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Which Country Has The Biggest Oil Reserves – Without a doubt, renewable energy will play a strategic role in powering the global economy of the future.
In 2018, we consumed 99.3 million barrels of oil per day worldwide, more than in any previous year in history. This number is expected to rise again to 100.8 million barrels per day in 2019.
Which Country Has The Biggest Oil Reserves
Since oil will dominate energy resources in the short to medium term, which country has the largest oil reserves?
The 10 Most Oil Rich States
Today’s map comes from HowMuch.net, which uses data from the CIA’s World Factbook to resize countries by oil reserves.
Venezuela is on the list with 300.9 billion barrels of oil reserves, but even this great wealth of natural resources has not saved the country from the recent economic and humanitarian crises.
Saudi Arabia, known for its oil dominance, is second with 266.5 billion barrels of oil. At the same time, Canada and the United States are in 3rd place (169.7 billion barrels) and 11th place (36.5 billion barrels), respectively.
Having billions of barrels of oil reserves within your borders can be a strategic gift from Mother Nature, but it should be noted that reserves are only one factor in assessing the potential value of this important resource.
China Sells Oil Reserves To Lower Prices In Unprecedented Move
For example, the cost of producing oil in Saudi Arabia is about $3.00 per barrel, making it strategic to extract black gold at any price.
Even if a country has the world’s largest oil reserves, it may not be able to extract and sell that oil to maximize potential profits.
Countries like Canada and Venezuela have geological barriers – most of the oil in these places is extremely heavy crude oil or bitumen (oil sands), and these types of oil are more difficult and expensive to extract.
In other places, the barriers are obvious. In some countries, such as Brazil and the United States, oil production is subject to high taxes, which increases the total cost of a barrel of land.
Oil Reserves In Selected Countries 2020
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Market How big is the crude oil market? The oil market is larger than the 10 largest metal markets combined, and the value of production exceeds $2 trillion annually.
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The global economy depends on many commodities, but none come close to the scale of the crude oil market.
Map Of The Middle East By Oil Production
Petroleum is the main source of energy for transportation and is also a key raw material for many other industries, including plastics, fertilizers, cosmetics and medicine. As a result, the global physical oil market is astronomical in size, has significant economic and geopolitical implications, and is dominated by a few countries in global oil production.
The infographic above compares the size of the crude oil market with the 10 largest metals markets. To estimate the market size, we multiplied recent prices with global production in 2022 based on data from TradingEconomics and the US Geological Survey (USGS).
In 2022, the average global oil production (including condensate) will be 80.75 million barrels per day. This means that annual crude oil production has reached 29.5 billion barrels, and the market size has exceeded 2 trillion US dollars at current prices.
The combined market size of the 10 largest metal markets reached 967 billion dollars, less than half of the oil market. In fact, even if you add all the other smaller crude markets, the oil market will still be bigger.
Visualizing U.s. Oil Imports In 2021, By Country
This shows the enormous scale of oil consumption in the world every year, and this resource is everywhere in our daily life.
It is important to understand that the oil market is growing on the metal market, but this does not reduce the importance of these goods.
Metals are important building blocks of the global economy, playing key roles in infrastructure, energy technology and other sectors. At the same time, precious metals such as gold and silver are important stores of value.
It will be interesting to see how oil and other commodity markets develop as the world moves towards a more sustainable future and away from fossil fuels.
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More than a third of the world’s energy production comes from oil, more than from any other source. As a result, the countries that control the world’s oil reserves are relatively powerful geopolitically and economically.
According to the BP 2020 Statistical Review of World Energy, 93.5 percent of the world’s explored oil reserves are accounted for by 14 countries. The countries on this list span five continents and control between 25.2 billion barrels of oil and 304 billion barrels of oil.
At the end of 2019, global oil reserves stood at 1.73 trillion barrels. Here are 14 countries that hold at least 1% of the world’s proven oil reserves:
Reserves To Production Ratio: Overview, Examples, Faq
These countries are all over the world, but some are much larger than others. The leading country is Venezuela with oil reserves of 304 billion barrels. Saudi Arabia ranks second with 298 billion barrels of oil reserves, while Canada ranks third with 170 billion barrels of oil reserves.
A country with large reserves does not always produce strong oil, petroleum and by-products. Oil reserves are a simple way to estimate the amount of crude oil that can be economically extracted from a given area. To meet the demands, these resources must be mined within the limits of current technology.
Countries like the US and Russia are high in oil production despite being low on the list of oil reserves. In 2019, the world produced more than 95 million barrels of oil per day, with the United States, Saudi Arabia, and Russia among the world’s largest oil producers.
Venezuela has long been an oil producer, and its economy depends on oil exports. However, in 2011, Venezuela’s Ministry of Energy and Petroleum announced that the oil sands in the Orinoco region had reached an unprecedented increase in proven oil reserves.
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Between 2005 and 2015, nearly 200 billion barrels of oil reserves were discovered, lifting Venezuela from fifth to first in the world. As a result, explored oil reserves in South and Central America doubled between 2008 and 2011.
In 2002, proven oil reserves in Canada increased from 5 billion to 180 billion barrels.
Canada holds almost 10% of proven oil reserves of 170 billion barrels, 166.3 billion of which are in the Alberta oil sands and the rest in conventional, offshore and tight oil formations.
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental oil and petroleum distribution agency headquartered in Vienna, Austria.
Mapped: The World’s Biggest Oil Discoveries Since 1868
Most of the countries with the world’s largest oil reserves are members of OPEC. OPEC, which currently consists of 14 member countries, owns almost 70 percent of the world’s crude oil reserves.
Most of the OPEC countries are in the Middle East, the region with the largest oil reserves, accounting for almost half of the world’s oil reserves.
Although most of the world’s proven oil reserves have historically been believed to be concentrated in the Middle East, over the past three decades its share of global oil reserves has declined from more than 60 percent in 1992 to about 48 percent in 2019.
One of the main reasons for this decline was the constant decline in oil production and large reserves discovered in America. By 2012, the share of Central and South America more than doubled, and remained below 20% in subsequent years.
The World’s Top Oil Producers
The oil sands have ushered in a new era of global oil resource dominance, and as the world moves away from oil toward green energy and electrification, these resources may not be as important in the future as they once were.
Visualizing the scale of global fossil fuel production A single graph of the world’s largest oil producers’ $100 trillion global economy
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