Below is a great map by country detailing the worlds largest oil reserves, which are the amount of oil that can be technically and economically recovered from the ground. The map also displays oil production by country. It is interesting to note that the United States has a considerably lower reserve than countries like Venezuela, Iraq, Iran and the UAE. But the USA is third in the world for oil production with a 8.7% market share, behind Saudi Arabia and Russia. The United States high ranking in oil production is a reflection of aggressive efforts to bolster its output and there is much speculation on what the geopolitical and economic consequences will be. To hear from thought leaders on what they think the results will be from the US Oil Boom click here to read, “The Experts: How the U.S. Oil Boom Will Change the Markets and Geopolitics,” from the Wall Street Journal.
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