Oil reserves

Oil reserves refer to the quantities of crude oil that can be economically extracted from the ground using current technology. These reserves are often classified into proven, probable, and possible categories based on the certainty of extraction. Proven reserves are those that can be recovered with reasonable certainty, while probable and possible reserves indicate increasing levels of uncertainty. Understanding oil reserves is crucial for energy security, economic planning, and environmental considerations, as they influence global markets and energy policies. Overall, they are a key indicator of a country's or region's energy resources.