Fluctuations in oil prices over the past decades has raised many concern for businessman, global policy maker and government. With uncertainties such as price, plus with environmental concerns as the world grows in energy. The question is whether there is sufficient petroleum to fulfill the market demand. In this article, we will show the country with the highest oil reserves in the world.
10) United States – 39,323 Million Barrels
▶️ The United States (US) oil reserves have soared in recent years due to increased use of unconventional drilling methods that allow the extraction of more oil and shale gas, a type of rock from sedimentary rock clusters. Shale contain oil, but the cost of removing oil from a scarf is more expensive than regular oil. As a result, particularly drilling and horizontal drilling, U.S. reserves surpassed 36,000 million barrels in 2012 for the first time since 1975. However, U.S. oil reserves has proven to be the only part of the reserves of global petroleum leaders such as Venezuela, Saudi Arabia, and Canada.
9) Libya – 48,363 Million Barrels
▶️ Libya has the largest oil reserves in Africa and the ninth largest in the world. It has the potential to have larger fossil fuel reserves than we know today, as much of it has not been explored. Libya’s oil has contributed for 98% of government revenue in 2012 but, due to political instability at the time, Libya’s power as an oil producer was significantly affected. Finally, it is expected that unexplored oil reserves will cover more economic investments once the political situation stabilizes.
8) Russia – 80,000 Million Barrels
▶️ Russia is a country that has full of natural resources for energy use, especially the large national oil reserves under the vast Siberian plains. Russia’s oil production declined after the fall of the former Soviet Union, but the country has overhauled production in recent years. The country could further increase more of its oil and gas reserves in the future as exploration continues under the hold of arctic waters and ice.
7) United Arab Of Emirates- 97-800 Million Barrels
▶️ The United Arab Emirates (UAE) has most of its oil resources from the Zakum plantation, which has an estimated 66 million barrels, making it the third largest oil field in the region, behind only Ghawar Field (Saudi Arabia) and Burgan Field (Kuwait). About 40% of the country’s GDP is based on oil and natural gas production. Since its discovery in 1958, it has enabled the UAE to become a modern country with a high standard of living.
6) Kuwait – 101,500 Million Barrels
▶️ Despite being a small country in terms of land area, Kuwait holds more than the share of the world’s petroleum reserves. More than 5 billions barrels of reserves are located in the neutral zone of Saudi-Kuwait which shares Kuwait’s shares with Saudi Arabia, while more than 70 million barrels of Kuwait oil are in Burgan, the world’s second-largest oilfield.
5) Iraq – 142,503 Million Barrels
▶️ Despite the shaky political situation in recent history, the Iraq state sits on top of most of the world’s largest proven petroleum crude oil reserves. The fact is, due to civil unrest and the involvement of the majority of the people in military occupations that have reflected the state of the country over the past few decades, it has affected the extensive exploration of Iraqi oil. However, even the data used to determine Iraq’s oil ownership position is at least three decades ago and is based on 2D seismic surveys. A relatively quiet period in recent years has given higher expectations to develop the country’s oil infrastructure.
4) Iran – 158,400 Million Barrels
▶️ Iran has nearly 160,000 million barrels of proven oil reserves, making it rich in terms of world oil resources.
When looking at the most accessible reserves (excluding many unconventional, difficult-to-pull reserves in Canada), Iran falls behind Venezuela and the Kingdom of Saudi Arabia.
Oil in Iran was produced in 1908, at the current extraction rate, Iranian oil will last almost 100 years. Unlike Saudi Arabia oil, which is spread over some very large and very rich oil fields, Iranian oil is found on nearly 150 hydrocarbon farms, most of it which have crude oil and natural crude oil gas.
3) Canada- 169,709 Million Barrels
▶️ Canada has nearly 170,000 million barrels of proven oil reserves, which is the most important part is in the form of sand storage in the province of Alberta. Additionally, most of the country’s conventionally accessible oil reserves are located in Alberta.
As extracting oil from the majority of Canadian oil reserves is a labour intensive and capital-intensive process, production is more likely to be produced occasionally rather than a fixed flow.
Therefore, oil companies start by extracting low density, open higher oil value first, and directing their efforts to extract crude oil only at times of high commodity prices.
2) Saudi Arabia- 266,455 Million Barrels
▶️ The government of Saudi Arabia has been seen for many years as the most iconic modern state of oil equality for pride and influence in global politics. However, Saudi Arabia is no longer the world leader in oil potential.
While 266,455 million barrels of Saudi Arabia’s oil reserves are proven to be slightly smaller compared to Venezuela, all Arab oil is in conventional oil wells accessible in large oil fields. In addition, Saudi Arabia’s reserves are consist of 1/5 of the world’s conventional reserves.
There are many who also believe that, with further exploration, Saudi Arabia will overtake Venezuela at the top of a proven oil holding chart. For example, the U.S. Geological Survey estimates that there are more than 100,000 million barrels that could not be found under the desert sands of the Saudi desert.
1)Venezuela- 300,878 Million Barrels
▶️ With over 300,878 million barrels proven reserves, Venezuela has the largest amount of oil reserves in the world. National oil is a relatively new invention. Previously, Saudi Arabia always held the number one position.
Oil sand deposits in Venezuela are similar to those in Canada. Venezuela also has a lot of conventional oil reserves.
Venezuelan Orinoco tar sand is less significant than in Canada, so oil sands there can be extracted using conventional oil extraction methods, providing a great advantage over North American rivals in terms of capital requirements and production costs.