The Insider Monkey’s financial site estimates the world’s proven oil reserves. Based on the latest data from the International Energy Agency (IEA) and the US Energy Information Administration (EIA), the world’s proven oil reserves are unevenly distributed around the world. There are also some countries where most of the world’s proven black gold reserves are concentrated.
Despite the increasing importance of renewable energy, oil remains an essential energy source. Thus, as the financial website Insider Monkey points out, “Oil production is one of the most watched statistics of the global economy because it is directly related to the production of the global economy.” And this year’s energy crisis, stemming from the war between Russia and Ukraine that disrupted global hydrocarbon supply chains, shows that the global economy is heavily dependent on black gold.
It is Noteworthy that Major oil producers have also benefited greatly from the surge in oil prices in 2022. Affected by the 2020 price decline, these countries are now taking full advantage of supply-decreasing variables to adjust prices and maintain high levels of revenue.