To determine the countries that control the world’s oil, 24/7 Wall St. reviewed data on oil reserves from oil and gas company BP’s “Statistical Review of World Energy 2021.” Countries were ranked based on 2020 proven reserves — those quantities that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions. Data on GDP per capita in 2020 in current international dollars is based on purchasing power parity and is from the World Bank. Data on oil rents — the difference between the value of crude oil production at regional prices and total costs of production — as a percentage of GDP came from the World Bank and is for 2019.
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