saudi arabia owns most of the world oil supply.
saudi arabia owns most of the world oil supply.
who owns most of the world oil supply?
saudi arabia
another factor affecting global oil supply is the nationalization of oil reserves by producing nations. the nationalization of oil occurs as countries begin to deprivatize oil production and withhold exports. kate dourian, platts' middle east editor, points out that while estimates of oil reserves may vary, politics have now entered the equation of oil supply. "some countries are becoming off limits. major oil companies operating in venezuela find themselves in a difficult position because of the growing nationalization of that resource. these countries are now reluctant to share their reserves."
peak oil
according to the british petroleum statistical review, world oil reserves are considered to be . of this, , or close to 60% of the world's oil supply, are located in the middle east. the united states contains about 2.1% of the world's oil supply, about . about 1/3 of u.s oil consumption comes from domestic supplies, and with current trends in production, u.s. oil reserves are expected to be depleted in about 10 years. the world's two largest developing economies, china and india, are expected to deplete their reserves in about 10 and 21 years, respectively.
united states biofuel policies