The 15 Countries That Are Loving The Surge In Oil Prices

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Recent economic data has generally been better than expected.  In fact, the Citigroup Economic Surprise Index is near a six-month high.Crude oil prices have been on a tear lately as the improving economic picture could mean more energy will be consumed.  Yesterday, light sweet crude oil futures settled at $91.27 per barrel, which is up 19.9% from its October 3 low of $76.15.  It’s up more than $2 during today’s trading.

Of course, if prices rise too high, they could also hurt the economy, causing energy demand to fall.  Regardless, when the price of oil rises, so does the value of oil reserves.

We’ve outlined the countries with the largest oil proved reserves and valued them at current oil prices.

Note: The data is effective January 1, 2011 from the CIA World Factbook. Total reserves are valued assuming $91.27 per barrel of oil.

#15 Brazil

Brazil has 12.86 billion barrels of oil.

Its reserves are valued at $1.17 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#14 China

China has 20.35 billion barrels of oil.

Its reserves are valued at $1.86 trillion.

Data on reserves from CIA World Factbook; price per barrel $91.27


#13 U.S.

U.S. has 20.68 billion barrels of oil.

Its reserves are valued at $1.89 trillion.

Data on reserves from CIA World Factbook; price per barrel $91.27


#12 Qatar

Qatar has 25.38 billion barrels of oil.

Its reserves are valued at $2.32 trillion.

Data on reserves from CIA World Factbook; price per barrel $91.27


#11 Kazakhstan

Kazakhstan has 30 billion barrels of oil.

Its reserves are valued at $2.74 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#10 Nigeria

Nigeria has 37.2 billion barrels of oil.

Its reserves are valued at $3.40 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#9 Libya

Libya has 46.42 billion barrels of oil.

Its reserves are valued at $4.24 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#8 Russia

Russia has 60 billion barrels of oil.

Its reserves are valued at $5.48 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#7 UAE

UAE has 97.8 billion barrels of oil.

Its reserves are valued at $8.93 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#6 Kuwait

Kuwait has 104 billion barrels of oil.

Its reserves are valued at $9.49 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#5 Iraq

Iraq has 115 billion barrels of oil.

Its reserves are valued at $10.50 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#4 Iran

Iran has 137 billion barrels of oil.

Its reserves are valued at $12.50 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#3 Canada

Canada has 175.2 billion barrels of oil.

Its reserves are valued at $15.99 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


#2 Venezuela

Venezuela has 211.2 billion barrels of oil.

Its reserves are valued at $19.28 trillion.

Data on reserves from CIA World Factbook; price per barrel $91.27


#1 Saudi Arabia

Saudi Arabia has 262.6 billion barrels of oil.

Its reserves are valued at $23.97 trillion.


Data on reserves from CIA World Factbook; price per barrel $91.27


Then again, oil prices could dive if Europe falls apart

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