Also, Nigeria is marred by numerous civil wars where social tensions have been rising together with crime rates. With such turbulence in the nation, it is definite to conclude that its oil output will be uncertain. Here, I believe that I'm right in saying that Africa is rich in natural resources but poor in leadership.
For Venezuela, its President Hugo Chavez is a big fan of Fidel Castro and has been infamous for being hard-line. This is evident as he invited the Hezbollah terrorist franchise into Venezuela and established its presence by giving strong government support. His autocratic rule in Venezuela has greatly restricted foreign investment into the oil industry, limiting and reducing the nation's oil output.
To add on, its government has shown a preference in pumping money into social and development projects to improve Chavez's image instead of the necessary oil infrastructure. Such disinvestment has certainly reduced the potential oil capacity Venezuela could have. Coupled with Chavez's regime, it is clear that Venezuela's oil supplies will be uncertain.
Here, most may be surprised about why I included Canada into the list of oil-producing countries which mainly included the less developed countries. Although Canada is a developed country, it does have its share of problems for oil supplies mainly due to its participation in the Kyoto Treaty.
Despite having large amounts of untapped oil in tar sands of Alberta, extraction of the oil has been a very difficult task which is labour-intensive and carbon-intensive. Such extraction will emit a lot of greenhouse gases which Canada has to control because of its participation in the Kyoto Protocol. In addition, the process requires massive amounts of natural gas to power the steam needed to obtain the oil, making the extraction costly to implement.
In conclusion, with global oil supplies being so unpredictable, it is definitely better for us to prepare for the next oil crisis. I've always believed in this: Prepare for bad times and you'll only know good times. I hope you will do the same.