Global Oil Reserves 2024: Why Venezuela’s...

303 billion barrels sounds like infinite energy. Yet gas prices keep rising. Let’s expose the dirty truth about oil reserves – and why Saudi Arabia fears Canada more than Venezuela.

The Official Numbers (US EIA Data)

1. 🇧🇷 Brazil: 12.7B – Pre-salt reserves need $80/barrel to profit
2. 🇶🇦 Qatar: 25.2B – LNG focus now. Oil becomes backup
3. 🇨🇳 China: 26B – Imports 70% despite having reserves
4. 🇺🇸 US: 47.1B – Shale boom fading. Permian Basin peak
5. 🇨🇦 Canada: 170.3B – Tar sands require $45 extraction tech
6. 🇮🇷 Iran: 208.6B – Sanctioned oil sells at $20 discounts
7. 🇸🇦 Saudi Arabia: 258.6B – Only 20% is “easy oil” left
8. 🇻🇪 Venezuela: 303.8B – Heavy crude. Needs US refineries

Why Reserve Size ≠ Power

• Extractable vs. theoretical: Venezuela’s 303B needs $100B+ foreign investment. Never coming
• Break-even costs: Canada profits at $45/barrel. Venezuela needs $120+
• Geopolitical hostages: Iran’s oil stays underground until US says go

Real-World Energy Chess

The Canadian Paradox

170B barrels = #3 globally. But Biden killed Keystone XL. Trains now ship oil 2,000 miles to ports.

Saudi Arabia’s Scramble

New Neom city burns cash. Requires $78/barrel oil to fund. Breakeven was $50 in 2010.

America’s Silent Crisis

Shale wells decline 70% yearly. Replacing them needs 2,500 new drills/year. Current rate: 800.

FAQs

“Why doesn’t Venezuela drill more?”

US sanctions block drilling tech imports. Their equipment breaks. China won’t share IP.

“Is Canada the new Saudi Arabia?”

Yes. Rail transport costs $15/barrel vs pipes at $5. But they’ll sell every drop.

“When do we hit peak oil?”

2030 for demand. But cheap oil peaks now. Get ready for $100+ “economic” barrels.

Bottom Line

Oil reserves mean nothing without cash and friends. Your gas pump pain? A preview of energy wars where Canada’s sand beats Venezuela’s lakes.

Action step: Google “oil breakeven price [country]”. If above $60, expect permanent shortages.