Of Oil & Oil Reserves

The Wall Street Journal recently published an article about global oil supply forecasts. According to the article, most of the world oil reserve lie in Saudi Aabia with a considerable amount in the rest of the Middle East.

Saudi Arabia leads the table followed by Kuwait, Iran in the Middle East.
Country Oil Field Reserves (Billions of Barrels)
Saudi Arabia Ghawar 140
Saudi Arabia Safaniya 55
Mexico Cantarell 17
Kuwait Greater Burgan 59
Iraq Rumaila 24
UAE Zakum 21
Iran Ahwaz 26
Russia Samotlor 28
China Saertu 9
China Shaybah 21

Even though majority of the oil reserves are believed to be in the Middle East, significant discoveries are being made in North and South America and in the Caspian region.

What needs to be seen is the increase in the demand for fuel worldwide over the next few decades and how conventional oil will be replaced by non conventional fuels.