oil reserves

Underground crude stores

Oil reserves are the estimated quantities of crude oil that can be extracted from known underground deposits under current economic and technological conditions.

The term appears constantly in energy policy and financial reporting: The country's proven oil reserves rank among the world's largest.

Reserves differ from resources—reserves are what's commercially recoverable now, while resources include oil that may become extractable later.

Nations and companies treat reserve estimates as strategic assets, and revisions can move markets.

extraction

petroleum

Natural underground hydrocarbon liquid

crudeUnpolished, raw state
drillingHole-making by rotation
explorationTraveling through unknown regions

offshore · onshore · shale · reservoir · rig · derrick · well · barrel · upstream · wildcatting

geopolitics

OPEC

Petroleum exporters' coalition

sanctionsPunitive international restrictions
embargoOfficial prohibition on trade
petrostateCountry reliant on petroleum

energy security · resource curse · petrodollar · oil dependency · nationalization · concession · quota · cartel · supply disruption · Brent

fossil fuels

hydrocarbons

Carbon-hydrogen organic compounds

tar sandsBitumen-saturated sediment deposits
bitumenViscous hydrocarbon mixture
oil sandsBitumen-clay-sand petroleum source

oil shale · fracking · nonrenewable · peak oil · natural gas · conventional · unconventional · depletion · carbon · formation

economics

commodities

Tradeable raw materials

futuresContracts for future delivery
supplyFurnish or stock
demandForceful request or requirement

price volatility · speculation · trade · investment · export · import · revenue · GDP · subsidy · boom

oil reserves

petroleum

OPEC

hydrocarbons

commodities

oil reserves

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