: Which country has the largest oil reserves in south america
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US, 5 Other Countries to Tap Oil Reserves to Ease Consumer Costs
The United States and five other countries said Tuesday they plan to tap their strategic oil reserves for refining into gasoline and other energy products in a coordinated effort to cut rising costs that their consumers are paying.
The White House said that over the coming months through April 2022 the U.S. would make 50 million barrels of oil available for sale to refiners from its Strategic Petroleum Reserve that currently holds 621 million barrels of oil in four salt caverns along the Gulf of Mexico coastline.
President Joe Biden, in an address at the White House, said it was the largest withdrawal from the oil reserves but cautioned that "it will take time" for motorists to realize any drop in gasoline prices at service stations.
"This is a problem not just in the U.S. but around the world," Biden said, blaming oil-rich countries for not ramping up production enough to meet world demand.
The U.S. oil release by itself – and spread out over several months – may not make much difference in the cost which country has the largest oil reserves in south america gasoline that American motorists are now paying – a national average of $3.40 a gallon (3.8 liters), which is the highest figure since 2014.
But an accurate possible cost reduction could not immediately be calculated because it was not known how much oil four of the other five countries – China, Japan, South Korea and Britain – plan to release from their reserves. India said it would release 5 million barrels.
Also, key oil producers in the Middle East, led by the 13-member Organization of the Petroleum Exporting Countries, could cut their own production to offset any new oil on the world market from the six countries. Such an offsetting cut in the amount of oil on the world market could keep oil more or less which country has the largest oil reserves in south america its current global Brent benchmark crude price of about $80 a barrel.
Before hearing the details of the U.S. oil release plan, Suhail Al-Mazrouei, energy minister of the United Arab Emirates, regional one health careers of OPEC's biggest producers, said he saw "no logic" in increasing UAE's supply, Reuters reported.
The higher cost of gasoline and home heating for the coming winter months has contributed to the biggest inflation surge in consumer prices in the U.S. in 31 years – 6.2% at an annualized rate in October.
Higher energy and food costs have also led to sharply declining voter approval ratings for Biden 10 months into his four-year White House term and less than a year before congressional elections across the country. The high inflation rate is a distinct political worry for the Democratic president and his political allies in Congress as they try to hold on to their narrow control of both the Senate and House of Representatives.
In making the oil release announcement, the White House said, "American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic."
"That's why President Biden is using every tool available to him to work to lower prices and address the lack of supply," the statement said. "The president stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world home remedies for severe constipation during pregnancy maintain adequate supply as we exit the pandemic."
Biden said his administration is also looking at potential price manipulation in oil and gas markets in a Federal Trade Commission investigation.
Biden said world oil prices have dropped in recent weeks by 10%, but "the price at the pump hasn't budged a penny."
The coordinated international release of oil would be the first since 2011, when the U.S. and 27 other countries replaced about 140 million barrels in output lost as a result of three months of conflict in Libya.
Under the U.S. oil release plan, the U.S., starting next month, will trade 32 million barrels of oil with buyers who will agree to send the same amount back to the government sometime between 2022 and 2024, to replenish the reserve.
The other 18 million barrels are being released as part of a previously authorized sale from the reserve, which the Energy Department is now moving to do earlier than first planned.
Brent crude oil spot price is expected to fall from an average of $112 per barrel in 2012 to annual averages of $108 per barrel in 2013 and $101 per barrel in 2014, according to report released by US-based Energy Information Administration free credit card numbers with money 2018 last week.
The price shift reflects the increasing supply of liquid fuels from non-OPEC (Organization of Petroleum Exporting Countries) countries, it stated.
However, OPEC nations continue to overshadow the world in terms of reserves, holding more than 80 per cent of the world’s proven oil reserves, according to current estimates. The bulk of OPEC oil reserves – 66 per cent – are in the Middle East.
OPEC’s proven oil reserves currently stand at 1,199.71 billion barrels.
Here are the top countries with the biggest proven oil reserves, as reported by EIA.
Proven oil reserves in 2013 (billion barrels): 297.6
Total oil supply in 2012 (thousand barrels per day): 2,489.2
Venezuela surpassed Saudi Arabia last year to become the holder of the largest oil reserves in the world. However, annual oil production of the OPEC supplier is considerably less than the Kingdom.
