In doing some research for an oil trade article, I came across a darn good map of world oil reserves that’s based in flash and interactive so you can see which countries have the most in reserve and which are the largest consumers. No surprise in terms of consumption – the US and China are runaway leaders here. However, I was surprised that India wasn’t a bigger consumer of oil..but then again, they haven’t really reached the industrialized stage that China has, but when they do… perhaps at some point down the road $200 oil isn’t so far fetched. The most glaring thing that stands out to me though is the potential dominance that Russia may play in the oil game. They are undoubtedly sitting on billions upon billions of gallons of oil which is why I really like that Market Vectors Russia ETF (RSX) for the long haul. In the shorter term though, I actually like oil as a short and will highlight a couple ways to trade it tomorrow.
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We import the most from Canada. Notice the increase in imports from Iraq and the decrease from Venezuela.. not too surprising.
Resource: Energy Information Administration