin, people understand that whatever the world's oil reserves, humanity will one day have to look for alternative sources like it. And now scientists are racking their brains to create a prototype, that is, synthesized oil, as well as substances similar to it in properties and composition.
Oil is often called the black gold of modern times. Oil reserves are distributed extremely unevenly across countries. However, absolutely everyone needs this fuel today.
Oil is the No. 1 mineral
The word petroleum, which means oil in many languages, consists of two roots. One of them, "petra" is Latin, and is translated as "stone". The second, “oleum,” is Greek and translates as “oil.” Thus, literally oil is (that is, oil extracted from the earth).
It is known that oil was actively used in Ancient India (in construction), in Babylon (for embalming the bodies of the dead), in Ancient Greece (as fuel). Since the first decades of the twentieth century, it has become the main energy resource on the planet.
So what is oil? It is an oily liquid of natural origin, which consists of a combination of different hydrocarbons. The color of this substance can vary: from rich black to yellowish and even green. The smell of oil is specific and, as a rule, unpleasant, which is explained by its chemical composition.
Oil reserves are distributed very unevenly across countries. Basically, its largest deposits are confined to zones with a thick cover of sedimentary rocks.
The countries with the largest oil reserves (per capita) are Qatar, Kuwait, Turkmenistan, UAE, Saudi Arabia, Venezuela and Libya. By the way, if you recalculate the total oil reserves of Qatar in monetary terms, it turns out that for each citizen of this country there are about 6 billion dollars!
The use of oil in the modern world
Crude oil is practically never used. To obtain technically valuable products (gasoline, solvents, etc.), it must be processed in special plants.
In addition to the fact that oil is very valuable, it is also used for the production of plastics, various plasticizers and additives, dyes, and synthetic rubber.
Oil is a resource that has a number of benefits. Firstly, it has very high energy density. Secondly, oil is quite easily transported over long distances (this is done using pipelines or tankers - huge sea vessels). Thirdly, it can be used to produce a wide range of different products. All these aspects make oil one of the most sought-after commodities on the world market.
However, the reserves of this mineral are rapidly depleting. That is why some countries with significant oil reserves (in particular the United States) began to search (for oil shale, biofuels, and the like).
Features of modern oil production
Until about the mid-70s, oil was produced in the world at a frantic pace. So, if in 1970 about 2 billion tons of this energy resource were extracted from the bowels of the earth, then in 1973 - already 2.8 billion tons. In the early 1980s, global oil production decreased slightly.
Oil production on an industrial scale began in the mid-19th century. During all this time, over forty billion tons of this resource have been “pumped” out of the earth.
Leading countries in the world by oil reserves
Now let’s take a closer look at the geography of distribution of this valuable energy resource.
Oil reserves vary greatly across countries. Thus, some states are completely deprived of this wealth, while others are literally swimming in black gold. The top ten countries by total oil reserves are as follows (see table).
As for oil production volumes, the leaders here are the following countries:
- Saudi Arabia.
- Russia.
- Iran.
- China.
Taking into account two indicators - total oil reserves and annual oil production volumes, you can easily calculate how many years this energy resource will last for each country.
So, the least thing to worry about is Venezuela - it will have enough oil (at today's production rates) for another 235 years. But countries such as Russia, the USA, Canada, Qatar have something to think about. In particular, the United States of America will have enough oil reserves for only 11 years, Russia - for 22 years, Canada - for 26, Qatar - for 45.
Oil prices: expert forecasts
As of today, the price of one barrel of Brent is fixed at $64, WTI - $61.
Oil prices (like any other commodity on the world market) are determined based on the relationship between supply and demand for it. Today, supply for this energy resource still exceeds demand. In addition, pricing in this case is also influenced by other factors (let’s call them political). We are talking about military conflicts in Libya and Yemen, as well as the deployment of US shale projects.
Many economic experts predict that in the next two months oil prices will rise to $70, but after that the price of this resource will begin to fall again.
In the third quarter of 2015, as analysts predict, the price of oil may find its new bottom, reaching $50 per barrel.
Finally...
Oil is the most important energy resource of our time. The leading countries in terms of oil reserves (total) are Venezuela, Saudi Arabia, Canada, Iran, Iraq, and Mexico. However, scientists warn: at the current rate of oil production, this resource in most countries of the world will only last for 40-80 years. That is why some states have already begun to think about alternative energy sources.