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Unformatted text preview: (8.2%), Venezuela: 77.2 (6.5%), Russia: 72.3 (6.1%). But estimates differ. According to the IEA, Iraq has 125 billions of barrels, but it is suspected of having more, up to as much as 300 billions of barrels.53 Not all has been explored and the unofficial estimates rest on preliminary work done by Iraq, France and Russia. Two-thirds of the world’s proven reserves are in the Middle East. 25.7% of world reserves (and roughly 40% of Middle East reserves) is in Saudi Arabia alone. Iraq has a share in world oil reserves of about 11%. Looking at the situation in the US and their total proven or unproven oil reserves, at the current rate of oil extraction through annual production one can see that they will not last 52 BP Statistical Review of World Energy 2007. Available on: <www.finfacts.ie/irelandbusinessnews/publish/article_1010328. shtml>. 53 Available on: <www.worldenergyoutlook.org/>, 2008. 42 © Ifri F. Harbo / The European Gas and Oil Market for more than a couple of decades. Examining world oil r...
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This document was uploaded on 03/30/2014.

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