Russia Discovers The Largest Oil Reserve On Earth

According to the Telegraph, Russia has discovered one of the largest oil reserves on earth, in the Antarctica. The issue however, is that, in Antarctica, resource exploitation and development is prohibited, except it is for scientific purposes (the Antarctic Treaty). The discovery is in an area whose ownership is disputed by the UK and Argentina. Hence international disputes are bound to arise. The discovery is estimated to be 511 billion barrels of oil and was made by the company, Russian Geological Exploration Holding (ROSGEO). By comparison, Venezuela, which currently has the largest oil reserves in the world, holds 303 billion barrels, while Saudi Arabia has 262 billion barrels. Russia currently has 80 billion barrels of oil reserves.