Oil reserves are the amounts of crude oil estimated to be commercially recoverable in a specific economic region. However, there must be a high degree of confidence that such an amount of crude oil can be extracted under the current economic conditions. In all cases, a country’s oil reserves are analyzed, using both the geographical and engineering data for accuracy. Unlike oil resources, which include all the available oil irrespective of the current economic situation, the oil reserves always affect the price of oil globally. As a result of the sudden outbreak of coronavirus, the oil demand reduced, resulting in a fall in price below zero at some point. However, all thanks to the ease in lockdown, demands are slowly increasing, and everything is going back to normal. That said, here’s the list of top 10 countries with the largest oil reserves in the world.
Top 10 Countries With The Largest Oil Reserves In The World
According to a recent ranking, Venezuela tops on this list, having the highest distribution of oil reserves in the world. It’s followed closely by Saudi Arabia, with Canada having the third-largest oil reserves.
10- Nigeria (37.07 Billion Barrels)
With estimated oil reserves of about 37 billion barrels, Nigeria has the second-largest oil reserves in Africa and the tenth on the list of top 10 countries with the largest oil reserves globally. Apart from that, the country is also one of the top oil producers in the world and the largest in Africa. With the current economic conditions, it’ll take the country about 51 years to finish its reserves, provided there’s no discovery of new oil.
9- Libya (48.36 Billion Barrels)
With a total of 48.36 billion barrels, Libya has the largest oil reserves in Africa. Also, because of the figure, the country currently sits on the ninth position on the list of top 10 countries with the largest oil reserves in the world. Due to Libya’s past sanctions against foreign oil companies, a larger part of the country is yet to be explored. What that means is that it still has the potential to have more significant oil reserves in the future, and rank higher on this list.
8- United Arab Emirates (97.8 Billion Barrels)
According to the government of the United Arab Emirates, the country’s oil reserves are about 97.8 billion in barrels. Most of the reserves come from Abu Dhabi, with a total of about 92 billion barrels. Next is Dubai, with about 4 billion barrels and Sharjah with about 1.5 billion barrels. Furthermore, most of UAE’s oil reserves are in the Zakum field, the third-largest in the Middle East, falling behind the Ghawar Field of Saudi Arabia and Burgan Field of Kuwait.
7- Russia (103.2 Billion Barrels)
Russia, with estimated oil reserves of about 103.2 billion barrels, sits on the seventh position on the list of top 10 countries with the largest oil reserves in the world. After the collapse of the Soviet Union in 1991, the country’s petroleum output fell sharply. However, after lots of improvements, Russia was able to attain a turnaround in its oil output, which came after eight years. That was due to the privatization of the country’s oil and gas industry, according to some analysts.
6- Kuwait (104 Billion Barrels)
According to the recent analysis, Kuwait has a total of 104 billion barrels of oil reserves, which is about 8% of the global oil reserves. With that, it currently sits on the sixth position on the list of top 10 countries with the largest oil reserves in the world. As mentioned earlier, most of the oil, about 70 billion barrels, is located in the Burgan field. That’s the largest oil field in the Middle East region and the second-largest in the world, conventionally.
5- Iraq (144.2 Billion Barrels)
With a total of about 144.3 billion barrels, Iraq has the fifth-largest proven oil reserves in the world. According to the government of the country, most of the reserves are sourced from Basra, Baghdad, Ramadi, and Bajaj. In the case of no new oil discovery, it’ll take the country up to 88 years to consume and supply its reserves.
4- Iran (157.8 Billion Barrels)
According to analysis, Iran has about 157.8 billion barrels of oil reserves – that’s roughly about 10% of the world’s total. With that, it’s the fourth on the list of top 10 countries with the largest oil reserves in the world. At the current rate of production, it’ll take Iran about 145 years to finish supplying and consuming the reserves. However, that’s provided there’s no new discovery of oil in the country.
3- Canada (171 Billion Barrels)
As of the beginning of 2015, the oil reserves in Canada was around 172 billion barrels, with 95% being oil sands deposits, and located in the province of Alberta. What that means is, without the inclusion of the oil sands reserves, the country will only have about 4.4 billion barrels of crude oil reserves.
2- Saudi Arabia – 268.3 Billion Barrels
According to a recent analysis, Saudi Arabia’s oil reserves are around 268.3 billion in barrels. With that, it’s the second on the list of top 10 countries with the largest oil reserves in the world. The country’s oil reserves were the largest until January 2011, when Venezuela announced an increase in its proven oil reserves.
1- Venezuela (302 Billion Barrels)
Currently, Venezuela is the country with the largest oil reserves in the world. That’s because it has a total of about 302 billion barrels. Supposing Venezuela doesn’t discover any new oil, going further, it’ll take the country about 362 years to finish its reserves.