Nations around the world are suffering from high oil/gas prices. Why have world leaders not found a way to bring Iran’s and Venezuela’s to market. The answer is, Geopolitics is standing in the way. The world community is allowing one country, Saudi Arabia (KSA), to affect global oil distribution.
The United States must find a way to bring Iran and Venezuela’s oil and gas to market. It’s time for the U.S. to act in its’ own interest and end sanctions against Iran and Venezuela. Western nations trade with the greatest tyrant on earth, Russia; therefore, we can find a way to work with Iran and Venezuela.
Oil Reserves in Iran
Iran has one of the largest gas capacities in the world, and Iran’s gas reserves are about 34 trillion cubic meters. They can meet a significant part of the world’s needs, adding: ” Iran has the ability to produce one billion cubic meters of gas per day, capacity Iran oil production is about 4 million barrels per day and the annual production capacity of petrochemical products is about 92 million tons.
Oil Reserves in Venezuela
Venezuela holds 299,953,000,000 barrels of proven oil reserves as of 2016, ranking 1st in the world and accounting for about 18.2% of the world’s total oil reserves of 1,650,585,140,000 barrels.
Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption. Without Net Exports, this means there would be about 1,374 years of oil left (at current consumption levels and excluding unproven reserves).