Kazakhstan ranked 12th on list of 15 richest oil states

Date: 14:32, 27-03-2019.

Almaty. March 27. KazTAG - Kazakhstan is ranked the 12th on the list of 15 richest oil rich states, being ahead of China and losing to the United States, reports visualcapitalist.com.
According to the World Fact Book of the CIA, oil reserves in Kazakhstan amount to 30 billion barrels. China has 25.6 billion barrels, the United States - 36.5 billion.
Venezuela has the richest oil reserves - 300.9 billion barrels, Saudi Arabia - 266.5 billion and Canada - 169.7 billion. Qatar (25.2 billion) and Brazil (12.7 billion) close the list.
In addition, the list includes Iran (158.4 billion), Iraq (142.5 billion), Kuwait (101.5 billion), the United Arab Emirates (97.8 billion), Russia (80 billion), Libya (48.4 billion ) and Nigeria (37.1 billion).
“Few people doubt that renewable energy will play a strategic role in the global economy of the future. So far oil is still the undisputed leader in the energy sector. In 2018, we consumed more oil than in any previous year — about 99.3 million barrels per day on a global scale. It is predicted that this number will rise again in 2019 to 100.8 million barrels per day," reads the publication.
“Even if a country has one of the largest oil reserves in the world, it’s not a fact that it can produce and sell this oil with the maximum benefit.   Canada and Venezuela face the problem of geology as they have super heavy oil or bitumen (oil sands), and these types  are more expensive to produce. Other countries create obstacles on their own. In some countries, such as Brazil and the United States, there are high taxes on oil production, which increase the total cost per barrel, ”writes the publication.

Photo source: picture from an open source

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