Petroleum reserves and Production rate
Petroleum reserves are the amount of technically and economically recoverable oil.
Everyone may think that the highest oil reserves country should be the highest production rate country. But in reality the reserves is not the indicator of the production rate directly at all and it depends on many factors such as petroleum laws, government policy of each country.
Let take a look the relationship between oil reserves and production rate for each country below.
Petroleum reserves are the amount of technically and economically recoverable oil.
Everyone may think that the highest oil reserves country should be the highest production rate country. But in reality the reserves is not the indicator of the production rate directly at all and it depends on many factors such as petroleum laws, government policy of each country.
Let take a look the relationship between oil reserves and production rate for each country below.
For example, Venezuela which has the highest oil reserve in the world. But it is not one of the richest countries in the world the production rate is less than Russia about 5 times despite the fact that It has oil reserves more than Russia up to 3 times.
The main causes that make Venezuela poor are political corruption and drug problems.
So that why we can not conclude that the most high oil reserves country should be the highest production rate country
reference: https://en.m.wikipedia.org/wiki/Oil_reserves