2. Saudi Arabia
Proven oil reserves (billion barrels): 267.91
Total oil supply in 2012 (thousand barrels per day): 11,545.7
Saudi Arabia has almost one-fifth of the world’s proven oil reserves and ranks as the largest producer and exporter of oil in the world.
Proven oil reserves: 173.105
Total oil supply in 2012 (thousand barrels per day): 3,854.4
Canada’s oil sands are a significant contributor to the recent growth in the world’s liquid fuel supply and comprise the vast majority which country has the largest oil reserves in south america the country’s proven oil reserves.
Proven oil reserves: 154.58
Total oil supply in 2012 (thousand barrels per day): 3,538.4
International sanctions have drastically solano county court ca Iran’s energy sector – the country’s oil production fell dramatically in 2012, from over 35 million barrels per day in 2011 to just over 3.5 million bpd in 2012.
Proven oil reserves: 141.35
Total oil supply in 2012 (thousand barrels per day): 2,986.6
Despite having large proven oil reserves, increases in oil production have fallen behind ambitious targets because of infrastructure constraints and political disputes, says EIA.
Proven oil reserves: 104
Total oil supply in 2012 (thousand barrels per day): 2,796.8
Kuwait boasts the second largest oil reserves in the GCC, behind Saudi Arabia and is also among the world’s top 10 largest exporters of total oil products.
7. United Arab Emirates
Proven oil reserves: 97.8
Total oil supply in 2012 (thousand barrels per day): 3,213.2
Enhanced oil recovery techniques continue to underpin strong crude oil production totals and are an important strategy for extending the life of the country’s aging oil fields, states EIA.
Proven oil reserves: 80
Total oil supply in 2012 (thousand barrels per day): 10,397
Russia, which also holds the world’s largest natural gas reserves and the second-largest coal reserves, is the second biggest oil supplier in the world after Saudi Arabia.
Proven oil reserves: 48.01
Total oil supply in 2012 (thousand barrels per day): 1,483
The holder of Africa’s largest proven oil reserves, Libya saw a disruption in oil production in 2011 due to conflict, but the country has recovered, and subsequently, has begun to increase supplies.
Proven oil reserves: 37.2
Total oil supply in 2012 (thousand barrels per day): 2,524.1
Nigeria’s hydrocarbon resources are the mainstay of the country’s economy, but EIA states that development of the sector is often constrained by instability in the Niger Delta.
Analysis & Opinions - Belfer Center for Science and International Affairs, Harvard Kennedy School which country has the largest oil reserves in south america
The Biggest Oil Producers in Latin America
Latin American oil production is dominated by Brazil, Mexico, and Venezuela. These countries are responsible for about 75% of the region's total output and are also giants on the international stage, ranking as the world's 10th, 11th, and 12th-biggest oil producers, respectively. Colombia also makes a good showing in the world rankings, coming in at 22nd. The following list provides production figures for each of the region's top four oil producers and a few details about each country's oil industry.
Brazil accounts for oil production of about 2.5 million barrels per day and is the first national bank southern california oil-producing country in the world. According to the U.S. Energy Information Administration (EIA), more than 90% of Brazil's oil production is extracted from deep-water oil fields which country has the largest oil reserves in south america. In addition, Brazil has nearly 13 billion of barrels in proven oil reserves, which is the second-largest in Latin America after Venezuela.
- Latin America is home to many large oil-producing countries.
- Mexico, Brazil, and Venezuela account for nearly 75% of the oil production in the region and are the 10th, 11th, and 12th-largest producers in the world.
- A large percentage of Brazil's oil, which amounts to 2.5 million barrels per day, is produced by Petrobras.
- Venezuela has the world's glenview state bank review oil reserves at more than 300 billion barrels.
- Columbia and Argentina are the fourth and fifth-largest oil producers in Latin America.
Brazil exports roughly 1 million barrels of oil per day, but is also an oil importer from the Middle East and Africa. Crude oil from Saudi Arabia accounts for roughly half of its imports. The transportation sector, which represents one-third of total energy consumption in the country, is the source of the most demand for oil in Brazil.
