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Top 5 Crude Oil Countries
Crude Oil Inventory
As a follow on from my valuable natural resources hubs such as top diamond mining countries, Crude Oil countries was obviously going to be featured sooner or later. There has been much talk about the crude oil inventory depleting,wars being fought to obtain it and offshore drilling damaging the environment.
I thought it would be interesting to share what are the Top 5 countries where it is in most abundance, we all know that Saudi Arabia and Iraq have big supplies but there are a few countries which you might not have expected top be high up on the list.
Before I start talking statistics about Crude Oil, I want to give a brief description which explains the transformation this natural substance goes through before it becomes fuel for our cars, lorries, trains and planes.
Crude oil was formed over millions of years in areas of rich planet life and living creatures that died and got buried by many layers of mud and clay, this material is rich in Carbon and Hydrogen which are key elements which make up Oil.
The trouble with extracting Petroleum and Gasoline from crude oil is that because it is so rich in Hydrocarbons you need to get only the structure which is best suited for your energy needs. The process is carried out in an oil refinery and involves heating the natural form to reach boiling points where the undesirable elements become vaporized.
1. Saudi Arabia
Saudi Arabia currently holds the worlds largest known proven oil resource, many factors are taken into account when estimating the amount including how much can actually be recovered with the available drilling equipment.
According to OPEC, statistics showed that Saudi Arabia estimates 261.8 billion barrels between 2003-2004.
Canada comes in second place although its oil resources are a different kind of quality to that of the Saudi's, they come in the form of 'Tar Sands' which require the latest technology to provide adequate filtering.
In 2003-2004 Canada had estimates 180 billions of barrels worth of crude oil and expects to produce a lot more in the near future.
The crude oil resource in Iraq has recently been estimated that there could be as much as 350 billion barrels but it has been difficult to confirm or produce much of this due to the countries war-torn condition.
The official record for the Iraq oil reserves as of 2003-2004 states that there is approximately 112 billion barrels to recover.
The United Arab Emirates is a country build almost entirely on desert land, I actually stopped there whilst switching planes traveling to Bangkok and the heat is immense. The residents who obviously founded cities in Abu Dhabi based on the oil reserves of 92 billion barrels and Dubai which has 4 billion barrels.
Kuwait is lucky in the fact that it is home to one of the world's richest oil fields known as the Burgan field and the country is on the coast of the Persian Gulf and shares 5 billion barrels worth of oil reserves in the Saudi-Kuwaiti neutral zone.
As of 2003-2004 it was estimated that Kuwait holds 96.5 billion barrels worth of oil but since many of its oil fields have been exploited since 1938 there are concerns as to how long production can be maintained at current levels.