Even Canada is one of the biggest energy players, and it’s oil reserves are the third in the world, by 2010 only produce slightly more than 4% of oil at global level.
The oil in this country is located in tar sands and it’s extraction requires a operative which , according to experts, it’s highly damaging and polluting. The United States and the European Union as well are opposed to the importation of this resource.
The biggest oil reserves in the world are this:
- Saudi Arabia – 264 mmob
- Venezuela – 211 mmob
- Canada – 32 mmob (conventional) 143 mmob (tar sands)
- Iran – 137 mmob
- Irak – 115 mmob
- Kuwait – 101 mmob
- USA – 97 mmob
- Rusia – 77 mmob
- Libia – 46 mmob
If an international agreement about carbon emissions costs is reached, the tar sand oil extraction might not be a profitable investment.
Until then, Canada is optimistic that it’s offer will depend only by supply and demand.