Petroleo Brasileiro S.A., also known as Petrobras, is the biggest oil producer in Brazil by a substantial margin, accounting for about 2 million barrels per day and over 70% of Brazil's oil production. The Brazilian government holds 54% of the company's voting shares and controls another 10% of the company through shares held by the Brazilian Development Bank and Brazil's Sovereign Wealth Fund.
Venezuela produces roughly 2.2 million barrels of oil per day. Production in recent years is down from the prior two decades, when daily production fluctuated around the 3 million barrel mark, including a high of more than 3.5 million barrels per day in 1997. According to EIA,
"Reduced capital expenditures by state-owned oil and natural gas company Petròleos de Venezuela, S.A. (PdVSA) are resulting in foreign partners continuing to cut activities in the oil sector, making crude oil production losses increasingly widespread. With Venezuela’s heavy dependency on the oil industry, the country’s economy will likely continue to shrink, and that the runaway inflation will remain the mainstay at least in the short term."
Petroleos de Venezuela S.A. was established in 1976 immediately after the nationalization of the oil industry. In the 1990s, reforms were introduced to liberalize the industry, but policy instability has been the norm in the years since, especially after President Hugo Chavez came to power in 1999.
In 2006, Chavez introduced policies that required renegotiation of existing joint ventures with international oil companies. International operators were required to grant a 60% minimum share of every project to Petroleos de Venezuela. More than a dozen international companies, including Chevron and Royal Dutch Shell, acceded to the demands. The Venezuelan operations of two companies—Total S.A. and Eni S.p.A.—were nationalized after negotiations failed. Other international companies chose to exit Venezuela soon after, including Exxon Mobil Corporation and ConocoPhillips Co.
Although policy uncertainty remains in Venezuela even after the death of Hugo Chavez in 2013, many international oil and gas companies continue to maintain operations in the country. Chevron and the Chinese oil giant China National Petroleum Corporation both signed investment agreements with Petroleos de Venezuela in 2013 to update and expand on existing joint ventures. In 2015, the Russian energy conglomerate, Rosneft OAO, agreed to a $14 billion investment plan, the largest reported international investment in the Venezuelan oil industry in recent years. The country today has more than 300 billion in proven oil reserves and the largest in the world.
Mexico produces just more than 2 million barrels of oil per day, but levels have diminished, mostly due to declining output from mature oil fields. From 1991 to 2010, Mexico maintained oil production above 3 million barrels per day, including eight years exceeding 3.5 million barrels per day. While Mexico maintains its position as the third-largest crude oil exporter in the Americas, it has become a net importer of refined products, primarily gasoline and diesel.
From 1938 to 2013, Mexico's oil industry was monopolized by the state-owned oil and gas company Petroleos Mexicanos, also known as Pemex. Industry reforms were initiated in 2013 in hopes of attracting greater foreign american first finance merchants to reverse production declines in the country. Pemex remains under state ownership and controls development rights to over 80% of Mexico's proven reserves of oil.
Columbia accounts for production of just under 900,000 barrels of oil per day. The country has made substantial production gains, raising output from under 550,000 barrels per day in 2007. According to EIA, recent high rates of growth in oil, gas, and coal production in Colombia can be attributed to energy industry reforms introduced in 2003. These reforms primarily worked to make investments in Colombian energy exploration and production more attractive to international companies. International investment in the oil industry reached more than $4.8 billion in 2014, about 30% of total foreign direct investment (FDI) in the country. By way of comparison, Colombia attracted only $278 million in oil-sector FDI in 2003.
Prior to the 2003 energy reforms, the Colombian oil and gas industry was controlled by Ecopetrol S.A., a state-owned oil and gas company and industry regulator. The reforms removed regulatory functions from Ecopetrol and opened up Colombia to international competition. Ecopetrol remains under the control of the Colombian state, which holds 88.5% of its outstanding shares. The company is listed on the Colombian Stock Exchange and has ADR listings on the New York Stock Exchange and the Toronto Stock Exchange.
produces roughly 510,000 barrels per day, making it the fifth-biggest oil producer in Latin America and 28th-largest in the world.
Headquartered in Bogota, Ecopetrol is responsible for more than 500,000 barrels of oil per day, approximately 55% of Colombian production. More than 100 international oil and gas companies operate in Colombia, often in joint ventures with Ecopetrol or other operators. The biggest international oil and gas producers in the country include Chevron, Repsol, Talisman Energy, Occidental Petroleum, and Exxon Mobil.
