The Banking Executive Magazine - December Issue 2022

Who Owns World Resources? Russia Russia has the largest natural gas re- serves in the world and exports more natural gas than any other country, shipping an estimated 238 billion cubic meters of gas in 2020. Natural gas for automotive use is highly en- couraged in Russia Iran Iran has the world's second-largest natural gas reserves. Iran is one of the most hydrocarbon-rich areas in the world, with roughly 145 hydrocar- bon fields and 297 oil and gas reser- voirs discovered so far and the potential for more. At present, Iran is utilizing only a small portion of its gas reserves, making it one of the few countries capable of supplying much larger amounts of natural gas in the future. Qatar Qatar holds just over 13% of total world natural gas reserves. The ma- jority of the country’s reserves are lo- cated in the offshore North Field. In an effort to expand its natural gas ex- port and reclaim its place as the world’s top liquefied natural gas ex- porter, Qatar began drilling expan- sion in North Field and plans on in- creasing output by 60%. United States The United States (U.S.) has an abun- dance of natural gas reserves, the largest of which are located in Texas, Oklahoma, and Louisiana. It is esti- mated that the United States has enough natural gas to last at least an- other 60 years or more. In addition to its own natural gas production, the U.S. also imports natural gas from Canada and Mexico in pipelines. Saudi Arabia Saudi Arabia has the fifth-largest nat- ural gas reserves in the world, mostly located in the Persian Gulf. As the largest exporter of crude oil in the world, Saudi Arabia is planning to start exporting natural gas as well. While the kingdom primarily runs on oil to produce power, it is planning on making the switch to produce 70% of its power from natural gas and 30% from renewable energy. WHEAT Wheat is a widely cultivated crop whose seed is a grain used all over the world as a staple food. Of the thousands of known wheat varieties, the most important are common wheat (Triticum aestivum), durum wheat (T. durum), and club wheat (T. compactum). Wheat is cultivated as a cash crop, as it produces a good yield per unit area, grows well in a temperate climate with a moderately short growing season, and yields a versatile, high-quality flour. The ma- jority of wheat flour is used to make products including bread, pasta, ce- real, pastries, cookies, crackers, muffins, tortillas, and pitas. Wheat is the second-most-produced cereal grain behind maize, and the global trade of wheat is greater than all other crops combined. In 2020, the total global production of wheat was 760 million tons. China, India, and Russia are the three largest indi- vidual wheat producers in the world, accounting for about 41% of the world’s total wheat production. The United States is the fourth-largest in- dividual wheat producer in the world. However, the European Union, if it were counted as a single country, its wheat production would exceed that of any country except China. the BANKING EXECUTIVE 24 ISSUE 168 DECEMBER 2022 Top Countries with the Largest Natural Gas Reserves # Country Reserves Cubic Meters 1 2 3 4 5 6 7 8 9 10 Russia Iran Qatar Turkmenistan United States China Venezuela Saudi Arabia United Arab Emirates Nigeria 37.4 trillion 32.1 trillion 24.7 trillion 13.6 trillion 12.6 trillion 8.4 trillion 6.3 trillion 6.0 trillion 5.9 trillion 5.5 trillion Reserves Cubic Feet 1320.5 trillion 1133.6 trillion 871.1 trillion 480.3 trillion 445.6 trillion 296.6 trillion 221.1 trillion 212.6 trillion 209.7 trillion 193.3 trillion % of Global Reserves 19.9% 17.1% 13.1% 7.2% 6.7% 4.5% 3.3% 3.2% 3.2% 2.9% Sources: United States Energy Information Administration, Knoema, Investopedia, world population review, worldometers, CIA World Factbook