Crude oil prices have the power to shake the Indian economy. Lately, we have witnessed not only rise in petrol and diesel prices but pressure on current account deficit (CAD) and rupee due to volatile crude oil prices. With Iran sanction kicking in on November 4, the oil prices may, once again, breach $85 a barrel mark.
While it is popularly known that Saudi Arabia is the king crude oil and a key member of the Organization of the Petroleum Exporting Countries (OPEC), it is Venezuela that has biggest crude oil reserves, as per statistical review of World Energy 2018 by Care Ratings. However, due to the economic crisis, Venezuela’s oil supply was affected this year.
Top 10 countries with the biggest crude oil reserves
*Venezuela – 303.2 billion barrels
*Saudi Arabia – 266.2 billion barrels
*Canada – 168.9 billion barrels
*Iran – 157 billion barrels
*Iraq – 148.8 billion barrels
*Russia – 106.2 billion barrels
*Kuwait – 101.5 billion barrels
*UAE – 97.8 billion barrels
*USA – 50 billion barrels
*Libya – 48.4 billion barrels
Meanwhile, India, which is heavily dependent on oil imports to meet 80% of its domestic demand, recently gave in-principle approval for establishing underground crude oil storages in Odisha and Karnataka to increase emergency stockpile cover by 12 days to 22 days.