Oil, Conflict, and U.S. National Interests
- Jeff D. Colgan
Newspaper Article - Harvard Gazette
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- Robert N. Stavins
On Words and Votes in Venezuela
The Negotiation Process in Mexico
The August Memorandum of Understanding
On 13 August 2021 Venezuela’s government and opposition forces agreed in Mexico City to initiate an “integral and incremental process of dialogue and negotiation&rdquo. Its aim, as laid down in a memorandum of understanding, is to establish “clear rules for political and social coexistence” in compliance with the national constitution.
For one, the declaration consists of a seven-point agenda involving the realization of: 1. Political rights for all; 2. Guarantees and a timetable for elections under (international) observation; 3. Lifting of the sanctions and restoration of the (government’s) power of disposal over (foreign) assets; 4. Respect for the constitution and the rule of law; 5. Social and political coexistence, renunciation of violence and reparation for the victims of violence; 6. Protection of the national economy and social welfare for the Venezuelan people; 7. Guarantees for the implementation, follow-up and review of what is agreed.
For another, it outlines details of the planned procedure. For the negotiations, the premise applies: nothing is agreed until everything has been agreed. On certain issues, however, partial agreements are permissible if their implementation is urgently needed or is feasible before the talks are concluded. The two delegations each consist of nine members with “endeavours to include women&rdquo. Six of the 18 persons who signed the memorandum of understanding are women, four on the government and two on the opposition side. There is also to be a consultation mechanism for exchanging with other political and social actors.
Several countries are accompanying the negotiation process. Mexico is the host and Norway, represented by the diplomat Dag Nylander, the mediator. Neither country recognized the Venezuelan interim lex van dam online trading academy reviews of Juan Guaidó and both continued to maintain diplomatic relations with the Maduro government. Norway also has experience in the moderation of peace processes and was involved in previous Venezuelan dialogues. The talks are assisted by the Netherlands, which bolsters the opposition, and Russia, which sides with the government. Other states are to be invited by Norway to establish a “group of friends of the process&rdquo.
The chief negotiator for the government is the psychiatrist Jorge Rodríguez, President of the National Assembly since 2020. His opposite number is the lawyer Gerardo Blyde, former mayor of Baruta and election campaign leader of the largest opposition alliance, the “Table of Democratic Unity” (Mesa de la Unidad Democrática, MUD). The various opposition forces – political parties, trade unions, members of civil society and former members of the armed forces – are now also to be found under the name “United Platform” (Plataforma Unitaria) that Guaidó presented to the public at an April 2021 press conference as a kind of opposition relaunch.
Changed Negotiation Context
Attempts at dialogue between the conflict parties were undertaken in 2001 and 2002/2003 before and after an unsuccessful coup against President Hugo Chávez and based on the initiative of the business association Fedecámaras and of members of the so-called Boston Group in the National Assembly respectively. In 2003 and 2016 regional governmental organizations like the Organization of American States (OAS) and the Union of South American States (UNASUR) sought to mediate. Negotiation processes were launched in the Dominican Republic in 2017 and in Norway and Barbados in 2019 and in both cases broke down. There are no indications that the present talks might be crowned with any kind of success, but the government and opposition in their pnc bank check routing number positions are currently so weakened that both hope cooperation will enable them to extend their room for manoeuvre.
On the one hand, US and European sanctions have seriously limited the Maduro government’s access to urgently needed financial resources. Venezuela’s oil exports have slumped, state assets abroad have been either frozen or transferred to the interim Guaidó government and financial investments and bank accounts of leading members of the regime have been blocked.
On the other, the balance sheet of the interim government set up in January 2019 under Guaidó’s leadership looks extremely insubstantial. Maduro is still firmly in control and the humanitarian situation has deteriorated. There are increasing allegations of corruption in connection with Venezuelan assets controlled by the opposition abroad. The opposition also operates beyond the bounds of Venezuela’s system of political institutions. The National Assembly elected in 2015 under semi-competitive conditions, controlled by the opposition and serving as the basis for the democratic legitimation of Guaidó’s interim government, has been dissolved. Its legislative period ended with the election of a new parliament in 2020 – an election the opposition largely boycotted. Its international support is also waning due to a lack of institutional backing and tangible achievements. The presidents of Brazil, Chile and Colombia, who sided ostentatiously with Guaidó, now face serious domestic challenges.
