The largest source of primary energy worldwide and the primary source of most of the world’s fuel is crude oil. Around 88 million barrels of oil are consumed a day, making up 30.1% of the world’s primary energy. Crude oil is used to make lubricating oils, jet fuel, asphalt, and diesel.
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Oil and fuel have become a very important part of our daily lives and the economies of countries. But recently there has been a cold oil war going on. Opec member countries especially Russia have decided to cut down oil production and supply to Europe and this will lead to many homes in Europe suffering in winter. This will bring about an economic collapse in Europe. Russia is the biggest exporter of oil to Europe. Industries have already begun to shut down and panic is already rising in parts of Europe. All these show how important oil is to us.
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This has made Europe start looking for other sources of oil reserves. We have made a list of 15 countries in the world with the biggest oil reserves. These are countries that Europe can decide to do business with.
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Countries that produce a lot of oil are more likely to have geopolitical leverage over countries that don’t and with fuel being the primary source of energy in the world today, countries in the Middle East and the rest of the OPEC can influence energy prices for the entire world. Today we are going to be looking at the top 15 countries with the world’s largest oil reserves.
Watch “Top 15 Countries With The Largest Oil Reserves” below;
VIDEO:Top 15 Countries With The Largest Oil Reserves.
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