One third of the world’s oil reserves under US Sanctions
Russia has increased oil production despite the US sanctions
A third of world oil reserves are under US sanctions
The United States has imposed sanctions on a third of the world’s oil reserves and a fifth of the world’s production, which comes from Iran, Venezuela and Russia, professor of economics Olga Lebedinskaya stated to RIA-Novosti.
She explained that world’s oil reserves are 1.66 trillion barrels, of which 298.4 billion barrels are in Venezuela, 157.8 billion in Iran, and 80 billion in Russia. “If you add the volume of oil reserves in these countries, their share will be 51% of the top 30 leading countries in terms of reserves, and almost 33% of global oil reserves. If the sanctions list includes Qatar, which left OPEC in 2018 and which supports Iran, then this figure will be 34%,” she added.
The expert also explained that in 2015 these three countries provided 21.75% of the world’s daily production. At that time, Russia was producing 10.1 million barrels per day, Iran – 3.1 million barrels per day, Venezuela – 2.5 million barrels per day. These countries were respectively in first, seventh and eleventh places in terms of production.
“US activity in the political arena led to the fact that a fifth of oil production is under sanctions,” she said.
Venezuela has suffered the most from the sanctions; its daily production decreased to little more than a fourth, down to 0.75 million barrels. “If it was producing 2.82 million barrels per day as in 2015, it would now be in eighth place,” Lebedinskaya added. Iran has suffered to a lesser extent from US economic constraints, with production down to 2.1 million barrels. Of these three, only Russia has managed to increase production – up to 10.7 million barrels per day.
The professor noted that against this background, the United States is expanding its markets for raw materials: “The United States now produces 9.8% more per day than Russia. For comparison, as of October 5, 2019, production in the United States amounted to 11.8 million barrels per day, in Russia – 10.7 million barrels per day. If Canada used to buy about 95% of American oil, now 25% goes to Europe, “she explained.