The EU lacks a sound regional anchorage for its initiatives such as a Latin American governmental organization or group of states with which it could cooperate sustainably on Venezuela. And in the United States Donald Trump, who maintained a sharp, confrontational rhetorical stand against the Maduro regime, is no longer in office and his successor Joe Biden faces inter alia the disastrous consequences of the US involvement in Afghanistan. Few resources for Venezuela remain in either the regional or the international community, due in part to the Covid pandemic. In general, however, the negotiations have met with a positive response. The US and the EU have promised to review their sanctions against the Maduro regime if progress is made in the dialogue which country has the largest oil reserves in south america. Even OAS Secretary-General Luis Almagro, who is alleged to be on a personal crusade against Maduro and Chavismo, welcomed the talks and offered institutional assistance. At the OAS Venezuela has been represented by Guaidó’s interim government since 2019.
Society Sceptical but in Favour of Dialogue
Amidst a multifaceted permanent crisis and increasingly decoupled from society, Venezuela’s government and opposition forces need a new project in order to develop perspectives for the Venezuelan people. According to an August 2021 Datincorp opinion poll, 63 per cent are “totally dissatisfied” with the performance of the Maduro government and only 12 per cent are “very satisfied” with it. In Guaidó’s case, the corresponding figures are even worse: about 77 and 3 per cent respectively. Few if any Venezuelans still have confidence in the state’s civil and military institutions. The rating for the National Assembly is just under 4 per cent and for the armed forces slightly over 2 per cent.
In this context, Venezuelans expect very little from the negotiation process and yet a majority is fundamentally in favour of it. According to a Datincorp survey, nearly 51 per cent welcome the fact that talks are being held and about 39 per cent are opposed to the idea. With regards to the subjects, 58 per cent say that the economic crisis and public services should head the agenda, followed by the pandemic (nearly 20 per cent) and the political crisis (about 16 per cent). A substantial majority of over 67 per cent would also be in favour of focussing the talks on overcoming the socio-economic crisis if that were to lead to presidential elections not being held in 2022 (and no opportunity to get rid of Maduro). That shows where the priorities of Venezuelan society lie: first comes survival and then comes the regime issue.
Arduous Start to Negotiations
Three rounds of talks have been held in Mexico so far. As expected, there has been no breakthrough yet. Initially, it is merely a matter of building up mutual trust and establishing a modus operandi.
The first round led to the aforementioned August memorandum of understanding. The second was held at the beginning of September and resulted in a further joint declaration and two partial agreements, in the first of which the conflict parties underscored Venezuela’s claim to sovereignty over Guayana Esequiba, an area that has been Guyanan territory since an 1899 ruling by an international commission of lawyers that Caracas has never recognized. For the government and opposition to proclaim such a nationalist consensus can hardly be seen as progress in the negotiations, but as a ritual of reaching an understanding it might nonetheless trigger confidence-building effects.
In the second partial agreement, the conflict parties made a compromise to give priority to provision for the population, with a special focus on healthcare and food supplies. A six-member coordinating body (with three members from each side) is to be set up to deal with these issues. Another four-member group is to undertake a critical review of “sanctions over-compliance” by third parties in the financial system, the aim being to identify and secure resources required to relieve the humanitarian catastrophe.
The third round of negotiations, held at the end of September, was more contentious. A number of events had led to the government delegation first calling its participation into question and then delaying it. They included the decision by Colombia to fulfil a US request for the extradition of the Colombian entrepreneur Alex Saab, who is accused of, inter alia, money laundering in connection with Maduro government food and social construction programmes. The Maduro government had announced on 14 September that Saab was to take part in the negotiation process as a full member of its delegation. Saab is seen as a Maduro straw man allegedly in charge of financial transactions and foreign trade. He had since June 2020 been held in custody in Cape Verde, Africa, where the constitutional court now also consented to his extradition to the United States.
The Maduro government was further irritated by a speech the Norwegian Prime Minister Erna Solberg made to the UN General Assembly on 22 September in which she expressed concern about the human rights situation in Venezuela. But call bank mobile vibe customer service dust was settled when the Norwegian mediator Nylander issued an official statement affirming his impartiality in the negotiation process.