The world economy depends largely on oil as a strategic energy and economic resource. According to the top ten countries with the largest reserves from the United States Central Intelligence Agency (CIA), Venezuela leads the list, with 303.8 billion barrels.

This places the South American nation in a privileged place thanks to its energy potential. The positions on the Agency’s list are distributed as follows:

1. Venezuela: 303.8 billion barrels.
2. Saudi Arabia: 258.6 billion barrels.
3. Iran: 208.6 billion barrels.
4. Canada: 170.3 billion barrels.
5. Iraq: 145.5 billion barrels.
6. Kuwait: 101.5 billion barrels.
7. United Arab Emirates: 97.8 billion barrels.
8. Russia: 80 billion barrels.
9. Libya: 48.3 billion barrels.
10. United States: 47.1 billion barrels.

Reasons that make oil a valuable resource

For most countries, crude oil is a determining economic resource because it generates high income through the export of not only oil itself but also derivatives for various sectors of the global industry.

On the other hand, and connected to the above, “oil is the main source of energy in many parts of the world.” It is used in processes to “generate electricity, power transportation vehicles, heat homes and as a raw material in the manufacture of petroleum products, such as gasoline, diesel and kerosene.”

Industrial development is another of the strategic points that oil involves, since it is used in the manufacturing of chemical and plastic products.

It is also worth mentioning the geopolitical influence that countries with the largest oil reserves can have in the international context, favoring the signing of trade agreements and alliances or political negotiations, as well as investment in “social programs, infrastructure and public services.”

M.Pino

Source: Portafolio.co

(Reference image source: Unsplash+, in collaboration with Getty Images)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Venezuela leads the top 10 countries with the largest oil reserves apareció primero en Bitfinance.