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The economics of oil definitions: the case of Canada's oil sands

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  • Douglas B. Reynolds
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    Abstract

    Canada has chosen to define its 174 billion barrels of oil sand bitumen reserves as crude oil deposits, putting the country on a par with Saudi Arabia in potential oil production. However, the physical and economic definition of calling oil sand bitumen crude oil needs to be questioned. On the face of it, these definitions make Canada look as powerful as OPEC's leading producer, or Russia, on the world oil market. However, a fuller analysis shows that Canadian oil sand is quite different from crude oil and that Canada will have little if any effect on the global oil market, or on OPEC. Copyright 2005 Organization of the Petroleum Exporting Countries.

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    Bibliographic Info

    Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.

    Volume (Year): 29 (2005)
    Issue (Month): 1 (03)
    Pages: 51-73

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    Handle: RePEc:bla:opecrv:v:29:y:2005:i:1:p:51-73

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    Web page: http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291753-0237

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    Cited by:
    1. Tamim Bayoumi & Martin Mühleisen, 2006. "Energy, the Exchange Rate, and the Economy," IMF Working Papers 06/70, International Monetary Fund.

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