Oil prices have experienced volatility following concerns of a supply shock in Iran. In the long run, some political gurus warn that the risk of instability in Iraq could keep oil prices high.
Saudi petroleum minister Ali Naimi has previously said that Saudi Arabia would raise oil supplies to keep prices low but many doubt that the kingdom has as much oil as it claims.
A new report from UBS shows that global oil reserves stand at 1.38 trillion barrels and are expected to last another 46.2 years. We put together the 15 countries with the highest oil reserves along with their oil supply and the years of remaining reserves.
Note: The data in parentheses represents the percent of global reserves and global supply. The years of remaining reserves are at 2010 production rate. Data from BP Statistical Review of World Energy is from 2011, EIA is from 2012 and UBS as of April 2012.
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